What is Growth Hacking
The discipline of “Growth Hacking” is a relatively new one. Growth hacking as a service is a process of rapid marketing experimentation and product development combined to find the most effective and efficient ways to grow a business.
The path to hacking quantifiable growth involves a testing and experimenting, executing on ideas and strategies to find your go-to traffic channel.
What is growth hacking and why is it worth a company’s attention?
Define the customer acquisition channels that have the biggest probability of success.
Experiment: Brainstorm a list of customer acquisition channel ideas to target the targeted audience. Create a validation matrix to establish the priority channels. Test tactics, document results, find winning solutions and scale up for hyper-growth.
It’s crucial to understand one thing: What worked for another start-up business may or may not work for you. Your goal is to figure out what actions yield results for your start-up and business.
GROWTH HACKING IS ABOUT ONE THING: ATTRACTING MORE ENGAGED CUSTOMERS
There are many paths to the same goal and the whole goal of growth hacking is to find the right channels and get you results as fast as possible.
Competition intelligence and analysis is essential, it’s fundamental to finding the best marketing opportunities and tactics that are successful for competitors.
Understanding your competitors marketing efforts will allow you to reverse engineer their marketing tactics and implement the best ones for your needs.
- What traffic sources/channels do competitors’ leverage?
- What platforms do the competition leverage for Content Marketing?
- What intelligence can we gather from the competition’s Social Media Marketing?
- What intelligence can we gather from the competition’s SEOefforts?
- What intelligence can we gather from the competition’s advertising?
Growth hacking is not a substitute for digital marketing
Growth hacking and marketing share the same fundamental principles, and can even share the same metrics; increased engagement, increased conversion, increased retention. The key difference between the two is the scope of their goals.
In fact, far from being separate entities, growth hacking and digital marketing are intrinsically linked.