Do you want to accelerate the development of your company? Do you want to increase your profitability? Wondering how to identify growth opportunities?Â
What is Growth Hacking?
Growth Hacking is a marketing strategy that uses rapid experimentation across various channels and product development paths to determine the most effective way to grow and expand a business. Unlike traditional marketing, Growth Hacking focuses on goals, results and profitability, not processes, so it does not always follow a methodology.
A growth hacker is less concerned with the steps to follow or the tools to use, and more interested in using analytical thinking to identify growth opportunities. Growth Hacking is often adopted to gain exposure and rapidly increase revenue and customer base while using low-cost solutions and keeping the cost per customer acquisition to a minimum.
A combination of methods can be used by growth hackers to achieve their goals: viral marketing, social media, targeted advertising, reverse engineering, SEO, email marketing, as well as content marketing, analytics, A/B testing, conversion rate optimization and many others.
How does Growth Hacking work?
Growth Hacking works by focusing on growth as the primary measure. In other words, you focus exclusively (or almost exclusively) on growing your business as fast as possible through virality, lead acquisition, customer loyalty, web traffic and social media activity.
If Growth Hacking is essential to achieve rapid and massive growth with reduced budgets in an organization, it can also help you attract more users to your social media accounts. By increasing traffic across different channels, you can attract more subscribers and followers, allowing you to generate more leads and increase conversions.
Which channels are affected by Growth Hacking?
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Le Growth Hacking via le contenu
Growth hackers monitor the latest developments in Google’s algorithm as well as the different platforms used to make contact with prospects and develop their content to make the most of the platform. They understand the power of data and adapt their strategies based on empirical evidence from past campaigns.
Another aspect of Growth Hacking is to be on the lookout for new opportunities and to understand the concept of content virality. A growth hacker works to publish original content that has the potential to go viral for the right reasons and success.
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Growth Hacking via social networks
It is difficult to dominate popular social networking platforms such as Facebook, LinkedIn, Instagram and Twitter due to outright competition. So you need to design a better distribution strategy that can help you reduce noise and present your content to the right audience at all times.
When you are able to grow through Growth Hacking on one platform, conversions increase and lead your brand to a better financial position. In addition, you can also channel traffic from your site to the desired social platform and vice versa.
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Social Media Engagement as a Form of Growth Hacking
While traditional practices such as integrating social media messages into a blog and following an optimized social media sharing calendar still work, it is important to discover the new way to involve more people on your social platforms.
If your brand is seen as a leader and you can learn how to captivate users’ emotions with your content, then you are likely to get the best engagement, that’s for sure. You can also use Growth Hacking tools to optimize your social media marketing campaigns and create buzz around your brand’s offerings.
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Lead generation in social media
When you implement Growth Hacking in the lead generation process, you will observe a symbiotic relationship between buyers and sellers. You need to optimize your organic search, SEO, email advertising, and content marketing using lead generation growth hacking.
Simple changes such as allowing connections using Facebook and Gmail, offering special coupons, investing in customers through referral programs, integrating live chats and chatbots, and effectively using pop-ups are just a few examples of changes you can implement in your social media lead generation strategy.
The 5 steps of Growth Hacking
Why is Growth Hacking important?
Growth Hacking offers an alternative to solutions that require large budgets in media campaigns. To achieve their amazing growth, the majority of successful startups, such as Dropbox, Shopify and AirBnB, have relied heavily on Growth Hacking during their start-up phases. But Growth Hacking is not there to replace traditional marketing. It is a completely new approach to acquiring new businesses.
Growth hackers are often referred to as T-shaped marketers who have a wide range of basic knowledge in several different disciplines and in-depth knowledge in one area. They draw on product, design, technology, data, content and analytical knowledge to find ingenious ways to achieve sustainable and often incredible growth. While creativity and the ability to use unconventional ways of thinking are what determines the success of a growth hacker, it is a strategic process that, if applied correctly, can help solve the problems that hinder the growth of any business.
