Eps 1533: Growth hacking 101

The too lazy to register an account podcast

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Kyle Watts

Kyle Watts

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The term Growth Hacking was coined by Shawn Ellis, CEO and author of Growth Hacking, referring to using innovative, low-cost ways of growing your company. Many people incorrectly believe that growth hacking is marketing for 0 dollars, while the real concept of the method is creating something awesome from the limited resources you have. After all, the core idea of growth hacking is about getting a higher rate of growth within what seems like an impossible timeframe and budget, and it is usually the catalyst for using more unconventional and creative marketing tactics and strategies. There is no linear process or particular tactics for growth hacking, and to be honest, anything goes, so long as a marketing strategy is effective at growing customer acquisitions and selling the product.
If you are looking to make the product grow, using growth hacking tactics, you will be able to enhance any existing digital marketing approaches. As much as growth hacking is about getting new users and customers, it is just as important to ensure your product is also capable of keeping customers. As seen in the numerous famous examples of growth-hacking-successful companies such as Facebook or Dropbox, using your existing users as advocates for your brand is a powerful strategy for building up your userbase. One good way of doing that is through the use of growth cycles. It is in this second stage where the growth hackers consider how they can leverage the existing users to drive in more users beyond the improvements in the product itself. This is usually done through the combination of giving incentives to Likes and Recommendations, as well as making it a lot easier for a user to share an existing product using their social accounts. Leveraging creativity to get early users is only the first half of the battle.
It sounds pretty extreme, and pretty far-fetched to even consider that your company can match theirs, but there are some marketing techniques they, and other successful companies, are using to help their businesses grow. Startups are forced into innovative marketing techniques because their limited budgets make it impossible for traditional practices. Startups typically lack resources, as well as established relationships, which allow them to effectively execute traditional marketers tactics, and are therefore forced in some ways into growth hacking. Startups typically have minimal funds and resources, and all will require an exponential growth, which cannot be achieved through normal online marketing strategies, and so, each and every startup these days is going to look out for a growth hacker.
You are either marketing, or trying to grow your startups sustainably. Choose one that is been around for years, and has helped businesses like yours grow dramatically over time.
To get started, we have provided you with the ultimate toolset to build a growth-focused strategy and start growing. It is critical that you learn a few growing sauces, tools, and secrets for achieving exponential growth in a faster, better way. Now that you know all about your target market and audience, it is time you used this information to plan out your growth hacking strategy and to have a working sales funnel. Also, you can use that information to brainstorm and build out your targeted growth marketing tactics.
When you are introducing a new product into the marketplace, you will want to do some market research to help make decisions about where your product is going and how it is going to get there; who is going to buy it; what you are going to charge for it; and, above all, whether anybody is going to want to buy your product in the first place. During the growth phase, organizations will have to start asking new questions in order to scale, in addition to exploring new competitors, new potential markets, and any changes to brand identity.
Growth hacking is typically used to identify a set of best practices which are adopted by companies that wish to expand their customer base and improve revenue, without having to run costly, often untargeted, ad campaigns. Growth hacking is the act of speeding up growth for a brand, service, or product by using metrics and creativity, innovative marketing strategies, and cutting-edge technologies. Growth-hacking or growth marketing is the unconventional method to improve your products/services market rate and acceptance. Growth hacking is a new way to think about marketing, which is focused on finding creative ways of reaching out to an online audience, rather than exclusively relying on paid advertising.
The main difference between growth hacking and digital marketing is the fact that digital marketing is focused on branding and establishing the organizations position, whereas growth hacking involves a rapid prototyping and testing process for various tactics/ideas.
Growth hacking is about unconventional marketing strategies used to gain maximum users for minimum expenditure. Anyone who is willing to put in the work can find a growth hacking strategy that helps them grow their presence on social media, get more people talking about their brand online, and quickly determine ways to convert traffic to customers who will convert into cash. What makes you a growth hacker, at the end of the day, is the combination of effective digital marketing strategies, creativity, and expertise -- all combined with a focus on turning product potential into real-world income. If you simply set up a data analytics tool, with no idea what Growth Hacking is, or no idea of how growth hacking works, you are simply playing with numbers, haphazardly changing things on your product, with an incorrect sense of purpose.
Growth Hacker TV is really a collection of interviews, and each episode highlights an entrepreneur or an expert in the field that has used the techniques of growth hacking to find success. Growth hackers can opt to collect qualitative data using personalized surveys, conducting customer interviews, user testing, or organizing in-person focus groups. In the above example, if the marketer took his or her skills as copywriter, then refocused on growth only, and implemented campaign-based analytics in order to perform funnel analytics on various cohorts in order to monitor improvements from copywriting, he or she would have been a growth hacker.