Growth hacking is a method of rapidly increasing business growth through experimentation and optimization. It has become a popular term among startup founders and marketers looking to understand how to build and accelerate their businesses. We’ve already seen in other articles what growth hacking is. Let’s take a deeper look at how to implement a growth hacking strategy.
Why is growth hacking important?
When applied successfully, growth hacking can help boost your company’s engagement and sales. One of the main reasons why so many businesses are turning to growth hacking is because they want to be more competitive in a rapidly changing digital economy. With so many marketing channels available to businesses, it can be difficult to determine which ones are the best to target.
For example, while email marketing has many benefits, it can be difficult to measure the ROI of efforts on them. With growth hacking, you can focus your efforts on the channels that will give you the best results.
How to create a growth hacking strategy?
When you start planning your growth hacking strategy, you need to start by defining your main growth goals. You can use these goals to help you develop your growth hacking strategy.
Increase your brand awareness
When you increase your brand awareness, you increase the number of people who know about your brand. With increased awareness, you can expect to see an increase in leads and sales.
Develop your engagement rate
Engagement is the key to the long-term success of your marketing strategy. It’s the level of activity your target audience is engaged in – from viewing your content to clicking to buy your product. So your target audience is engaging, converting.
Grow your revenue
While all of the previous objectives are great for driving engagement, the ultimate goal of growth hacking is to increase revenue. This is indeed the last R in the AARRR framework.
Benefits of a successful growth hacking strategy
Aside from helping you better determine which channels are best to target your audience with your marketing efforts, growth hacking has a number of other benefits. These include increased brand awareness, more engaged followers and higher rankings for your site, for example.
With a growth hacking strategy, each channel you choose should drive your growth. This will help you maximize your ROI with each channel, while keeping your brand message consistent across all channels and building brand legitimacy.
Conduct research and analysis
When implementing your growth hacking strategy, you’ll want to conduct research and analysis on each channel you plan to use. To get started, you can use industry reports, growth hacking forums and analytics software.
This research will allow you to examine the growth data for each channel. You can then use this data to develop a growth hacking roadmap for each channel. With your growth hacking strategy in place, you can now start implementing it. The data collected will allow you to select the channels on which to be present in priority.
Develop a roadmap
The first step in creating a roadmap is to define your key objectives. Never lose sight of the AARRR protocol. You need to differentiate each part. The placement of your different roadmaps in this process is a critical factor.
Next, you’ll need to look at each channel you plan to use for your marketing efforts and determine which objective best fits the channel. For example, if your primary goal is to increase brand awareness, you may use social media as your primary channel. On the other hand, if your main goal is to increase engagement, you can use email marketing.
With the channel you’ve chosen, look at all the other channels that can drive the same growth goal. For example, if you decide to use Facebook to build brand awareness (referral) you can also use Instagram and YouTube. With these additional channels, you can boost brand engagement and recognition.
Choosing a growth hacking tool
In addition to researching channels and developing a roadmap, you’ll also need to use various growth hacking tools. A growth hacking tool can help you measure the effectiveness of your strategy, as well as track your marketing efforts. Some of these tools include Sprout Social, OptimizeWP, Netbase, Mautic, … With a growth hacking tool, you can easily measure the performance of your channels and track user actions on your site.
Key elements to consider when developing a growth strategy
Be prepared to experiment
Growth hacking doesn’t work every time. Instead, you must be willing to try different strategies and see what works best for your audience. Have a test and learn approach.
Be aware of the return on investment.
It’s essential that you understand the ROI of each growth hack you implement. That way, you can determine which channels are worth using and which ones can be abandoned, or at least get minimal attention.
Find the right balance.
It’s important that you find the right balance between the time you spend on each channel.
Understand the difference between targeting and affinity.
Targeting refers to the type of audience you are targeting with each channel. Affinity between each channel is a measure of how interested your audience is in each channel.
A good growth hacking strategy will rely on the data you collect. This data will give you information regarding which channels to use throughout the AARRR process to reach your target customers. In addition, you can implement predictive marketing models to accelerate your growth.
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