Updated: Feb 15
What is Growth Hacking?
There are a lot of misconceptions thrown around when it comes to growth hacking. Most people see the word ‘hacking’ and assume something sinister, but it’s a very simple thing. Growth hacking is a method driven by data and it’s a collection of the smart marketing techniques your business can utilise for better growth. It’s all about reaching the growth of your business to make sure it’s scalable as you want it to be! It’s one of the most innovative ways to ensure that your business has growth at a lower cost. The formula for it is based on a range of optimisation and testing that has to be continuous. With this approach, your growth potential is going to be reached the way that you want it to be.
7 Principles of Growth Hacking
Almost everything you need to know about growth hacking comes down to systems and processes. The constant need to test, analyse, prioritise and idealise is important and if you can find the weakness in the system and exploit it, you’ll be on the right track. You will fail in this process but that’s considered to be a part of the process. There are seven principles of growth hacking that are important to learn if you want to make sure that your business follows the growth strategy you’ve planned for it. Let’s take a look!
Achieving the Mindset for Growth
The first principle of growth hacking is the correct mindset. If you focus all of your efforts into one specific growth goal, you’re going to focus on the ‘one metric that matters’. Pushing everything into this growth will help you to improve and get you where you want to be in your goals. You might take risks to achieve that goal, but the hustle you put into it is what counts the most.
Build A Team
No one is an expert in every single area, and marketing isn't just one simple subject. It’s the umbrella term for everything that keeps your business pushing forward. This means that you cannot hope to entrust your entire marketing department into one set of hands. You need someone on traditional marketing, someone on email marketing, someone on social media and someone on growth. You have to have a hive mind to keep your marketing strategy running smoothly and ensure that your customers get what they need. The more you build a team, the more you’ll have everyone with the right mindset working as one for a common goal. You need someone good with creative marketing, software programming, data analysis and more. When you put all of these pieces together you get a wonder team!
From analytics to measuring your growth, you need to ensure that you are speeding up growth as much as possible. If you are achieving the results you want to achieve, this is a good thing! If not, you need to know whether you are beating a dead horse with your time. You need your time to be well spent and the best way to ensure that’s the case is to measure the results that you get with each campaign. Don't assume anything as there is no room for it when it comes to making data-based decisions.
Listening to the Market
The biggest reason that a business fails is that they sell something no one wants. There’s a reason a business needs to hold focus groups and get to know what the customers want: without their input, there is no point in creating or selling it. An amazing product in your eyes isn't going to be an amazing product unless you do your research properly. Accepting the reality of this early is vital and it’s going to save you a lot of time and money. Market research needs to be thorough and it needs to get to know what makes the customers tick. You want to know their desires and what they expect long-term from your products, too. Tap into what the customer wants and you’re going to find that the success levels are higher.
To be able to consider growth for your marketing strategy, you’re going to need to remove the barriers and any uncertainties that come from the customers and what they may think about your product or service. You need to offer your customers a product that they can’t live without. You need your customers to think about the products that they’d miss if they can’t use them anymore, and your product development team has to work together with your marketing team to make sure that your product market fit is a good one. The product market fit is all about building growth in the product so that it sells itself.
Traction Channel Use
Do you know what your ROI is with your advertising channels? If you don't know what your return on investment is, you’re going to need to rethink your approach. It doesn't matter whether it’s useful or not, it’s that your advertising channels are not the only traction channels. They might also not be the best channels for your particular situation right now, either. Did you know that there are actually 19 different marketing channels to use to exploit your growth? It’s all about how effective your reach is and you can use things like public relations, viral marketing, email marketing and more to make sure that you are gaining the right traction. You need to have your own blog posts for everything, and you need to be aware of what the traction channels are to do that.
The Key to Optimisation
Lastly, the key to growth hacking is to continue to test, test and test some more. Use your research wisely and measure everything wisely. You have embraced a growth mindset, and you have your marketing team put together, but you now need to understand that you can use all of these hacking tips to ensure that you can grow your marketing.
These are the principles of growth hacking that will help you to see the right results!