Growth hacking is a term coined by entrepreneur Sean Ellis in 2010 to describe individuals and organizations who make use of creative, experimental approaches to drive fast growth on a budget. Since then, it’s become a marketing market buzzword and growth hacking strategies are being embraced across industries.
Yet growth hacking has long been connected with startup culture and business owners, and larger organizations have got often found it to be irrelevant for their more established teams or too difficult to implement amidst layers of paperwork.
Those 2nd guys? They’ve been proven wrong in a big way this past year.
More than ever, it’s clear that organizations of every size, shape, and business must be innovative and agile if they want to survive, and growth hacking is one way to accomplish.
The good news is that it’s really not as complicated as many companies or c-suite execs make it seem. Any company can start growth hacking right now if they want to.
- Growth hacking requires a creative mindset and willingness to experiment.
- Content that drives growth is relevant, shareable, visual, plus interactive.
- Brand name partnerships can multiply your audience and significantly enhance brand visibility.
- Valuing your current customers is one of the easiest and most effective ways to grow your brand.
- Social media is ideal for producing shareable content and engaging straight with customers.
6 Growth Hacking Strategies You Can Get Started along with Right Now
It is worth noting that this article is focusing on growth hacking strategies, not tactics. The (as it applies here) is that we’re covering long lasting growth hacking approaches and mindsets you can build into the organization vs . specific executional steps.
There are tons of tactics you can use in order to execute each strategy, and we’ll discuss some of them (but not nearly all) of these here. The opportunities are usually endless — once you get going with growth hacking, you can research and use the strategies best suited for your company (and come up with new ones your self! ).
One particular central part of growth hacking is the willingness to test — a lot — in order to find out what works and eliminate what doesn’t. This sounds great, but it’s among the hardest things for companies to do because managers usually equate experimentation with irresponsibility.
In reality, the contrary is true. Growth hacking uses tactics like observing client behavior, collecting and examining data, and studying market trends to implement well informed experiments that yield beneficial insights. These insights allow companies to quickly eliminate everything ineffective and focus just on the products, services, and activities that drive company growth.
A few simple ways companies experiment:
- A/B testing emails or marketing campaigns
- Releasing multiple variations (like different packages or even product features) to see which perform best
- Trying various price points or models
- Offering varied incentives to see what converts most
Keep in mind: experiments are only as valuable as the insights they find. Smart business tests are based on data-driven hypotheses, thoughtfully implemented, plus always measurable.
This one’s nothing new in the marketing world — the core purpose of any kind of campaign is to make individuals feel like they need to have your own product or service, otherwise they’d become missing out.
Inside a world where the public will be inundated with advertisements all over the place they look (and ignoring most of them), marketers need to get creative if they’re likely to incite a real fear of missing out (FOMO) in their potential customers.
Growth hackers bring it a step further to find ways that will FOMO can get them something which helps their company grow, like an email address or a survey response.
One way to create FOMO is by using high-value lead magnets that give your own potential customers a sneak maximum of something they want yet require contact information in order to get it. Another is to put into action exit purpose strategies that will capitalize on a potential customer’s interest at the moment they consider leaving.
Produce Better Content
If you’ve been paying attention to marketing trends (we hope that’s a given), you know that will content marketing and advertising is the most effective form of marketing. But actually smart companies who release consistent content may not be producing the impact they could be when they took a growth hacking approach.
Growth hacking your content means consistently making the highest converting content achievable, and you can do it a few ways. First, make your content visible.
It’s widely known that customers only keep about 20% of the textual content on any given web page these people visit because they’re mostly scanning content. Add in visuals? That number goes up to 70% .
Generally, people remember:
2nd, make it interactive. Interactive articles keeps people engaged for longer and makes it easier to gather customer data that can be used regarding following up on leads or analyzing your marketing efforts. It’s rated as effective by 93% of marketing and advertising professionals and increases the likelihood that your content will be shared by nearly 30%.
Some examples of interactive content include:
- Interactive infographics
- Surveys and polls
- Quizzes plus assessments
Building partnerships is a proven way (and typical growth hacker strategy) in order to multiply your audience plus amplify your brand.
Partners can come under different categories. Brands frequently partner with other companies that are non-competitors, serve similar customer bases, and have complementary offerings. Partnering with influencers is another method to increase your brand awareness plus gain access to a large audience.
Partnerships have compounding growth effects by exposing your brand to brand new audiences and building your brand reputation at the same time. As the new audiences you’re subjected to bring in new leads you can convert, your partnerships with credible brands and influencers attract additional partners, which in turn bring in additional leads once again — you can see where this is going.
Ultimately, partnerships create a virtuous routine of growth for your brand name with both partners and customers.
Value Current Customers
So how exactly does valuing your current customers — who are already engaged and making purchases — assist you to gain additional growth with new customers?
A single answer: word-of-mouth marketing.
The stats around this one speak for themselves:
- Acquiring new customers expenses 5x more than retaining present customers
- 92% of consumers trust brands referred to them by friends, and consumers referred by a friend are usually 4x more likely to make a purchase
- 76% of consumers say they are more likely to trust content distributed by a friend than with a brand
- 88% of shoppers specifically seek out referrals off their peers before making a buy
Brand names who build strong brand advocates and value their particular current customers save money through high retention, generate higher-converting leads, and increase their visibility and social proof when current customers recommend them to peers.
The takeaway? Don’t focus your growth hacker energy solely on new network marketing leads. Cultivating your relationships along with current customers makes them more prone to stick around and do your most beneficial marketing work for you.
We already discussed a few key growth hacking techniques: interactive content, cultivating relationships with your customers, collecting feedback, and promoting partnerships.
Social media is your main hub for all of those elements. It’s the one place where one can interact with your customers directly on a daily basis, get feedback in an instant (often without even having to ask), and create content that’s generally shareable.
Better yet? Customers like interacting with brand names on social media [stat about customers liking social media], so you’re engaging with these in a welcome and natural way.
A few ways to growth hack upon social media:
- Run a giveaway or competition that requires followers to tag friends and share your web page
- Partner with influencers
- Always share your blog content on social media marketing to encourage sharing
- Participate in viral trends and hashtags
- Stay active on multiple platforms and optimize your content especially for each one
Get Going with Growth Hacking
If there is one takeaway to leave with, it’s that growth hacking is not a snap-your-fingers, quick-fix kind of solution — it takes time, effort, creativity, and consistency to pay off. But that does not equate to being overly difficult.
A lot of brands fail to enact development hacking strategies because they really feel intimidated by the prospect or even they just don’t know where to start.
If you’re ready now to begin creating content that drives significant, noticeable growth outcomes, check out our Content Builder Services or schedule a free consultation to find out how Marketing and advertising Insider Group can help!
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