The Growth Hacking is a very popular term in recent years. Yet it is not always easy to know what it really matches. Marketing, Data Analysis and Software Engineering: The Growth Hacking cleverly mixes all these items in one goal, namely to increase rapidly, massively and at the lowest cost the growth of the company. We explain more clearly in this article what the Growth Hacking is and how it works.
What is the Growth Hacking?
This term is to Sean Ellis who invented it in 2010. This word is then quickly became popular in the startups, so structures seeking to grow rapidly despite a budget and limited resources. Today, it is used by many companies, small and large. Airbnb, Uber, Tiktok, LinkedIn, Paypal and Twitter are some examples.
The Growth Hacking, is above all a state of mind that consists of focusing on a goal: growth of the company. By growth, we mean the acquisition and loyalty of clients, thus leading to an increase in sales and turnover of the company. All quickly and for minimal cost.
The Growth Hacker is constantly looking for new opportunities to acquire new customers and develop the company. It uses different inexpensive, creative and innovative strategies and methods. He does not hesitate to take out the beaten track, carry out many experiments and to immerse themselves in the analyses to achieve this exponential growth goal.
How does the Growth Hacking work?
There is no precise instructions for GH. The way to proceed varies from one company to another according to its needs. The real common point is to take the idea of rapid growth as a main mark, then trying to try to achieve this goal, then to experiment all that is possible until you find the method that works best. The Growth Hacker will focus on the growth funnel and follow the customer in his career while collecting data. It is this follow-up and this information that will allow the Growth Hacker to understand what works well, the reasons that make it work well, which does not work and how to improve the results.
The Growth Hacker will use every metric of the growth funnel or “pirate funnel” to find growth opportunities:
Acquisition of customers
The Growth Hacker must understand how users do to find the company (search engine, social networks, recommendation, etc.), and then attract a maximum of visitors on the website.
When visitors are on the site, the Growth Hacker must determine how to offer them the best possible experience to convert them to users. For this, the route must be simplified to the maximum, with a pleasant and attractive navigation (easy and quick form to fill, thank you word, bonus proposal, free trials, etc.).
It’s about how to maintain the interest of these users for the brand, so that they come back again to the site. We are talking about customer loyalty. For this, it will be necessary to make value to customers, ask for their opinion on such a product / service, analyze the data concerning their behaviors, maintain the link using tools such as emailing, etc.
This metric concerns the revenues generated by customers and the different possibilities to increase these revenues. This implies the analysis of the sales process, the paralleling of the cost of acquiring customers compared to what they report, the average value of their orders, the type of purchases they perform, the frequency of purchase, etc.
The goal is how users perceive the brand. Do they communicate on it, and if so, how? The Growth Hacker will use customer satisfaction measuring tools, while seeking effective means for transforming customers into ambassadors (social networks, forums, sponsorship, etc.).
The Growth Hacking represents a very strong asset, regardless of the size of the company. For small structures as well as startups that have a tight budget and can not necessarily afford to invest in large marketing campaigns, it will quickly increase the volume of customers as well as their income, while limiting the expenses. For large companies, it is a great way to reach new hearings, to increase their king and strengthen the loyalty of their customers.
In general, the Growth Marketing therefore offers a positive and measurable impact, while involving few expenses and resources.