A guide to growth hacking and how it can benefit your business
Growth hacking is another buzzword you may have heard bandied around the workplace or seen a hundred times on the internet – but what exactly does it mean?
Well, if you’re looking to grow your business, especially when you’re just starting out, then it can be extremely helpful to understand what this means and how you can utilise this technique. The guide below will look at what growth hacking is and who does it, as well as why it’s useful for businesses to use this type of technique.
What is growth hacking and what does it do?
Despite many being familiar with the term, the meaning of growth hacking is still fairly loosely defined. It is best understood as a way of experimenting with promotional and marketing techniques to achieve rapid growth for your business. This is why so many startups hope to use this technique to kick-start their enterprise. What this means is that growth hacking is essentially a very targeted and explosive advertising technique. It’s about quickly targeting consumers for rapid customer acquisition. More recently the definition also extends to include rapidly expanding your following online through social media platforms, as this is a popular platform for the younger generation of entrepreneurs.
Can I do it myself?
If you’re willing to dedicate your time and you know enough about it, you could take on the role of growth hacker yourself. In fact, some of the biggest businesses in the world started this way. That said, there are now experts out there for whom this is their job and they’re available for hire, whether that’s for a full-time or contractor roles. So if you have enough capital behind you to be able to take on a professional growth hacker, this can yield better results and saves on your own time and resources.
Why do people choose to hack in this way?
Traditional advertising techniques can be pricey and other acquisition techniques such as building an online following can take years. For businesses with little funds behind them or who need to begin making profit immediately, these can be ineffective and frustrating. That’s why many businesses have begun looking for cheaper and quicker ways to grow and acquire customers – that’s where growth hacking comes in.
What do people hack?
We’ve touched on the fact that businesses might choose to hire a growth hacker to increase their social media following or quickly build a customer base, but though the technique may feel rapid and random, there are some things you need to consider before choosing this approach.
The smartest thing for a business to do is to align their growth hacking with their longer term goals. For example, is their aim in the first year to make a huge profit, or perhaps they want to build a strong and loyal customer base.
Alternatively, they may wish to grow their mailing list or build their brand presence. Growth hacking can be a useful tool for all of the above, but first aligning your goals with hacking means you can decide what needs to be hacked to achieve the best end result.
How do they know if it’s working?
For a growth hacker analytics and data are everything. There are a number of ways they can collect and analyse this data depending on what the platforms they’re using and what they’re trying to achieve. For example, many businesses will rely on Google Analytics to keep track of metrics such as websites users, customer journey, bounce rates and geographical data.
What’s more, some social media platforms and CMS have their own inbuilt analytics that help to tell hackers if their techniques are working, where their engagement is coming from and even the best time to post content online! That’s how grow hackers are able judge what does and doesn’t achieve rapid growth.