How Growth Hacking Can Help Build a Sustainable Business
Many people misunderstand the marketing term “growth hacking”. This marketing term is not very descriptive and refers to “hacking” by using marketing tools to improve key metrics and improve the overall performance of marketing activity. This article will briefly investigate the issue of growth hacking and how a company can use growth hacking to build successful marketing activities.
What is growth hacking?
As a new marketing technique, growth hacking has emerged from the digital marketing buzz of the last half-decade. It has been given birth by digital marketing strategists and digital technology experts. In the past five years, digital marketing tools became more and more user-friendly and evolved to a point where you don’t need to be a high-end, skilled developer or coder to understand and use these tools. Growth hacking, in essence, harnesses the digital marketing expertise powered by new digital marketing automation tools. A growth hacker is an expert in digital marketing and analytics as well as in digital technologies, and they combine these efforts to drive growth.
Getting viral spikes doesn’t need expertise – continuous growth does
One-off attention-gains do not motivate a growth hacker – instead, he places greater emphasis on long-term retention and growth. While the traditional marketer will focus on one-time viral hits and big attention graphs for each campaign, the growth hacker will concentrate on continuous retention of traffic by customising content and responding to what users want. While traditional marketers emphasise on big-time ads and carpet-bombing banners, the growth hacker will use lower-cost tools like social media ads to drive traffic to a precise audience. Successful growth hacking needs continuous commitment from the growth hackers as most of the tools have the option to re-target, re-optimise and re-measure the activities. Continuous optimisation leads to sustained growth
Determining what you need to begin
There are two essential conditions for successful growth hacking. One is identifying the channels to bring traffic to your website. This can be done by researching the market, researching your competitors, or working with a company such as Walter Analytics with a report such as the Marketplace Analysis Potential (MAP) that answers these questions.
The other condition is to commit to a continuous effort to optimise and improve. Focus on gaining incremental improvements, and commit to seeking insights about what works and what doesn’t work for your business!
Check how growth hacking can help you in our weekly Q&A this Friday. All questions are welcome, we’re here to help your business grow.