Growth hacking is gaining momentum in the startup scene. Used correctly, growth hacking can help your startup to achieve enormous growth rates. What is this buzzword is all about? How can you achieve rapid growth with growth hacking methods?
Why Growth Hacking?
Growth hacking pursues the sole goal of creating growth. Every action a growth hacker makes is scrutinized by them for the potential to achieve precisely scalable growth. The other goals that a company still pursues are not relevant to this work. Growth hackers can come from a variety of professional backgrounds. Crucially, they have an entrepreneurial spirit and are willing to take the high risk of being responsible for growing the business.
Growth hacking is all about making a product palatable to the target group as a “must-have”. To do this, a growth hacker must demonstrate an enormous ability to find unconventional, new marketing solutions as well as be able to test and, if necessary, further develop established techniques of other companies.
By combining a strong analytical ability and stupendous creativity, the growth hacker uses his resources to initiate a directly measurable growth spurt. The following applies: The more innovative a product is, the more “unusual” the marketing approach and the tactics used must be.
Growth hacking methods
In growth hacking, there are actually no universal strategies. Because the methods only work if the tactics are tailored precisely to a company or a product. The totality of the tactics then results in a strategy in the end, which is difficult to plan in advance.
In the original sense of the definition, you don’t only need marketing skills, but also the ability to pull off a real hack. The growth hackers of the first hour sometimes moved into legal gray areas and took a considerable risk. Until you succeed in the real hack (which some are still waiting for today), you can feel your way around in so-called growth management. Because in the end what counts is that your strategy cannot be easily copied by the competition, because the uniqueness of your product or startup is worked out.
Growth hacking is particularly popular in the startup scene. On the one hand, this is because, during the founding phase of a startup, everything has to revolve around growth. On the other hand, many techniques and methods used in growth hacking can be implemented at a relatively low cost, which accommodates the usual low budget of startups in an early phase.
But even if the first hot phase is already behind a company, growth hacks and tactics can be used. Who has anything against growth?
Possible approaches to growth hacking
A tactic should therefore be prepared for each measure. In growth hacking, however, it is not quite so simple. Most growth hacks and growth experiments fail. However, the following tactics or tools from growth management can help you find out where to start in order to generate the greatest possible growth through growth hacking.
Analysis of user behavior
It’s not a real hack, but if you want to increase your reach, you should first take a close look at user behavior on your website or in your app. Above all, your landing pages should get a lot of attention. Use split testing here and optimize the page with testing tools such as Optimize or Google Website Optimizer. Provide users with additional features for up-and cross-selling.
Recognize weak points
Sometimes the devil is in the details. This way you can find out what could be the reason why order processes are often canceled, or some pages are not called up at all. If you remove such hurdles, this can have a positive effect on the conversion rate.
Nothing motivates customers more than a reward they receive for bringing a new customer. However, this also applies to users from whom you will never hear anything again after registration. Remind newly registered users of your product by email. Even your own affiliate program can work wonders here.