What Is Growth Hacking? Step By Step Guide
Growth hacking (also known as ‘growth marketing’) is the use of cost-effective and economical digital marketing tactics to help grow and retain an active user base, sell products and gain exposure. Think of “hacking” in terms of life’s tricks, those little shortcuts that make your life easier, rather than nasty code snippets that can ruin your computer and your life. My name is Abdul Rehman and I’m your teacher today.
The Short History OF A Growth Hacking Concept
The phrase “growth hacker” was coined by Sean Ellis in 2010. When I asked Sean why he felt the need to coin a new phrase, he said it was derived from his frustration in hiring replacements for him. I will explain.
Sean had helped several Internet companies achieve incredible growth, and some of them even had an IPO. Needless to say, Sean became the guy the valley went to when they needed to increase their user base, and would take actions and payments in exchange for their services.
It basically became a one-man growth store, establishing systems, processes, and mentalities, which could be maintained after he left. Eventually, he would hand the keys of his growth machine to another person, and leave at sunset. This is where the problems began.
While seeking a replacement, I often received resumes that were legitimate, but not relevant. They had marketing titles and had experience in marketing, but they still lacked something. Sean knew that the type of strategies he used did not represent the typical playbook used by traditional marketing specialists, and if he gave them the reins, it would not fit well.
HOW DOES IT WORK?
But that is not all. Do we still have to delve into terms like Growth Funnel and to understand how Growth Hacking really works?
Over the years, companies used sales and marketing funnels to attract customers and make sales. The growth funnel is a similar funnel but is more aggressive to achieve the goal than the other models. Like a scrum master who closely monitors the development of software products, we have a growth hacker who would be closely monitoring the “pirate metrics.”
“Pirate metrics” is a 5-step startup metric model that was developed by 500 startups founder Dave McClure. The idea here is to have only less important metrics and ignore the rest. Yes, all those old school metrics are no longer necessary to grow!
- Acquisition – How do you reach your target audience?
- Activation: make users register for their first experience
- Retention: how to get them back to your page
- Income: how to monetize them?
- Referral: how to make your clients tell others
Yes, that’s all to see its growth and not the old school metrics (I dare to say!) As I like and share FB, page visits, email opening rates, etc. in regards to Growth Hacking. What Is Growth Hacking? Step By Step Guide
Does Growth Hacking Replace Digital Marketing?
Growth hacking is not a substitute for digital marketing. In fact, far from being separate entities, growth piracy and digital marketing are intrinsically linked. The shared mentality behind both is an emphasis on experimentation, creativity, and measurement to achieve the objectives.
In startups, growth piracy is a discipline that can be cultivated within a marketing team. In larger organizations, there may be a separate growth and cross-function contingent. Either way, growth piracy, and digital marketing are two very complementary specialties; What Is Growth Hacking? Step By Step Guide
It is no coincidence that a quick search on Linked In generates a multitude of profiles whose titles include “Head of Growth and SEO” or “Vice President of Growth and Analysis”. What Is Growth Hacking? Step By Step Guide
Growth hacking and marketing share the same fundamental principles and can even share the same metrics; greater commitment, greater conversion, greater retention. The key difference between the two is the scope of their objectives.
The Difference Between Growth Hacking & Traditional Marketing
Many people think that growth piracy and marketing are the same. However, there are subtle but important differences.
Growth piracy is like marketing since its ultimate goal is to acquire customers or encourage more people to use a particular product or service. However, due to its origins within the start-up community, it depends largely on tactics that do not involve spending massive budgets that large companies have access to.
Typically, growth piracy combines marketing, optimization and development knowledge to carry out automated marketing with a small budget. For example, automated notification emails, simple registration forms or home pages driven by registration, or expediting the incorporation of new customers.
Benefits OF Growth Hacking
The SEO benefits of blogs and social networks definitely cannot be overlooked. Whoever runs their PPC campaigns already has a great idea of which keywords have a history of good performance, so also participate in their growth piracy process. What Is Growth Hacking? Step By Step Guide
Remember, even search engines that do not use a particular social network will continue to get search results affected by social networks. This is somewhat obvious with G + and YouTube when it comes to Google searches, but SumAll has a great post that breaks things down in more detail.
Always use topics in your blog posts (and in your social posts) that reflect your best PPC campaigns as well. Give yourself a double immersion opportunity with some organic traffic!
Do you think that part of your traffic generated by marketing ends up as quotation requests? On the surface that looks good, especially if that was his call to action. However, the story behind that interaction may not be what you expected. It could be a shop window buyer who is at the beginning of the process or someone who has decided on an alternative product but needs to show competitive offers as part of their internal process.
Now that you have read our version of the Growth Hacking model and its strategies, there is one more that we would like to add and that is that Growth Hacking is not a fixed model (unfortunately) and is a mentality.
These Growth Hacks may have some years and you may be a bit skeptical about adopting them for your business. Therefore, it is apt to reiterate the word “mentality”. When you meet your audience from the inside out and you’ve identified what they like and look for, you’re practically a Growth Hacker and you’re on the right path for growth.