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Growth Hacking: The Trending Tool

For any company, it is necessary to enhance all the resources you have at hand to stand out in the online universe.

If your business is starting, you are probably wondering how to do more with less. In this sense, one of the digital marketing specialties that can guide you is growth hacking. This tool allows you to creatively solve the increase of some features, do not think that it is something Anonymous style!

In growth hacking, digital marketing, critical thinking, data analysis and processing, software and technology come together along with the improve ROI. It is usually used for SMEs and B2B in contrast to the handling of large data and processes, more common in high-ranking companies. But let’s see what growth hacking is in more detail.

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What is Growth Hacking tool?

It is a current technique in the world of digital marketing, especially in the context of startups and entrepreneurs, which aims to quickly increase the volume in a company, whether in users, income or impacts, as the case may be.

One of the most important characteristics to fulfill that purpose is the minimum use of resources with a high impact.

It should be clarified that the resolution techniques that are implemented must be based on an ethical guide of good practices, since it is not about achieving the desired impact and growth in a detrimental way, not only for others, but for our own product or service.

In other words, if you want to achieve a million followers in a few days, with spam and an aggressive campaign, it is possible that you will achieve it, but you run the risk of damaging the image of your company by offering a bad experience, by being insistent and annoying with your audience and possible customers.

It is essential that your business objectives are clearly stated and, if they are far-reaching, all actions (small or large) must be oriented along the same lines. It is useless to give a very strong boost, based on unscrupulous strategies, if your project is in danger at any time due to a bad reputation or constant complaints from your audience.

In simple words, although growth is proposed efficiently and quickly with this technique, that does not mean that the marketing strategies are improvised.

Examples of Growth Hacking

Growth hacking has been used in such successful cases as Dropbox, Airbnb and Facebook, where specific strategies have been used that have made companies a benchmark in their sectors. Two examples of success are:

  • Dropbox: in just 15 months it managed to go from 100,000 users to 4 million, by offering 500 MB of extra space in 2010 to anyone who recommended the product to a friend and got them to sign up.

  • Airbnb: This company, which is now going through a crisis, reached the figure of 300 million guests staying in 4.5 million homes in more than 80 thousand cities around the world. One of its most efficient strategies was to offer owners or managers to post their properties on Craigslist.

In this sense, companies have made decisions guided by the information and data that they accumulated in a moment and that, without a doubt, have determined their growth. If you also want to be a success story, write to us and we will advise you to achieve the commercial acceleration you are looking for.

Why is Growth Hacking important?

Growth hacking aims at a key action for any company: to grow. Although this depends on many factors, such as the financial situation, the competition, the quality of the product or service and human resources, the correct evaluation of the company and the proposal of suitable routes allow it to be taken to the next level.

This is achieved with specific goals, for example, planning the next five years. Therefore, the escalation project, according to growth hacking, aims to respond to this scenario by establishing one by one the steps that will lead to that point.

In this sense, the technique is relevant because it allows breaking the stagnation of a company when it has validated its business model, since it already knows what to do and how, but it cannot focus and exploit its full potential.

The path of action under the guidance of growth hacking can generate more contacts, sales, reputation, income, customers, personnel and alliances, depending on the objective of your company, although the main thing is to close the sales deals, which is the most important thing.

What are the benefits of Growth Hacking?

The main advantages of growth hacking are:

  • It occupies a low budget with powerful impacts.

  • It reduces the risk, since not much is being invested in these strategies, other than the time and knowledge to verify their viability and effectiveness, with the idea of taking firmer steps on the growth path.

  • The knowledge obtained from this process allows configuring actions that are increasingly closer to the buyer persona.

  • Growth can only be understood if improve ROI as well as it is analyzed and measured, which makes it possible to coordinate activities and adjustments along the way.

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How to make a plan using Growth Hacking?

In principle, it is useful to take into account five keys for establishing a marketing strategy. Remember that action paths always come from the analysis:

  1. Study the environment of your sector. It is important to know what strategies, areas, trends and issues are current, because they generate good performance and results.

  1. Define goals. These must be intelligent: specific, measurable, achievable, realistic and limited. Most of the actions are short and medium term, as they allow us to build the general objective.

  1. Identify strengths. Starting from a knowledge base is essential to define, in depth, what your brand or B2B does, how, what its values ​​are, among other data that distinguish it.

  1. Measure effectiveness. In addition to the previous analysis of the situation of your company, it is very useful to read, interpret and process the indicators that allow you to build data and know results. Ask yourself: what was fulfilled, what was not, why, what techniques were used, what tool was used, what other resources are available, etc.

  1. Optimize your strategy. None of this is a recipe, so you must continually make adjustments and pay attention to the results, to determine what may be most useful according to your goals.

All of the above allows you to build a basic strategy to make your business a sustainable, profitable, scalable, replicable and lasting space, in accordance with these growth techniques (ethical, don’t forget) and the commercial expansion routes that you can generate with your business model through digital marketing. If you have any questions or want to know more about how we can help you, contact us.

Team 327 Digital Marketing

 

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