Growth hacking, alternatively referred to as ‘growth marketing,’ is the practice of utilizing resource-light and cost-effective digital marketing strategies to assist in the growth and retention of an active user base, the sale of items, and the acquisition of exposure. Consider ‘hacking’ in terms of life hacks — those small shortcuts that make life easier — rather than malicious bits of code that might completely destroy your computer and life.
Growth hacking is most frequently linked with start-ups and small businesses, i.e., companies with a limited budget but a pressing need for results. However, it is a scalable approach that can be used by any online business seeking to expand and retain an engaged user base.
Growth Hacking vs. Traditional Marketing
Many people mistakenly believe that growth hacking and marketing are synonymous. However, there are slight but significant distinctions.
Growth hacking is similar to marketing in that its ultimate goal is customer acquisition or increasing the use of a specific product or service. However, due to its origins in the start-up world, it mainly relies on strategies that do not require the vast funds available to larger companies.
Growth hacking is typically used in conjunction with optimization, marketing, and development expertise to execute automated marketing on a shoestring budget. For instance, automatic notice emails, straightforward sign-up forms or sign-up-driven homepages, or expediting new customer onboarding.
Understanding What A Growth Hacker Does
The term “growth hacking” may cause confusion. Many people identify this type of strategy with computer hackers that scour our systems for security flaws.
As a result, many people believe that growth hacking is immoral and unlawful (but not every hacker is, ok?). There is nothing comparable. However, this parallel helps illustrate what a growth hacker does.
In the same manner that a computer hacker is renowned for identifying and exploiting security flaws, a growth hacker is an expert who determines “open gateways” for a business’s results to develop swiftly.
Their objective is similar to discover breaches, but in a way that enables the company to succeed intelligently and rapidly. All within the bounds of the law and ethical principles!
- Provable ROI — By incorporating data into every decision you make and accurately measuring the success of each hack, you can quickly determine which of your growth hacking techniques are succeeding and which are failing. Persist with those that demonstrate potential for customer acquisition and eliminate those that do not.
- Low-cost — By definition, growth hacking is designed to make the best use of whatever resources you have. This includes ensuring that landing pages adhere to SEO best practices in order to achieve a high ranking in search engines for critical keywords. Additionally, creating meaningful information like case studies and then widely disseminating it across major social media networks is an excellent strategy. Extensive and iterative A/B testing can also be effective at rapidly gathering user data. While the testing process may be extensive before uncovering the golden nugget, growth hacking does not incur the typical fees connected with content marketing or advertising.
- Low-resource requirements — Growth hacks are frequently developed and implemented by a single member of the product or technical team and do not require the participation of a whole marketing team.
Here are a few well-known growth hacks that have resulted in tremendous results for leading technology companies:
- Hotmail — The message ‘Get your free email at Hotmail’ is automatically added to users’ signatures, along with a link to the sign-up page.
- LinkedIn — Endorsements for existing contacts with a single click
- YouTube — Providing embed codes that make it as simple as possible for people to share YouTube videos on their own websites.
- Twitter — Email notifications sent automatically
- DropBox — Incentivized ‘Refer-a-friend’ strategy for user acquisition
- Airbnb — Free cross-posting of all new Craigslist listings
Testing what works and eliminating what doesn’t is at the heart of these and countless other great growth hacks. Only by a systematic process of hypothesis generation, testing, and refinement can the growth hacks for a firm be discovered.
Importance of Growth Hacking Course and What You’ll Learn
- Integrate Growth Hacking’s data-driven and adaptive culture to improve digital marketing results.
- Google Analytics enables you to track, analyze, and leverage data about your website’s traffic and product usage.
- Create customer action funnels and determine the LTV / CAC for each user.
- Improve your storytelling and marketing content to increase conversion rates.
- Increase your social media audience through the use of bots and organic techniques.
- Email lists can be segmented, and email marketing communications can be automated.
Growth Hacking: The Untold Secret to Mastering Digital Marketing
Are you ready to receive feedback more quickly – and make changes more quickly — to boost your digital marketing results? This growth hacking course provides you with all the strategies you need.
The first section of the course will teach you critical “big picture” skills, such as creating customer personas, conducting market research, and analyzing your “buyer center.”
Following that, you’ll learn how to analyze your findings. You’re always interested in learning what works, where it works, and what should be changed with any growth hacking effort. You’ll need digital marketing tools such as web traffic analysis and lean analytics to accomplish this.
Finally, you’ll learn about highly effective tools for attracting a flood of new customers – those with spending power – to your online eco-system. This includes concepts such as digital conversion funnels, customer lifetime value (LTV), and customer acquisition costs (CAC).