Given the technological advances happening around the world today, many new e-commerce marketing tactics are coming aboard to make businesses more feasible. Growth hacking is one such technique that has gotten popular with time. It may seem complex, but growth hacking carries the same fundamentals of traditional marketing. It is an online alternative to concepts of guerrilla marketing. If you hack a unique way to garner your audience’s attention, then you are exercising growth hacking.
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What is a growth hacker?
According to Andrew Chan in his article titled Growth Hacker is the new VP Marketing, “growth hackers are a hybrid of marketer and coder, one who looks at the traditional question of ‘how do I get customers for my product?’ and answers with A/B tests, landing pages, viral factor, email deliverability, and open graph.”
Why do we need a growth hacker?
As per the latest internet advertising report from the Interactive Advertising Bureau, digital ad spending in the US exceeded $100 billion for the first time in 2018. It accounts for a whopping total domestic expenditure of $107.5 billion that marked a 22% increase from 2017.
This goes on to prove that tech-savvy organizations have started to walk hand in hand with today’s generation and are willing to spend billions on marketing their channels and have a full-blown digital transformation if it comes down to it.
So let’s find out why entrepreneurs need growth hackers or growth managers for business.
Why Entrepreneurs Opt for Growth Hackers
Going for a growth manager instead of a digital marketer is best suited to entrepreneurs in the early stages of their businesses when they need higher growth in less amount of time, in a limited budget.
Find the right market for your product
A growth hacker helps first and foremost in hacking its way through to find the precise target market your product is being offered for. The product placement is then designed for the vital audience who are willing to pay for the commodity sold. It is not about just putting the product out there but using the correct tools, iterations, and revisions to come up with a product that, when given to the market, is received as a ‘must-have.’
The commodity should be something that, if people don’t buy, would feel the need to buy it and justify their need by actually becoming a customer. Such a technique can be tricky to master, especially when challenged with budget limitations. But then that is the need for a growth hacker, fulfilled.
Perform rapid testing of campaigns and viral strategies
A growth hacker has been given the name because they are actually expected to hack their way with experimentation, instead of carrying on with a pre-planned formula-based approach. Being a growth hacker, you are supposed to have mastered the art of persuasion, running multiple text ads, to conclude all to one profitable campaign for the product and business.
You have been recruited to perform with an under-budget startup. You won’t be offered a lavish amount to undertake all excelled advertising and fresh marketing techniques. Instead, you would be expected to perform best to your creativity and justify spending the amount assigned successfully. Growth hackers do not act on impulse or spontaneously start churning out ideas. They abide by the limitations put on them and come out successfully.
Optimize landing pages
A landing page is a vital part of an internal marketing strategy. A growth hacker carries tips and tricks up their sleeve, to use whenever needed. From designing highly engaging landing pages to establish multi-variation A/B testing, growth hackers can optimize any webpage to the best converting landing pages for the product in the budget provided. The trick here is to get it right as soon as possible because optimizing landing pages for conversion only happens successfully after launching, testing, and learning.
Going through each step of the way requires expertise that, in turn, requires money, something the startup has a limited amount of. Therefore, it is crucial to get a well-trained growth hacker on board, ready to take on the challenge of working under challenging conditions.
Qualify lead generation
When starting out, it should not be all about generating traffic to your webpage. It should be more about creating healthy traffic that generates quality leads. Just the hits don’t take your business forward, but the clients that engage with you through business transactions.
Therefore, a growth hacker uses market funnelling techniques to design lead magnet that converts. They create a multi-channel strategy to generate qualified leads by integrating earned, owned, paid and shared media.
A growth hacker understands the media language like its own. They follow the trends according to how they are presented on each platform. For example, one such pattern can be the hiring of writing services to buy dissertation online. The growth hacker would create such a package that suffices the students’ needs.
Increase conversion
Increased traffic and generating leads become a measurement of validation for companies, but to be profitable, they need to convert into sales. It is where a growth hacker steps in to use successful applications of ideas like email and social media marketing.
A growth hacker works to provide consistent value through webinars, case studies ad consultations to help in the growth of leads and traffic into actual sales. A growth hacker is actually a pro at conversion than regular marketers because hacking your way through unconventional ideas is a challenging task.
One can never be sure of how fast a trend would climb to keep the applied technique profitable. It is why growth hacking consultation has become a thing. Recently, marketers have started to believe that instead of wasting time and money on testing out tactics gradually, it is more efficient to take expert advice to work your way through faster and affordable means.
Automate marketing
With so many competitors right at each other’s game with newer techniques and technology ever-expanding, it is even harder to retain customers. Market funnelling is not easy. Even though technology has aided immensely in leading conversions to actual sales, as customers gain awareness online nowadays. But a growth hacker takes a step by step approach to automate marketing by:
- Designing and implementing a looping system to acquire leads
- It works like a lead magnet to lure the customers in
- Then the customer is taken through an automated conversational pattern for successful growth
- The end goal is not just to make a profitable conversion for the current period but to retain the customer for a long time.
Integrate product-design marketing
Product design teams have their own set of goals to accomplish. They strive to understand that the decision they make is valuable enough to either add or remove a feature from the product that might make a difference in the overall product design and its market integration.
For example, marketing a particular movie jacket with the movie’s launch is a step that holds significance for the overall product. It is where a growth hacker should be made part of the product design team to make every such decision add value to the product and not take away from it.
Bottom Line
In conclusion, growth hacking can be used as a cost-efficient tool that generates quick results aligned with organizational goals. It is one technique you can turn away from if it does not deem successful results and start over again without any long term waste to recover from.
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