What is growth hacking in digital marketing?
Growth hacking is the use of cost-effective digital marketing strategies to grow and retain an active user base, sell products, and increase exposure.
Growth hackers have an unwavering focus on expanding the business, regardless of which departments are involved.
Analysts using growth hacking measures examine every aspect of the sales funnel to identify the most effective growth strategies. They identify or create new ways to acquire and retain customers at a minimal cost.
Importance of growth hacking for startups and businesses
Here are some of the most prominent benefits of growth hacking, specifically for startups and businesses:
1. Cost-efficient
The purpose of growth hacking is to discover accessible, efficient, and inexpensive channels that nobody else has thought of or even seen before. To increase return on investment (ROI), we can be more inventive with cost-effective strategies due to our core mentality.
2. Improve your products
The most obvious advantage of growth hacking is the creation of superior products that consumers and users actually want to use.
Your customers’ daily use of a high-quality product increases certain positive possibilities. They may, for instance, recommend your products to others. Every organization should consider word-of-mouth as a marketing channel and method, as viral marketing growth is unrivaled.
3. Generating Qualified Prospects
A significant advantage of growth hacking is that it can generate a large number of qualified leads. Growth hacking is more of a mentality than a technique. This indicates that there is no universal solution to the problem. Nonetheless, the advantage of this is that growth hacking can ultimately be applied to any form of business or startup, regardless of size or industry.
Examples of growth hacking strategies
Here are some of the most effective growth hacking strategies that work:
1. Utilize Referral Marketing
Referrals from friends, family, and industry influencers convert leads significantly quicker than other methods. The lower CPA of referral consumers allows you to reduce your costs.
These consumers have higher retention rates, resulting in a 16% increase in LTV. In addition, sales professionals with referral programs earn four to six times more.
Initially, Uber was a ride-sharing company. They utilized referral marketing to expand their brand’s visibility and user base. The concept was simple: users would receive a $5 credit whenever another user used their referral code. The concept was so successful that every ride-sharing app has since replicated it.
2. Make The Most of Events & Conferences
30% of fledgling businesses fail within their first 24 months. These are weighty numbers that should provoke entrepreneurs to ponder. But by attending the finest startup events, you can acquire the tools and knowledge necessary to ensure the success of your business.
Learn from the finest, make connections, educate yourself on your industry, and find inspiration. You have absolutely nothing to lose. Exposing your company at pertinent business events and conferences will enable you to achieve success with minimal effort.
3. Make Guest Posting Part of Your Strategy
Guest posting services facilitate connection building. There are many online guest posting services available. Almost all of them have their own active websites.
By providing a link to your website within the content, these service providers facilitate the acquisition of high-quality organic leads, which, in turn, improves your SERP rankings.
Guest blogging is a fantastic marketing growth strategy that bloggers typically employ to increase their organic website traffic and expand their audience reach by improving their search engine rankings.
One of the brands that use guest posting as a growth strategy is Buffer. In their early days, they requested that influential bloggers produce shareable content, which they then used to construct an impressive number of backlinks from websites with high Domain Authority (DA).
Also, the same approach is suitable for becoming a guest on other people’s shows such as podcasts, webinars, or even YouTube interviews.
What does a growth hacker do?
A growth hacker is responsible for conceptualizing and implementing growth tactics from start to finish in order to increase revenue. A growth hacker is an individual who iteratively tests and optimizes different user activation, marketing, and product strategies to develop a business, typically a rapidly expanding tech startup.
In contrast to traditional marketers, who are primarily concerned with generating brand or product awareness, growth hackers employ data-driven strategies to enhance the metrics associated with business growth.
