What is Growth Hacking?
“Growth Hacking” is a fancy startup buzzword for a data-driven approach of rapid marketing experimentation and agile product development.
Its objective is to create the largest impact possible with the least amount of resources.
Growth hacking is a combination of data-driven marketing, high-tech product engineering and principles of applied psychology.
Understand the Growth Hacking Marketing Funnel
Every growth marketing funnel has three stages: customer acquisition, conversion, and retention.
Aligning your most impactful marketing initiatives with your customer behavior is key to build a successful framework that will systematically grow your business.
Drive Customer Acquisition
Generating demand for your product and service and getting a consistent amount of leads is the art and science of customer acquisition.
Finding out exactly who your highest-paying customers or users are and which marketing channels they are using, are the basics of driving customer acquisition.
The next step is to build detailed customer personas in order to clearly understand your visitors and customers behavior. These detailed insights will help you to grab your visitor’s attention by offering them sequences of irresistible offers and other valuable assets.
Optimize Conversion Rates
Don’t throw darts into the dark.
Optimizing conversions across your marketing and sales funnel requires mastering the user experience from purchase to a successful adoption.
Your data analytics and CRM records should let you clearly understand why your visitors convert, or why they don’t.
Optimizing your conversion rates using a proven and systematic approach that will serve you in the long-term.
At Growth Media, we optimize our conversion points every quarter.
Improve Customer Retention
Be proactive, not reactive to control your customer retention.
Understanding what leads to user adoption, engagement and users to churn can make a real impact on improving your Lifetime Value (LTV).
From our experience, this is typically the most underestimated business area. In most cases, it costs more to acquire a new customer compared to delighting and keeping an existing customer.
We have answers
How can growth hacking benefit my business?
Growth hacking is about creating systems for rapid experimentation to make the largest impact possible with the least amount of resources.
Practicing this mindset can:
- Create a growth-driven culture across your business.
- Have a positive impact on your advertising, SEO, marketing automation and overall performance
Growth hacking will also add a repeatable structure to your business which will always encourage innovation.
As a result, you find a more effective ways to accomplish your business goals faster.
I have a website that does not convert, what should I do?
There can be many reasons as to why is your website not converting.
The best way to understand why is to look into your data analytics and a heat map to understand where and why your visitors drop off.
To start, you can refer to this article about tracking your visitor’s behavior.
What is the key difference between growth hacking and a traditional marketing agency?
Traditional marketing agencies offer a broad range of services such as print, design, website development, and online campaign architecture.
Growth hacking marketing agencies are laser-focused on optimizing the performance of your digital properties using a systematic framework to drive growth.
Implementing best practices is just a starting point for driving innovation within your business.