The world of startups has its own terminology and it can get a bit confusing when you are getting used to it. Because of this terms like Growth Hacking can seem daunting and hard to grasp, we are here to help you with that!
One of the things you should know is that Growth Hacking started in the startup community but its principles are applicable to most industries. So, these tips will serve you in business for a long time.
What is Growth Hacking?
Growth hacking is when companies build mechanisms for accelerated growth based on experimentation across channels. This basically means trying different things on multiple fronts to see what is successful in generating growth.
It has become one of the most used methods to boost startups in all types of specialties. There are now even professional growth hackers, and scale-up partners like Inlat offer Growth Hacking as part of their services.
Growth Hacking VS Digital Marketing
The main difference between Growth Hacking and Digital Marketing is time constrictions and pace.
- 1. Expects to see results fast
- 2. Experiments with several actions at once
- 3. Short-term goals and KPIs to achieve
- 1. Knows results will come over a longer period of time
- 2. Focused action
- 3. Long-term goals and KPIs
While these two seem to be vastly different they will probably have many points of similarity and should be able to coexist and be productive side by side.
How to create a Growth Hacking strategy?
To set up a Growth Hacking Strategy for your company you will need to get insight into what you need, come up with creative ideas, follow known models for growth hacking and create a team to help you achieve this.
The first step will be to assess and set your goals and KPIs → Have a brainstorming session to collect ideas and action to conduct the marketing experiment → Categorize your ideas → Implement and test ideas → Use the data analytics to determine the best ones
The top Growth Hacking strategies
One of the best things about approaching Growth Hacking is you don’t have to start at a blank page, there are a few tried and tested strategies you can replicate to see results.
These accelerated growth strategies can help you scale up your business and reach new levels of profitability, productivity, and other goals!
Before launching your product, service, or even updates you should do some pre/launch marketing. Things like blog posts, social media anticipation campaigns and the like can help create a buzz around your brand.
Launch platforms for startups
- 1. Product Hunt
- 2. Beta List
- 3. Angellist
- 4. Launching Next
- 5. Startup Lister
Getting your own users to refer your company is one of the best and most effective ways to market and boost growth.
Create a referral and rewards program to encourage users and clients to join.
Reviews and testimonies
The word of actual users is one of the most effective marketing tools you have. Your brand should have profiles on app rating pages and Google.
You can also give users rewards for leaving reviews to grow the number of testimonials you have.
This type of resource is also a great asset for creating content across other channels, making a post, video, or blog about great feedback is easy, generates trust, and is engaging.
Freemium accounts and free trials
Letting people try your product or service for free is the best way to make them see what you can do for them.
It’s almost policy across startups to have one of these two options: a Freemium account or a free trial.
A great strategy for email marketing and paid ads.
Gamification not only makes your platform fun to use it can also incentivize people to share it and talk about it with others.