Growth hacking defines a set of tactics and best practices with a goal to achieve rapid growth of a company.
The concept was first mentioned by Sean Ellis and is very popular among start-up companies. Growth hackers usually focus on methods which are cheaper compared to traditional marketing like using social media, viral marketing or targeted advertising. Growth literally means growth and hacking means a smart and useful way of using technology to achieve certain growth.5 practical uses of growth hacking:
They created a demonstration video posted on Digg which brought them 75 thousand new users. They also attracted millions of users by mutual invitations from their existing customers. Furthermore, they simplified the registration process.
They gave 10 dollars to every new user and to individuals who invited them. With this method they gained millions of users.
They used a system “suggested users list” between their users which brought them fast growth.
Investor Timothy Draper had an idea to add a special message to every email. The message was: “p.s. I love you. Get your Hotmail account.” In this way, they gained millions of users in just six months.
Before using growth hacking create a customer profile:
– How old are they?
– How much do they earn?
– What kind of problems are they facing in their careers or life?
– What are their goals?
– Who do they turn to for advice and who decides besides them?
The information listed above is important for growth hackers, as it helps them make smart decisions based on multiple tests. You can make smart choices by using a free tool Google Analytics which gives you information about your product/website. With growth hacking, you shouldn’t forget to measure the time that you put into marketing and correlations (e.g. when a customer visits your website do they perform any other activities like visiting any subpages, etc.)
Growth hacking consists of optimising landing pages used for compiling emails by using LeadPages, email marketing by using Mailchimp, website optimisation – SEO and the product alone, web page analysis by using Google Analytics and much more.
Use A/B testing which means that 50 percent of buyers see the first website and that the remaining 50 percent see another one. Then it shows results. This means testing what works better, which photos, buttons and landing pages are better considering the goal which we are measuring. Testing is enabled by programs like Unbounce which automatically makes changes (if, for example, the colour of the buying form in red is better than blue). You should also not forget to occasionally change your product to make it more user-friendly.
Questions to ask while growth hacking (2A and 3R):
– Acquisition: How do buyers find you?
– Activation: Do they have a good first impression?
– Retention: Do they return?
– Revenue: How do you make money?
– Referral: Do they tell others about your product/service?
Tips for using growth hacking in your company:
- consider using minimal websites as they have better conversions (examples of websites: Dropbox and Groupon),
- your website should load in 2 seconds; KissMetrics states that just a second slower loading time reduces your conversion by 7 %,
- use email notifications, e.g. Twitter uses weekly notifications,
- social integration is also important like registering an account with a Facebook account,
- best conversions happen with these suggested colours: use red for the title, and green and orange for a call to action,
- use the first person when addressing (example: send me a free copy),
- make it a rule to test multiple options every week for landing pages, products and sign-up options to get as many results as possible.
Programs which will help you with growth hacking:
- Google Analytics
- Crazy Egg
- Hello bar
- Visual Website Optimizer
- Type form
- User testing
- Hub spot
- List builder
- SEO Quake
- Lead pages
- Click to Tweet
- Pay with a Tweet
Growth hackers which I recommnend:
5 of the best books/courses in this area:
Websites which I suggest: