Growth hacking is the process of rapidly increasing your customer base and improving your bottom line. This complete guide will help you learn growth hacking.
Growth hacking is nothing other than low-cost highly-effective marketing! In this guide, you'll learn the basics of what growth hacking is and how you can use it to grow your business, the business you work for, or your start up quickly.
Growth hacking is a form of marketing that focuses on finding efficient and effective ways to increase the growth and retention of a company's active user base. It involves using resource-light and cost-effective methods, such as marketing automation tools, to grow and promote a business or product. While it is often associated with start-ups and small businesses that may not have a large budget, growth hacking can be used by any online business looking to maintain both growth and engagement.
Growth Hacking, can be ANY FORM OF MARKETING, as long as it's low-cost & highly effective.
Airbnb is amongst the first companies to COMMERCIALLY growth hack itself.
As a matter of fact they're amongst the first teams to give the term growth hacking its own cult-like following.
It is only AFTER Airbnb became a major success that you actually saw companies put out hiring positions for actual growth hackers.
AirBnB essentially growth hacked itself by hijacking Craigslist's traffic.
They didn't want to spend millions, if not billions, on ad spend and instead coded a script that would post ALL OF THEIR listings automatically onto Craigslist.
Any links of off the Craiglist ad would link back to AirBnB allow them to hijack their traffic and at some point even overtake them.
Dropbox is another example of a company that growth hacked its way to success.
Solutions like Dropbox generally rely on avenues like Ads & SEO for customer acquisition.
SEO can take time to come in to effect.
Ads can be very expensive and are a challenge to optimize.
Dropbox looked inward though.
Instead of focusing on acquiring new clients by focusing on cold audiences, they focused on their existent customer base and worked out a referral program that would incentivize their own users to invite THEIR FRIENDS & FAMILY in return for 500mb of additional space - which back then was quite a lot of space.
This in turn gave free advertisers & they were to able to skyrocket their growth using somewhat of a word-of-mouth variation.
Notice the difference between the two case studies, one focused on something as simple as a referral strategy, whilst the other coded out a bot that would cross-post listings.
Before you can start growth hacking your business, it's important to establish what success looks like for you. Ask yourself questions about the types of results you want to achieve, such as increased website traffic, conversions, or revenue. Setting specific goals can help to ensure that your efforts are laser-focused and that you know when a campaign is a success or not.
Examples of this include the following:
If you're in the B2B space and are optimizing for the number of sales calls that your sales reps are having, then maybe you need to look into automated cold email outreach or virtual assistant based outreaches.
If you're in the B2C space and are optimizing for on-site conversions, then maybe you need to look into alternative ad platforms like TikTok, or into advanced retargeting & lookalike audiences.
You're goal strongly depends on the business you're working on.
Once you have established your targets and understood the category of your business, it's time to take a look at what you're currently doing, what you're competitors are currently doing, what's currently available on the market, and lastly at what your team can develop in house.
This is best done using a mind map like Miro as it is a bit of a strenuous exercise, but definitely one that is worth it.
The reason you're looking at the marketing you're already doing is because you're looking to see whether it is something that can be further optimized.
Additionally, you're also checking what you're competitors are doing in an effort to emulate marketing/growth hacking strategies that might already be working for others - which you can potentially optimize further.
Checking what's currently available on the market particularly through outlets like ProductHunt, AppSumo, and grey hat forums like BlackHatWorld will inform you on what custom & cookie cutter solutions might benefit your business that you're not already using.
And lastly, checking what your team can develop in-house through the use of its developers will open your mind to potential AirBnB-like growth hacks that only you can leverage.
And once that's done, and you've accumulated a good picture of what it is time to double down on, re-instate or test for the first time, it is time make sure that you're set up for appropriate data tracking.
80% of growth hacking is constant testing, the other 20% is optimizing. But testing & optimizing both require data. Without data, you're operating in the dark and have no clarity regarding what's working and what's not.
Therefore it's essential that you make sure that you have all the necessary analytics setup properly.
Make sure your Google Analytics are set up right.
Make sure your Conversion Pixel is set up right.
Your call recordings.
You get the gist.
Once you've set up your necessary analytics in order to be to track your data, you can now begin testing whatever growth hack you're looking to apply to your business or the business you work for.
Note that most of the things you try (up to 90%) will FAIL and will perform worse than expected. Your obligation as a growth hacker is to keep a smile on your face and keep on testing till you strike gold.
That's just what a growth hacker does. They keep testing, measuring, adjusting, automating, and when they strike gold, they double down and optimize.
As mentioned, 90% to 98% of all your attempted Growth Hacks will fail.
The Growth Hacks that generate hockey stick results are rare but are definitely worth it.
Below I've included a quick list of Growth Hacking resources that you should definitely check out if you're looking to gain the upper edge in the latest low-cost highly marketing strategies.
Our Growth Hacking Course - The Growth Hacking Bootcamp is a Growth Hacking Mastermind specifically focused on keeping you updated on the latest low-cost highly effective marketing strategies.
Our Free Growth Hacking Course - The $1 Prelude to the Growth Hacking Bootcamp serves as introduction to Growth Hacking concepts, automation, delegation & more.
Growth Hackers Inc. Communities - Our FREE Growth Hacking Communities across Facebook, Whatsapp & Telegram will give you the upper edge necessary to master Growth Hacking.
Reddit's r/growthhacking - In addition to BlackHatWorld, Reddit's R/GrowthHacking is another community worth checking out to be updated on the latest Growth Hacks.
Our Youtube Channel - This channel has been something I've been personally working on for a couple of years and covers numerous facets of Growth Hacking & Marketing for FREE.