Today, as the digital landscape is evolving at a staggering price, the marketers are provoked with a prolonged spectrum of terminology. Have you ever wondered what actually does “synergy” bring in your mind? And what exactly is a “snackable content”? With the constant progress in the digital world, the buzzwords are highly growing.
Growth Hacking – Just another Buzzword
What is Growth Hacking?
Growth hacking refers to the process of speedy testing across the marketing funnel, product development, sales segments and other areas of the business to find out the most efficient methods of business growth. A growth hacking team consists of marketers, developers, engineers and product managers that have a main focus on creating and involving the user base of the business.
These days, even the growth hacker has the major focus on the low-cost alternatives such as social media, viral marketing or targeted advertising rather than buying the traditional advertising methods such as radio, newspaper, and television.
Growth hacking is particularly prevalent in startups, as their main aim is rapid growth in the early stages of introducing a new product or service to the market. Digital is a kind of battleground on which the marketers are struggling to accomplish a competitive advantage. There may be uncompromising targets, constraining budgets, limited resources. A conservative approach to marketing is no longer sufficient. The only way to persist is to acclimate.
Does Growth Hacking replace Digital Marketing?
Growth Hacking is not a substitute for digital marketing. But, far from being separate units, growth hacking and digital marketing are intrinsically associated. The shared mentality behind both is an emphasis on experimentation, creativity, and measurement in order to achieve goals.
For the startups, growth hacking is the discipline that can be developed within a marketing team. In larger organizations, there can be a separate, cross-function growth contingent. Growth hacking and marketing share the same basic principles and can even be shared by the same metrics, higher involvement, increased conversion, higher retention. The main difference between the two is actually the scope of the goals.
Here is a brief summary of a step-by-step guide to the growth hacking process
- Define Actionable Goals
Focus, focus, and focus. Tapering down your objective will help you to measure the results that are meaningful and actionable. If you choose a goal that is too broad, then there are chances that your experiment loses value and further the results become diluted, making it hard to examine efficiently.
- Implement Analytics to Track Your Goals
If you are not analyzing your goals, then what is the point? You have to make sure that your goals are clearly defined and analyzed so that you have clear evidence of what worked well and what not. This will help in validating the action.
- Leverage your Existing Strengths
Rather than spending your valuable time and resources, it is better to use an already sizeable email list. The main idea is to play to your strengths and make use of what you already have at your fingertips.
- Execute the Experiment
Once all your previous steps are in place, you can easily execute your experiment. However, it is important to make sure that you write down your hypothesis in order to reflect on what your assumptions were and if they are right or not. By this, you will be benefited as you will understand and learn about the strategy and also maintain loyalty while reporting and analyzing. If your initial assumptions are wrong, there is no need to be disheartened, even the negative outcomes will provide insight into a process and will help you the next time you have to improve your experiments.