What Is Growth Hacking, And How To Implement It Correctly
One of the primary objectives of many companies is to grow and never stop growing. How can they do it? Very easy: Through Growth hacking.
Growth Hacking has gained weight in recent years, showing many companies that growth is possible. This method represents a new way of seeing digital marketing and of making companies reinvent themselves, grow, and can save on resources.
Do you want to know more about growth hacking and how to implement it correctly? We tell you everything!
What Is Growth Hacking, And How To Implement It Correctly
“Growth Hacking” is a term that was created and implemented by Sean Ellis, an entrepreneur and start-up consultant. According to him, growth hacking is experiment-oriented marketing. This aims to detect opportunities that can lead us to find quick results for the company’s growth.
Thus, explained in detail, growth hacking is a new way of adopting strategies aimed at significant growth and accelerated substantial growth of a business by identifying its critical points.
As Ellis says, these strategies imply carrying out experiments, and it is for this reason that hypotheses are elaborated, their validity is verified, tests are carried out, and, finally, gaps and opportunities are discovered that can make the business grow in a way smarter and faster.
To find the critical points of a business, the KPIs previously defined to measure its success are used, such as web traffic, conversions, or the potential customers you have.
What Do We Need To Implement Growth Hacking?
There are four key elements that we must work on to implement a successful Growth Hacking strategy:
- Objective: clearly define the aim of growth hacking.
- Hypothesis: develop hypotheses based on the knowledge and intuition of professionals.
- Experiments: Carry out tests that verify the efficiency of the hypothesis.
- Tools: Use test, analysis, and automation tools.
At this point, you may think: What does growth hacking do? Although the word is composed of “hack,” this practice is unrelated to computer hackers or illegal or illicit actions.
Growth Hacker
The person in charge of carrying out growth hacking is the growth hacker. This is usually a Marketing professional who already has a vision for the growth of the business, but this is also the one in charge of taking care of the objective and the company’s efficiency, looking for a faster and cheaper evolution to achieve it.
The growth hacker generally has a creative and explorer profile to find growth possibilities and propose new hypotheses. But it is also agile and analytical to quickly test and demonstrate its efficiency through data.
In addition to the technical and conceptual knowledge of Marketing, the growth hacker must understand very well:
- the processes
- experimental methodology
- technology and development
- data analysis
- consumer behaviour.
For a good Growth Hacker, it is essential to know the entire consumer buying process, how they react, and what motivates them to buy or not a product.
How Is Growth Hacking Implemented?
Growth Hacking, like many other marketing techniques, is constituted by a defined process and structured in different phases.
5 Phases Of The Growth Hacking Funnel:
Product/Market Fit
This first phase is essential since it is about matching the product you offer with what your user is looking for and needs.
Invest money in improving this product and do a market study. Ask your current customers what they think about your product and what they would improve to make it fit better with your brand.
Find The Functionality Of Marketing
In this phase, you make your product part of the marketing. Integration has to be carried out, and it is usually done through large platforms, such as social networks (Instagram, Facebook…), where the user can interact with your brand and products through comments, shares, and likes.
Make Marketing Functionality Scalable
Enhances the use of the product with virality. In this phase, it is sought that the clients themselves extend its use.
Loyalty And Optimize The Existing
You have to retain the customers you already have and optimize the resources you have obtained. Provide maximum satisfaction to your customers so that they become prescribers of the product.
Start Again
Growth Hacking seeks continuous improvement, which is why we experiment, invent and analyze how to offer the best solutions to clients.
As you have seen, the results with growth hacking are not achieved in the blink of an eye, but incredible results can be achieved with effort and perseverance.
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