All You Need to Know About Growth Hacking Strategy
Growth hacking is a broad term that refers to strategies solely focused on growth. It is generally marketing for startups that require massive growth within a short period with a small budget. The growth hacking strategy aims to gain as many customers or users as possible and spend as little money as feasible. "Growth hacking" was termed by Sean Ellis, founder, and CEO of GrowthHackers, in 2010. There is a possibility of growth hacking without a computer. For example, you could think of McDonald's appearing on every highway exit from the 1950s as growth hacking. They knew those interstate highways would be massive; therefore, they went to places where it was anticipated that they would see customers in great numbers. But, this new idea is mostly used in the startup world. This is why they have to discover cheaper ways to promote themselves. What they usually have is a very adaptable product. For example, Dropbox is a cloud storage service that gives storage space accessible to servers through the Internet. You can buy or rent additional servers to make space for new users.
Marc Kozlickin
Create a Product That People Want
Before this era of digitization, it was possible to get away with a subpar product if you promoted enough. For instance, Coca-Cola introduced many other soft drinks throughout the years, such as Sprite and Fanta. The majority of them did not taste like Coca-Cola. They became popular through extensive advertising (and costly) and are now found in grocery stores along with Coke.
It would be difficult to do this today since word regarding new products spreads very quickly. Consumers will know bad products faster than you can think. How can you solve this problem? It’s easy; ask for feedback. To get feedback and improve your product-market fit, you need to get your product out quickly.
Growth Hacking Marketing for Startups
The majority of growth hacking strategies are categorized into three broad categories:
- Marketing of Content
- Advertising
- Product Marketing
Product marketing for startups creates a more appealing product and gains a loyal customer base. They can include:
- Making use of the Fear Of Missing Out (FOMO) through an invitation-only sign-up system
- The process of onboarding the user is gamified to enhance the experience and provide rewards.
- Incentives for referrals that are beneficial to both the person who refers as well as the new user
- Affiliate marketing will also employ methods to grow the use of content marketing.
- Growth hackers also can use social media advertising and pay-per-click (PPC) advertising to advertise their businesses.
Conclusion
It would be best to have growth hacking strategies in your startup or current business. It can guide you about other ways to attract customers, build brand awareness, and sell products and services. A company like Scalerz can help startups to progress by offering their growth hacking services like data analysis, targeted advertisement, performance and customer oriented strategies.
