If you’re familiar with online marketing, chances are you’ve heard the term “growth hacking.” In an era when everything in life from weekday dinners to finding your next job comes with a trendy new “hack” to try out, growth hacking can seem like a disposable buzzword. That is far from the case, though. If you have established a company and are looking to expand, growth hacking is a concept you shouldn’t ignore.
What Is Growth Hacking?
Growth hacking is simply a way of prioritizing growth for your business. That means that all your digital marketing efforts should be helping your business grow in one way or another, in addition to attracting leads. In large companies, there may be a separate division focused on growing the organization, but in smaller businesses and startups, growth is often a part of the overall digital marketing strategy. Both growth hacking and marketing focus on improving metrics like engagement, conversion, and customer retention. The difference is that growth hacking is meant to achieve specific long term goals, which are determined after analyzing your business’s growth trends and sales projections.
Five Steps to Growth Hacking Success
Focus on Your Product: Determine the needs of your customers by looking at demographics and sales data to make sure your product is an ideal fit for your chosen market. After all, there has to be considerable demand for your product or service if you are going to use it as a springboard for growth.
Set Goals First: It’s easy to get distracted by chasing the next big payoff in growth hacking efforts. That’s why you should use past sales data and customer demographic information from social media and opt-in subscriber lists to set specific, measurable growth goals.
Test for Success: As with any digital marketing changes, such as using new SEO keywords, testing is an integral part of the growth hacking process. Keep records of data from any tests so you can use it to plan a growth strategy that your business can achieve.
Stay on Track: Use analytics to track your progress toward growth goals periodically. It also helps to set milestones for growth throughout the year as you are following your growth hacking strategy. That way, you can identify any areas that are not working and modify your approach as needed.
Change if Needed: While it’s important to strive for concrete goals in growth hacking, sometimes your process will need to be optimized in order to reach them. Identify areas of potential growth that are not expanding at your desired rate, and work to improve them. Growth is an ongoing, organic process, so don’t be afraid to make changes if they are necessary.
If you feel that your business is ready for an expansion phase, consider shifting your marketing focus to a growth hacking strategy. You’d be surprised how much new business a little concerted effort toward growth can bring. For advice about growth hacking for your company, contact the online marketing experts at AMMA Digital Marketing for a free consultation today at 800-466-0684, or send us an email to get started.