Growth hacking is the term for strategies that combine the growth of your brand with witty "hacks", i.e. unconventional marketing tactics.
Growth hacking is all the rage these days, and for good reason: Many brands have achieved great results with growth hacking in a very short time.
In this blog post, we present 7 effective growth hacking strategies. Although some of these strategies have only been in use for a few years, they have already proven their effectiveness in generating growth.
If you want to skyrocket your growth, read this blog post about the best strategies for growth hacking.
Watch the video of the most famous growth stories 👉
Before we get to the topic, let's have a quick refresher on terminology.
Growth hacking is all about inventive ways to answer the question: "How can I get as many customers as possible as quickly as possible, with limited resources?"
Growth hacking works great, especially when you have a small budget and little time but still need growth. That's why it's popular in startup companies, for which growth hacking brings cost-effective and fast ways to grow.
A growth hacker is a person who knows how to find the aforementioned inventive and cost-effective alternatives to traditional marketing methods.
Instead of "traditional" marketing, a growth hacker utilizes digital channels, social media, and various precisely targeted campaigns to achieve rapid growth.
A growth hacker knows how to use data and analytics creatively and curiously. A growth hacker also constantly learns new things and is interested in the reasons behind a good customer experience.
Onwards to the topic.
The goal of any growth hacking strategy is to achieve systematic, rapid growth.
Although growth hacking aims for quick results, it must be done analytically based on data. Approach growth hacking from the following perspective:
When choosing a growth hacking strategy, first define your goals. What do you want to grow? The number of leads, conversions, or revenue?
Prioritize the most important goal, then check the strategies below and start implementing the chosen strategy.
Measure and analyze the results, and make changes where necessary.
That's how to choose a strategy in a nutshell. Below you will find examples of tried and tested strategies for growth hacking.
A/B testing may be the most important step you need to take to grow your brand. It reveals what works and what doesn't. Things that work are continued, and things that don't are discarded.
Simple, yet effective.
Of course, the recommendation is to test everything you do, but you should start with the parts of your website that generate the most results.
These often include, for example:
Focus on one area at a time (for example, headlines) to track which changes had an effect and which didn't.
Read more about conversion optimisation here 👉
High-converting landing pages are extremely important for growth. Your best marketing efforts may drive visitors to your landing pages, but if the pages don't convert, they don't do much for you.
Make sure you know your customers and tailor your landing pages to their needs. It is also often necessary to make several different landing pages for different marketing channels and target groups.
You can start with the question: "what would make me buy if I were the target audience?". Remember to A/B test your landing page as well.
This growth hacking strategy increases the desirability of a product or service by limiting access to invited people only. Therefore, your product or service can only be used by invitation.
For example, Google used this method when launching Gmail. Invite-only might bring a lot of free publicity if word gets around.
However, this growth hacking strategy only works in the initial phase of the product launch.
It is not fruitful to endlessly exclude potential customers from your service. Once the word has spread, you can make your service available to everyone interested.
Software or SaaS companies benefit from the Freemium model. It works exceptionally well for apps and software.
Offer the basic version of your service for free. When users are convinced that they can benefit from it, they are willing to pay. The freemium model is an effective way of making a product or service "sell itself".
The freemium model also works because it is easier to retain customers than to acquire them. With freemium, you already have customers. You just need to convince them that the best option is the paid version of your service.
In general, consumers are up to four times more likely to make purchases based on recommendations.
Recommendations from friends, family, or influencers boost conversions considerably. The cost of acquiring customers through referrals is usually lower than other channels, and they also have a better customer retention rate. This, of course, means a higher customer lifetime value.
Here's a simple growth-hacking tip: Invite your current newsletter subscribers to share information about your product or service for a small fee.
Speaking of growth hacking strategies, partnerships are usually not the first to be mentioned. However, they are an effective means of achieving rapid growth.
For example, if you have 5,000 newsletter subscribers and someone else in your market also has 5,000. Working together, you can reach 10,000 people.
Focus on partnerships that complement your own business. For example, if you sell online courses about a healthy diet, you can strive to cooperate with companies that promote well-being, such as those in the sports industry or, for example, organic farmers.
There are many ways to cooperate. Sharing and tagging content on social media, cross-selling on email lists or writing guest posts on partners' blogs are all effective ways to collaborate.
Partnerships tend to gain a lot of attention and are, therefore, one of the most effective growth hacking strategies.
🌎 7. Adjacent markets
In addition to partnerships, you should also leverage adjacent markets. That is, markets that are somewhat similar to your main niche.
The purpose is to utilize your brand and know-how to acquire new customers from new markets.
For example, everyone knows the Nike brand for its athletic products, such as running shoes and clothing. However, Nike shoes are also popular as "lifestyle" products. They are used for daily outdoor activities or just for fashion.
Nike smoothly combines sports and everyday fashion, two different markets, with its own brand expertise.
Think about your industry and the adjacent markets: What is the competition like? How much potential for growth is there? Are there legal barriers to entering these markets?
(Image: Giphy)
Growth hacking is the term for strategies that combine the growth of your brand with witty "hacks", i.e. unconventional marketing methods.
Growth hacking is about finding inventive ways to answer the question: "How can I get as many customers as possible as quickly as possible, with limited resources?"
Many brands have achieved great results in a short time with growth hacking.
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