Growth hacking involves planning and executing a number of simultaneous and consecutive marketing strategies to help identify the fastest path to grow a business. It involves strategic experimentation to maximize the return on investment. Instead of following a prescribed process, a growth hacker does what it takes to get the job done and to hit his or her objectives.
They work quickly, they are creative, and they love data.
According to Forrester, 95% of visitors to a website do not share their email address, which is why Growth Hacking is such an integral part of today’s modern business. Strategic experimentation is necessary if you want to move the needle.
A growth hacker has a lot of tools, and we mean a lot. The entire Internet is one big toolbox, filled with important items that are going to help them reach their end goal. Facebook is a tool. Twitter is a tool. Email marketing is a tool. Landing pages are tools. Growth hackers use technology based strategies to accomplish their goals.
A growth hacker’s toolbox includes:
These are the most frequently employed, but keep in mind that growth hackers are scientists. They experiment with a number of different strategies, analyze them, and pursue those with the greatest ROI. To do this, they must have the right platforms and solutions to execute their plan and generate results, quickly.
A lot of people might believe the term “growth hacker” is merely a trend, something these ‘new age digital marketers’ made up to fluff up their title or skillset. You might think this ‘profession’ is dominated by Millennials and their ‘Twitter fingers’ engaging in all sorts of marketing efforts without ever committing to a single, effective strategy.
They sit behind their screen, day in and day out ‘hacking’ their way through the Internet finding questionable ways to get their brand in front of thousands of people. You might even think ‘dark net’. Well, that's simply not true. The term ‘hacker’ is not always a bad thing. Growth hackers make successful businesses.
Growth hackers find the most efficient and effective ways to market your business to your target audience. They are good at marketing, they are agile, and they know how to get results. A lot different than what some of you may have been thinking, right?
Growth hackers employ any means necessary to find the best and most profitable solution to help grow your business, whether it be dollars or users. Technology has empowered growth hackers to transform businesses and help them reach more people than ever before.
Put simply, growth hackers understand how to leverage technology and strategy for their one ultimate goal, growth. Unlike traditional marketers who need to focus on the overall objectives of the brand, a growth hacker has one job, to get the best ROI.
To leverage the digital world, you need the help of technology systems like CRM and marketing automation. These types of solutions are becoming more eminent among all types of business, SMBs and Enterprise alike.
CRM is at the base of data management. CRM houses important contact data about your audience that gives a growth hacker the knowledge they need to connect, engage, and influence. This data is critical. The more they know, the more accurate strategies they can come up with that resonate with your target market. This includes both behavioral and demographic data.
Marketing automation is another fundamental growth hacking tool. Automation streamlines processes, so growth hackers can get results quicker. When you automate, you increase productivity, establish consistency, and create a positive environment for growth. With automation, you can personalize your messaging more effectively, accurately, and more quickly than ever before.
Best practice 1:
Think of CRM and marketing automation as the fundamental tools for growth. Having these two systems in place will allow you to experiment, execute, and analyze. With CRM housing the data and managing your workflows, marketing automation streamlines, segments, and executes your campaigns and strategies.
Best practice 2:
To be a successful growth hacker you have to test. Testing your strategies is vital to grow as efficiently as possible. You have to create, execute, test and revise quickly. A/B testing is a great place to start.
Best practice 3:
Think outside the box. Growth hackers are creatives at heart. They understand data, but are original enough to use that data to grab the attention of their target audience. Growth hacking doesn’t have to be technical, it just involves leveraging the right tools to distribute your creative ideas.
Best practice 4:
Always rely on data. Data is what gives you the power to know, to understand, to inspire a growth hacker’s strategies. Track, collect, and analyze all your data from every campaign, touchpoint, and effort, and this means across all departments. Marketing, sales, operations.