Growth hacking has undoubtedly taken the start-up world by storm. However, it is not magic but a process to follow. Whether you love it or not, growth hacking is here to stay, and you must learn about it in detail if you want to stand out in the crowd. Even though growth hacking is a relatively new concept, it is catching fire. The reason is quite common because people want to increase and acquire several users at once and make millions of dollars in no time.
A guide to growth hacking:
Finding the perfect product-market fit :
A growth team cannot help you much if your product or service doesn’t meet the product-market fit requirement. If you don’t know what users like or dislike, it doesn’t make sense to sell the products and services. It would be best to focus on delivering the perfect product at the ideal time. You must figure out who your potential clients are and understand their needs while building excellent products which will transform them into brand ambassadors. It can surely take some time and several adjustments.
Acquisition :
The main aim is to understand how people become your perfect leads. It would be best to analyze how well the ads and other marketing media are performing. You can keep a tab on impressions, website traffic, and how long it would take for a person to click through on average. It would be best if you thought a lot about the content as content marketing is here to stay, and it is one of the best tools to acquire patrons. Brainstorm the latest ideas of delivering content or inviting an influencer to help you quickly spread the exclusiveness word about what people offer products and services.
Don’t target everyone :
If you are planning to focus on making everyone your patron, you will end up with no sales as the growth hackers wouldn’t know whom to convince and why. It is like some people love pizzas while others love burgers. So you must know what your customers want and not all of them. It is different from traditional products, as buzz creation plays a crucial role after the software launch and not before its launch. You need to launch the product after understanding your clients and creating some buzz about it. Impressed people mainly go for the product, and some give feedback.
Referral :
During this stage, you need to think about how your customers make the best brand ambassadors and tell everything about your brand to their friends and family members. You can start with something simple like asking your satisfied clients to invite their loved ones and get a discount or some extra features.
Activation :
It is also known as a happy first visit, and the stage presupposes you keep a tab on the number of people who would stick around after visiting the site. You can speed up the process by removing too many lines.
Retention :
Retention is one of the most challenging stages but surely an important one as it costs less money to keep existing patrons than to acquire new patrons. You can improve the customer retention process by trying different methods and finding the one which works perfectly for you. For example, you can send email alerts regularly for new events and products and create fantastic loyalty programs. You can also combine various channels.
Revenue :
Revenue is one of the most vital metrics to measure your company. It shows how much money is left after spending all the customer acquisition costs. You can quickly improve the ratio by estimating how the product pricing aligns with the target customer and delivering a perfect customer experience. Look at the complete funnel to determine what stage needs the ideal focus on the growth hacking team.
Some growth hacking strategies
Reach out to some professionals :
You need to find out about some growth hacker who can lead your team to greatness. Even if you can’t find you need to know you can connect with professionals on platforms like LinkedIn.
Use social media channels :
social media is loaded with accounts, and you can quickly spread the word in no time. You can turn your social media into the community and significantly affect your product and services.
Be innovative and specific :
You need to research what your potential clients want. If you plan to extend the product features list, you don’t need to follow your rivals but look deeper. You must look at what the users don’t like and what pains they have or expect. Here you have a chance to outperform your company.
Growth hacking is easy, and you don’t need to panic about the buzzword. Instead, you can follow the tips here and get going. Before you hire an expert, you can surely have some basic knowledge.