Growth Hacking – How Innovation Can Accelerate Business Growth
Growth hacks are software applications that can be incorporated into a business’s marketing strategy. Growth hackers employ every possible technological skill available to achieve product/market fit, get the launch on its feet, and achieve business success. The speed of growth marketing, thanks to growth hacking, rarely varies, and when everything is in place, the quick growth strategies, once implemented, invariably evolve into long-term strategic plans devised to keep the business afloat. If implemented right, growth hackers can drive the business to unbelievable heights.
The essence of growth marketing is to use innovation
testing, tracking, gathering, and analyzing information to achieve specific business objectives. It aims at creating a model that allows companies to reap the benefits of their technological innovations while avoiding the risks of disruptive innovation that could harm the company’s competitive position and future growth. Growth hacks apply this basic principle of sustainable growth by building a robust strategy that drives business improvement through cutting-edge technology. The strategy must be flexible enough to incorporate new technologies while being scalable so that companies can make the necessary changes as and when necessary. This way growth hackers can play a key role in driving sustainable growth.
The best thing about growth marketing
is that it provides companies with the perfect opportunity to test the waters before investing in large-scale R&D programs. Many companies, in their attempt to become agile, do not take into consideration the advantages of growing test and experimentation campaigns. Small tweaks in the marketing techniques used can yield dramatic results, especially if they are adopted during the initial or developmental stages of the product or service.
Growth Hacking enables marketers
to test and measure various aspects of their advertising and sales strategies without having to go through the expensive expenses involved in setting up data collection and analysis centers. This means all strategies can be evaluated at any point along the sales cycle, instead of waiting until data collection is complete. As a result, growth marketing saves companies money that would otherwise be spent on long-term hardware, software, and other forms of analytics and testing. Companies can also run these tests on their own infrastructure. This reduces operational costs since employees need not be recruited to carry out these tests.
Growth Hacking enables startups
to build good customer relations by understanding their target audience better and crafting a message tailored to their needs. The goal is to build a relationship with the customer that is durable so that a customer will continue to buy from the company even after the product or service has been sold. The company can use this strategy to drive more sales from its existing customers. Growth Hacking can also help startups gain traction in their target market by providing solutions to specific problems that consumers may be experiencing. For example, if the target audience is housewives or parents with small children, a marketing campaign geared towards this audience may be more successful than a campaign targeting middle-aged males.
However, Growth Hacking requires creativity
because even though most of the strategies presented to startups are derived from traditional marketing strategies, startups need to innovate and test different approaches to distinguish themselves from the crowd. A good example is when traditional marketers launch TV advertisements or write articles for print publications, they do so almost exclusively. In contrast, when a Growth Hacking company launches a unique website or mobile app, it will try to attract a broad range of audiences. This means that a Growth Hacking company must be willing to try new tactics and explore untapped niches to differentiate itself from other companies.