Growth hacking aims to increase the number of your prospects in a short period of time through the implementation of a set of strategies. Companies with limited resources will be interested in effective growth engines with the highest return on investment. Achieving growth is the goal of every company, and to do so, many business analysts (or hackers) will seek to hijack the usual practices of a market to achieve it. It is therefore a disruptive method that seeks to understand the context of a market to know how to respond to its challenges in a different way.
All of the techniques used by growth hacking experts are based on the AARRR (Acquisition, Activation, Retention, Referral, Revenue) theoretical model, which corresponds to the user’s life cycle. For a given market, the idea is to optimize each step of the process to maximize the chances of growth. This model allows you to keep your objective in sight, and therefore to effectively monitor the conversion of prospects into customers.
The success of your company does not depend solely on the originality of your offer, the amount of money collected or the efficiency of your team. Rather, it is about how consistently your business development allows you to acquire new users or customers. That’s why 90% of businesses fail. They are unable to grow quickly in the beginning. Growing a business quickly provides financial strength, successful marketing and enough money to give you the opportunity to expand.
What are the factors to be considered by growth hacking experts for 2021?
The health crisis of 2020 has largely influenced the behavior of Internet users and consumers. This allows us to draw a better understanding of the marketing and analysis directions for growth hacking in 2021. There is a global need to get back to basics and this is why future growth hacking strategies should take the following directions.
Referral marketing for small businesses.
If you have a new business, it is recommended that you use existing customers to expand your customer base rather than trying to find new customers through external sources. Feedback from your customers provides the information needed to build a referral marketing strategy. For this to work, you need to use the opinions of your satisfied customers. For example, you can ask your customers to recommend your company to their friends and even offer them discounts on your products or services when they bring someone in as a result of their recommendation. Companies such as UBER and online gambling applications such as DraftKings have implemented a referral strategy that has allowed them to boost their growth as they enter their respective markets. When users refer a friend and that friend uses a referral code when signing up, the referrer receives a discount or benefit that reinforces the connection she has with your company. Referral marketing is a strategic way of thinking that can be developed by a growth hacking agency to maximize the chances of acquiring new customers.
Branding is a priority.
Branding is one of the key strategic issues for the year 2021. It is essential to convey your brand’s universe so that customers can understand it and know what you have to offer. This is where the choice of a slogan and a motto, for example, can contribute to the acceptance of your brand by your consumers by creating a sense of belonging. The sales promise links the brand and the consumer in a relationship of trust. Thus, your brand’s marketing thinking must focus on the semantic elements of its image in order to make an offer that responds to a solvent market. The goal is to offer something that does not exist in order to differentiate yourself from your competitors.
Influence marketing.
Using social media is another key element in growing your business.
Social media gives you the opportunity to change the opinions and behaviors of Internet users. It is therefore important to use them to your advantage, especially when operating in a competitive market. However, when creating your business accounts, it is difficult to get immediate attention. That’s why it’s wise to establish an influencer marketing strategy by choosing an influencer with expertise and know-how related to your field of activity. This will allow you to hack your market, by making your product or service known directly by your prospects. Influencers have a wider reach thanks to their engaged community. When an influencer uses a product or brand on social media, it provides visibility and engagement and this growth lever can be significant to quickly acquire new prospects and benefit from a substantial return on investment. Your growth hacking consultant can direct you to relevant influencers to establish a quality partnership with your brand.
Visibility and online presence.
The global pandemic has increased and multiplied the number of online purchases. Online shopping and delivery services have become more important than ever, and this trend seems to have taken hold for the long term. For this reason, your company’s website and online services must be flawless to provide the best browsing experience. A growth hacking agency can provide you with a design and unique and customized features to stay ahead of your competitors. Building a user-friendly and fully functional website will allow you to cut out the middleman since you will be going directly to the customer. It is recommended to establish an SEO strategy from the creation of your website to allow you to drive traffic from Google and to rank well in the SERPs. For example, you can set up a blog on your website to regularly offer the content your prospects are looking for in your market.
Moreover, online advertising has become the best way to reach your target audience, provided that you establish an effective webmarketing strategy for your company beforehand. An effective digital campaign will allow you to reach your growth objectives and measure the results with precise performance indicators. You can launch campaigns on Facebook, Google, Instagram or LinkedIn with predefined development or conversion objectives that will allow you to acquire new customers.
The advantages of a growth hacking agency.
To be effective, the growth hacking agency has a thorough knowledge of all the potential growth engines to offer you the most suitable solution for your business. The goal is to make you effective in all digital domains to find excellence in a specific area that will allow your business to take off significantly, for example through the implementation of campaigns (LinkedIn, e-mailing, Facebook …), SEO optimization to attract quality prospects, or with the help of a relevant influencer.
Overall, a growth hacking agency offers you a customized solution with data analysis that assesses your company’s growth opportunities on the web. The growth hacking agency considers the latest consumer behavioral trends to know how best to capture a given market. The idea is to test different actions to see which technique works best in your market.
User feedback is therefore central to strategic decision making and to the design of your customer journey. Your growth hacking consultant’s mission is to propose a unique and differential strategy that will lead your company to significant growth in terms of traffic and return on investment by responding to a solvent market. To identify the best solutions, he establishes strategic routines and process automations to focus his efforts on a growth action plan by identifying the best solutions designed for your business with the right digital tools.
