Why #GrowthHacking is Essential for New Business Growth & #Marketing in 2018
When it comes to starting a new business, it’s no surprise that marketing is a big worry. How are fledgling businesses able to compete in an increasingly competitive market? Many #entrepreneurs spend hours researching their potential business, but can’t find a way to market it well, and decide that a good idea for a business may have to stay just that – an idea. Others turn to Growth Hacking.
Even though #GrowthHacking has only been around for a few years, but now it’s one of the inclined terms in the tech world. Every startup is looking for growth hackers. Because, they too want to grow fast, and get millions of users and lots of profit.
Growth hacking is how startups like #Tinder grew users from fewer than 5,000 to almost 15,000 overnight. It is a process of experimenting with non-obvious, often counter-intuitive techniques for growing a business quickly and inexpensively. Pinpointing assumptions that you or others are making and testing them is essential to growth hacking.
Growth marketing is usually lead by a growth hacker, growth architect, or group of growth hackers, who implement growth hacking strategies. Growth Hacking is often highly technical and breaks established “rules” around marketing that others continue to follow.
Does the rise of growth hacking indicate and end to the marketing firm? Absolutely not. What it will do is force a marketer to entirely revamp their marketing techniques to keep up with the ever-evolving world of social media and Internet advertising. Although growth hacking will cost a business significantly less than traditional advertising techniques it still requires a level of technical proficiency to be successful.
Let’s break it down. When #Hotmail initially launched, it wanted to find a way to build its user base, so they came up with “PS I love you” that had a link to sign up for free email. What this did was use its existing users to market their brand for them. The idea was to zone in on a specific demographic, in this case email users, and it worked like a charm. This is probably one of the earliest examples of growth hacking.
Growth Hacking in its most basic sense is a form of interactive marketing that focuses on user connectivity and social trends to stimulate business growth (growth being the primary focus). Just like using a billboard in a heavily trafficked area, growth hacking targets the endlessly trafficked online world.
#Facebook, for example, has nearly 500 million users. That equates to a half a billion people checking their laptops and phones every day multiple times a day. So how do you target these people? You focus on people who are already interested in a brand similar to yours and in a sense piggy back off that brand by using subtle tactics like key words, blogs and videos that relate to your brand whilst putting them on the most relevant websites and in the correct forums.
Again, growth hacking does require technical proficiency along with statistical researching to know how when and where to attract attention to your brand. Although some have been lucky enough to have their brand go viral on a fluke, the majority of brands and apps that have gone viral were a direct result of heavy research and meticulous A/B testing paired with good ole fashioned trial and error. That being said, growth hacking can actually harm your brand just as much as it can help it if you confuse growth hacking with flooding the internet, this is where you may want to hire or at the very least seek guidance from an experienced growth hacker to ensure that your brand is marketed online properly.
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