Digital marketing is a field located at the crossroads of two ever-changing landscapes. Trends and terminology in the digital world evolve as rapidly as those in marketing, which is why it is difficult for a person to be up to date with every new trend.
One idea you might have been exposed to, but may perhaps not be fully aware of is growth hacking. While it isn’t a meaningless term, the technique could benefit your company without massive investment in resources.
What is growth hacking?
Growth hackers are one who has taken out the old marketing strategy and replaced it with things that can be tested, tracked, and adaptable.
“Their tools are e-mails blogs, pay-per-click ads, and platform APIs rather than advertising or publicity. They also make money. While the marketing crowd is chasing vague concepts like “branding” and “mind share,” growth hackers continuously focus on growth and users and when they get the right thing, these users create more users, which in turn create more users. They are the designers of their own operating system, as well as the mechanics for their self-regenerating, self-propagating growth machine which can help a business grow from nothing to.”
Sometimes, this can mean playing on an uneven surface and the mentioned startups and SMEs face off against corporations that can run Super Bowl ads or sponsor teams in sports.
Growth hacking is different from traditional marketing in the sense that the majority of its users have fewer resources or work with brands with less cache.
So, they must be more efficient, smarter, and more agile people who are solely focused on marketing.
Who is it replacing within my business?
Nobody! Growth hacking isn’t a panacea or any kind of digital solution. Also, removing your marketing department’s digital marketing tips to allow growth hacking experts is the best option.
Instead, the growth hackers you employ should be working in tandem with your marketing team in digital.
This is particularly the case when your business is small. A growing culture can be cultivated alongside other elements of your marketing plan. In certain organizations, the function of growth is linked to other “more real” jobs in the digital aspect.
In other larger businesses, the growth marketing factor is an added skill that your team marketing.
What they differ in their approach to defining a goal. Marketers could consider a marketing campaign successful if they believe it has been effective if brand recognition is raised or if the company is more thought of as before.
The growth hackers have better-defined, funnel-focused, and measurable measures that could make the program a success or a failure.
It’s not meant to suggest that one side is better than the other. It’s to point out the possibility of differences and the right answer is dependent on your measures of success, regardless of whether they are expressed and quantifiable or obscure.
Case studies and how you can gain from them
It isn’t a buzzword growth hacking has produced outcomes that you’ve likely experienced or seen. Here are some instances and tips.
- Hubspot
Hubspot’s founders determined to create tools and content that could create leads that would eventually lead to sales.
To achieve this they have invested heavily in eBooks, blog posts, and marketing tools that are educational for the marketer. They also introduced websites and social media graders along with investing in webinars as well as instructional manuals.
Takeaway: Engage, educate, and contribute
- Slack
Team messaging app Slack has gone from 15,000 users to over 12 million by 2020.
To achieve this they utilized a range of different strategies but none of them were as innovative. They described themselves as a device that was necessary, but not a new one office workers were convinced that they couldn’t remain without the tool, then targeted their offerings to be precisely what was required.
However, one thing was what made the app an ideal choice for users: it does not charge. A free version of the app showcased the features and capabilities of the before customers were able to upgrade to paid accounts. The company had an increase of 30% in The premium version.
The freemium model is used by simple business companies like Spotify, LinkedIn, and GitHub.
Takeaway: Donate it away (to the point)
- Tinder
Tinder is another business that employed a variety of strategies for growth quickly.
Today, with more than 66 million users across 30 languages It’s difficult to remember it was Tinder started as an app that was first introduced on an academic campus. Tinder has a user experience that is different in a market that is crowded and continuously evolving features. It is also offering paid premium versions of the app, Tinder Plus and Tinder Gold with around 5.9 million paid users.
One of Tinder’s greatest growth strategies was on based one that felt like a traditional method in a digital world: they carried out the work in the field. Online dating sites are thriving and dying based on the number of women who sign up Tinder’s founders toured sorority homes and encouraged women to sign up by providing cupcakes, balloons, and even underwear. It wasn’t the most sophisticated approach and one of the former Tinder co-founders was later able to create the highly successful Bumble however it did solve an app-related issue by understanding the problem and working to fix the issue.
Takeaway: The work should be put into the ground, or on top of it when it is necessary
- Beyonce
The music industry is founded on excitement and buzz. Music videos, PR companies, and billions of dollars in advertising spend are how you make the AAA album.
Except if the case is that you’re Beyonce or Beyonce and you make an album without notification, as the singer did back in 2013, (and 2016 and in 2020) unique decision led to the album becoming a significant aspect of the media cycle instead of being a sidebar in business marketing.
After sparking the internet to ablaze The 2013 album Beyonce has sold 828,000 copies in the first three days of sales and has sold eight million copies overall.
Although nobody expects your business to become Queen B, it’s important to remember that you don’t need to rely on any other person to get you noticed in the present day in case your splash is large enough.