Although traditionally used by technology start-ups, because of its phenomenal impact on generating sales and stimulating traffic, Growth Hacking is rapidly gaining momentum in e-commerce. Adopting this growth mindset can help you improve the performance of your online store and gain new customers at minimal cost. In many cases, the smallest changes yield the most impressive results.
Some advantages of Growth Hacking?
To better explain the problem, Growth Hacking is a process performed by a cross-departmental team of engineers, developers, marketers and product managers. These teams engage in rapid experimentation in several areas of the company, such as the marketing funnel, various sales segments, and during product development. The goal is to try to identify the most effective ways to develop a business.
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Flexibility
The flexibility of Growth Hacking makes it a viable and valuable process. Whether it’s an individual company or a multinational corporation, Growth Hacking works equally well in any situation. The process is basically nothing more than a growth mindset. By adopting this way of thinking and implementing it throughout your organization, the size of the company itself is of little importance.
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Growth Hacking and digital marketing
Both share some of the same parameters and principles such as higher conversion, retention and commitment rates. As a result, there is a certain misconception that Growth Hacking is a substitute for digital marketing. However, they are intrinsically linked and complementary to each other.
Digital marketing focuses on the overall goal of building brand awareness, while Growth Hacking is more focused on highly defined and achievable short-term goals, such as increasing social media post sharing by 30% in six months. In other words, each of these practices helps the others achieve their goals in a faster and more efficient timeframe.
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Qualified Lead Generation
One of the key advantages of Growth Hacking is that it can produce a large number of qualified leads. But as we said before, Growth Hacking is more a state of mind than anything else. This means that there is no single approach to the problem. Nevertheless, it can be adapted to any company, regardless of its size or industry.
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Building reputation and brand identity
Growth Hacking is, by definition, the creation, maintenance and engagement of your company’s user base. But to be effective, it must present your brand story in a unique way. The best way to do this is to identify and address your customers’ hot spots in a way that your competitors haven’t yet understood. Keep an eye on Twitter or LinkedIn groups to see what people are complaining about and look for ideas on how your company can address these issues.
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ProfitabilityÂ
The goal of Growth Hacking is to find accessible, efficient and inexpensive channels that no one else has seen before. Probably the best example of Growth Hacking in action is the rise of Airbnb.
Before making a name for itself, the company realized that the best place for people looking for a house or a room to rent was Craigslist. As a result, Airbnb offered its few users the opportunity to publish their articles on this site. Thus, taking advantage of the huge popularity of Craigslist, Airbnb was able to use it as a free platform to make itself known. In hindsight, this simple and inexpensive solution was unanimously accepted, but no one could see it at the time.
In other words, Growth Hacking enables a true growth mentality by introducing new business models and product ideas. It also allows you to discover the various data-driven and scalable marketing strategies. Finally, Growth Hacking enables companies to improve their return on investment and profitability by using Growth Hacking wisely.
Growth Hacking vs. Inbound Marketing
Growth Hacking and Inbound Marketing are both based on data and analysis of your targets’ behaviors and actions to generate leads.Â
However, while Growth Hacking focuses on rapid short-term growth, Inbound Marketing focuses on long-term sustainable growth. As a result, many digital marketers fall into the trap of thinking that these two strategies must be kept firmly separate from each other.
Growth Hacks” can be very effective tools when used to complete the big picture and are an excellent way to stimulate and maximize your return on investment (ROI) and support your company’s long-term Inbound Marketing strategy.
Ultimately, Growth Hacking and Inbound Marketing are compatible and beneficial to your business. They help each other to position yourself as a trusted and credible player in your industry, while promoting rapid growth and the acquisition of new customers.
It is important that your Growth Hacking tactics are perfectly aligned with your long-term Inbound Marketing strategy. This means focusing on a higher quality and qualified lead conversion rate.
Why call upon our consulting firm for the implementation of your Growth Hacking strategy?
In addition to a global support, we offer Growth Hacking trainings because our ultimate goal is to increase the value of your company. We closely follow your results but also the results of the sector so that you can do something else with peace of mind. We will then be able to advise you properly in your Growth Hacking strategy.