What is Growth Hacking? 5 Fundamental Steps in Growth Hacking

These days, the term “Growth Hacking” grows heavily. However, growth Hacking might seem a new name for a traditional marketing method, it is a cost-effective tactic of marketing in order to get the maximum number of users with the lowest budget. Additionally, growth hacking focuses on business growth solely. Growth hacking should be considered as a fundamental mindset in the organization. Startups are the main followers of growth hacking. Moreover, the Internet has provided a desirable platform for presenting intangible products. Growth hacking aims to use the product and its own features in marketing and advertising.

Growth hacker refers to a creative, curious and interested person whose target is business growth. A growth hacker concentrates on the results instead of the process but she will prioritize the most important points of growth. A growth hacker is not necessarily a programmer and she can be a combination of a marketer, data analyzer and a programmer as well. Moreover, growth hacker should acquire specific knowledge in different fields which are constantly evolving. Oftentimes, a growth hacker is more sophisticated in one single field in comparison with other fields.

In marketing, sales funnel is the process that growth hacker guides potential customers to a unique target and then the growth hacker itself will suggest some strategies in order to increase the number of users to loyal customers and determine distinct targets. Growth hacker aims to convert users into loyal customers and thus, increase the rate of return on investment (ROI). In addition, in this process, the strategies of retaining existing customers and converting them to loyal customers should not be neglected.

5 Fundamental Steps in Growth Hacking

1. Evaluate the current situation of your business in the sense of the best sources of leads, the website traffic and the rate of return on investment (ROI).
2. .Set achievable goals. That is, through Work Breakdown Structure (WBS) set micro-goals and progress steadily. In other words, growth hacking acts as a leverage for your business or startup and helps you to acquire the maximum result with the minimum effort.
3. Plan your hypothesis in order to determine the tactics, results and timeline.
4. Run the strategies until reach your goals.
5. Measure the results and share them with your team.

It should be noted that you should run these steps permanently, in order to have a consistant growth in your business.

For instance, if your micro-goal is to increase the website users, you can run the A/B testing by changing the call-to-action (CTA) button`s color and placement. Afterward, compare the result of A/B testing with your hypotheses. If the result was far from your target, terminate the test and choose another variable.

Tactics of attracting,activating and retaining users

In customer attraction step, you can use below tactics :

• In the Pull, tactic, customers come to you. (For example, attracting a customer through content creation.)
• In the Push tactic, you go and get the customer and push them to your website. (For example, grabbing customer attention by advertising in social media.)
• The third tactic can attract new visitors to you is the product and its features. (For example, Imagine that your product has high-quality and hence, causes customers to introduce your product to their friends.)

Next step is to entice customers to do the action which helps you achieve your goals. These goals include creating an account, reading contents and filling an application form.

Ultimately, you should use some tactics in order to increase customer loyalty. Increasing customer loyalty is cost-effective in comparison with attracting new customers and this reason makes this step very important.

Testing what works and what does not is a vital point in growth hacking. Macan digital marketing agency provides the opportunity to establish a powerful strategy in growth hacking.