What Is Growth Hacking? How Does It Work?
- 7 November 2020
- Posted by: Shlok Bang
- Category: Marketing & Advertisement
Growth hacking is a support system for businesses to grow in the early stage as they need massive growth in a very short time and with a small budget. The holy grail of growth hacking strategies is generally to acquire as many customers or clients as possible without spending much penny.
Finding alternatives that need to be a lot more innovative to position themselves for growth and this is where the growth hacking strategies come into play. It is worth mentioning that the growth hacking strategy is not only served for startups but also for different businesses.
What Is A Growth Hacker?
A growth hacker is a person who uses creative ideas and low-cost strategies to help businesses to acquire and retain customers. These growth hackers are also called growth marketers but not simply marketers. A person who is involved in products and services, including the product managers and engineers can easily become a growth hacker.
Importance Of Growth Hacking ?
Many entrepreneurs don’t always have the money for:
- Marketing themselves in paid Socials or Searches
- Endless Marketing Tools
- To Grow at the same time.
One has to use growth hackers as they cannot reach the level of other entrepreneurs without spending money like that of major businesses who can easily create a marketing advertisement. There is a risk of other knowledge commerce professionals beating the punch on you by taking your ideas and using it in the same field of the business. This could be very bad for your business and need to avoid this, it is necessary to take growth hacking into consideration.
How Does Growth Hacking Work?
Growth hacking can be confusing if you don’t know how it actually works or the different types of strategies involved in it. The hacking involves taking a deep look inside your business or startup and analyzing which of the components of your company needs a change in the order to help it grow.
Once you get to know about the components where you think changes are required, you can start brainstorming on some different innovative and cost-effective solutions to achieve the goals. This is an easier method if you have the right people to do it in the first place with the help of the right marketing and operational expertise.
There are three levels of Growth Hacker Skills:
- Fundamental Growth Hacking Skills
Fundamentals imply an understanding of the work forms, models, and the growth hacking mindset of the hackers as well as companies. Technicals, AARRR framework are some types of growth hacking skills that are required to get a boost in the marketing department for the company.
- Generalistic Growth Hacking Skills
Generalistic growth hacking skills are professional work that is required in every task that you have to do as a growth hacker. They require an understanding of the fundamentals of customer psychology, data tracking and analysis, and visual design to create a better impact for the company and to capture the ideas of their targeted audience.
- Specialist Growth Hacking
This refers to the skills required within the company to inculcate a good and professional marketing channel for the company. These skills differ from organizations to organizations or sector to sector. Channel marketing and referral marketing are common examples of specialist growth hacking skills.
Points that can be Implemented for Growth Hacking
- Creating A Perfect Product:
Preferences and needs of the targeted market and the data to enhance the product must be analyzed in regular intervals. “Produce-market fit” is the term used by the growth hackers. It is also very important for your offering to be as strong as possible before using it as a catalyst for the growth
- Goals Should Be Set With A Measurable Approach:
Growth hacker’s success lies in their functional goals and they will feed into the overall goal of growth. The limit of the temptation should be broadened with the focus and maximization of the time that can be spent on testing and redefining the approach.
- Approaches Should Be Tested Before Applying It:
The growth of hacking is underpinned by creative ideas and different experimentation. The tests are essential for computing what will and won’t work for you. The tests should be simple and the data should be recorded to implement with the best combinations to enhance the company’s growth.
- Scrutinizing The Approach To Create Better Performance:
Scrutinizing is an essential path to be followed in order to stay on track with your goals. You can create a progress chart so that the data can be used to adjust and adapt different areas of process accordingly from your product to your goal.
Summing up, the growth hackers have developed an arrangement of simple, creative ideas with low costs to help the companies in achieving rapid growth. No matter how small a company is, growth hacking easily breaks down the division between product and marketing development.
Here’s something to get you started with to build your skills, “Marketing Strategies For Entrepreneurs.”