Growth Hacking - An Effective Way To Promote The Company

Growth Hacking is an effective marketing strategy, intended not only for start-ups that have to look for innovative solutions in this area (...

Growth Hacking - An Effective Way To Promote The Company
Growth Hacking is an effective marketing strategy, intended not only for start-ups that have to look for innovative solutions in this area (read: those that do not require large financial outlays). What is Growth Hacking and how to use this tactic in practice - we try to answer these and other questions in the text.

Growth Hacking

The lack of funds forces us to be creative in thinking and makes us start looking for alternative ways to achieve our dream goals. This is how growth hacking was born. It is a strategy that allows you to quickly increase sales without investing in traditional (read: expensive and slow) marketing tools.

It is mainly based on innovative activities that do not require large financial outlays. It focuses on an idea and an unconventional approach to promotion (including actions on the borderline of the law, in growth hacking everything is allowed, which is not prohibited).

The concept of growth hacking was introduced into circulation by Sean Ellis in 2010. In his opinion and other supporters of this tactic, companies, instead of employing highly paid marketing specialists and carrying out costly activities in this area, should start working with growth hackers.

Their work is to attract new users to the company's website or project using innovative marketing tools (i.e. much cheaper than traditional solutions such as TV or press advertising), such as social media, viral marketing or e-mail marketing.

Growth hacking is a solution that can be successfully applied both to activities related to acquiring new customers and maintaining the interest of old brand supporters. The essence of this marketing strategy, as the name suggests, is growth.

Their work is to attract new users to the company's website or project using innovative marketing tools (i.e. much cheaper than traditional solutions such as TV or press advertising), such as social media, viral marketing or e-mail marketing.

Of course, it does not have to refer only to sales growth, with the help of growth hacking you can: which can be successfully applied both to activities related to acquiring new customers and maintaining the interest of old brand supporters. The essence of this marketing strategy, as the name suggests, is growth. Of course, it does not have to refer only to sales growth, with growth hacking you can:

  • increase the sale of services or products,

  • build coverage,

  • improve the conversion rate,

  • acquire new and attractive leads.

 

In growth hacking, it is important to precisely define the target. For example, it may be posed like this; "Double your sports drinks sales in a month." Such a goal will help us to prioritize activities, thanks to which we will be able to achieve it (e.g. increasing sales among existing customers, acquiring new customers). If we manage to increase sales with the current customer base, then the next steps will not be necessary.

Growth Hacking is the latest trend in online marketing and is popular all over the world. Its potential is used not only by small local companies but also by such giants as Twitter, Dropbox and Pinterest. It is the growth hacking-based marketing campaigns of these companies that constitute a model to follow today and is referred to when analyzing this issue.

Creativity - the key to success in Growth Hacking

Growth hacking is a marketing strategy designed not only for new companies that are trying to appear on the market but do not have the funds for expensive advertising campaigns in traditional media. It is also a tactic for companies that want to strongly optimize the promotional budget or do not see the potential in traditional advertising formats.

The philosophy of growth hacking is simple, instead of looking for funds for marketing activities (most often such a project ends with signing a loan agreement at a bank desk), it is better to look for new ways and channels to reach potential customers.

Growth hacking is about using all the possibilities offered by modern technologies and websites. It is based on a large amount of data and that is why it is so unspectacular. It is not uncommon for growth hackers to take advantage of vulnerabilities in Internet systems.

A good specialist in this field must have knowledge not only in the field of marketing, social psychology, community management, but also in information technology, computer networks and programming. Their task is to eliminate all obstacles that prevent new customers from reaching the company's offer.

Growth hacking does not always have to refer to some revolutionary assumption, sometimes the goal can be achieved in a simple way. The power of Dropbox, a website specializing in storing data in the so-called cloud, was built on the basis of growth hacking activities.

The company, wanting to attract a wider audience with its innovative service, offered additional space to each user, who will recommend this service to another person or share information about the service on Facebook or Twitter

 And so, in a short period of time, with the help of word-of-mouth marketing (each referrer became involuntarily the promoter of the service), the website gained enormous popularity. The head of the service admitted that 60 % of new customers were the result of this action, and moreover, the need for a virtual disk was created among people who so far did not even know that such a possibility exists.

One of the first examples of successful growth hacking was the Hotmail campaign in 1996. The company attached the note "PS I love you. To every correspondence sent by website users." Create a free e-mail account on Hotmail ”with a link to the free registration page.

However, it must be remembered that at that time, most e-mail providers only offered paid accounts. Thanks to this campaign, the company acquired 12 million new customers during the year. Another e-mail provider, Gmail, followed a different path, albeit growth hacking.

Due to the fact that at the time of the creation of this service, free mail was already common, it appealed to the feeling of uniqueness. The website distributed invitations - free 1GB accounts to sociometric stars - Internet enthusiasts, who could pass them on to a selected group of people.

Each person awarded in this way automatically became a brand ambassador. Everyone wanted to feel special, which is why the invitation from Gmail at some point began to be sold on auction sites. It is worth remembering that for the first four years, setting up a Gmail account was only possible with such an invitation.

Growth hacking channels

It is a marketing strategy that focuses on activities in virtual space. Many channels available on the web are still free. In addition, apart from this one undeniable advantage, the Internet offers much higher efficiency than traditional channels such as press, radio or even television.

This is due to the fact that the generation entering adulthood is treated by the Internet as the only and reliable source of information. In addition, it offers much greater possibilities than the channels in marketing communication available to companies so far.

Social media - currently one of the most popular places on the web. They are ideal not only for promoting products and services but also for dialogue with customers. And most importantly, with their help, you can build a large community of brand supporters in a short period of time.

Review websites - many studies show that recommendations have the greatest impact on users' purchasing decisions. Importantly, in the context of growth hacking, most of us trust online referrals almost as much as personal recommendations.

Company blogs - this format is currently experiencing a renaissance on the web. Many new companies start their Internet presence by blogging. It is a simple and cheap way not only to exist but also to create a certain need that the brand is to satisfy in the future. Blogs are the source of many startups' success. It is thanks to the publications on their pages that many companies have managed to reach a wider group of users and interest the industry portals in the problem. A blog is a great way to present your innovative project.

Crowdfunding websites - many companies, if not for the financial support of Internet users, would never break through to public awareness. With their help, funds can be collected not only for development but also for marketing. The key to success here is an attractive presentation of the idea of ​​our project.

Mobile messaging - due to the fact that they allow you to chat for free with people from all over the world, they are very popular. With their help, you can reach a large group of potential customers.

Summary

Growth hacking is not just one of those buzzwords you should know. This is a truly innovative marketing strategy with which you can generate increased sales. However, in order to be successful, you have to break with conventional thinking about promotion and be open to new, unconventional solutions.

Growth hackers are often accused of focusing too much on one goal - growth, which they want to achieve as soon as possible and at the lowest possible cost (they omit image building, building strength and brand recognition, etc.). In fact, however, it is precisely focusing on one task that determines the strength and effectiveness of growth hacking.

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One Matrix: Growth Hacking - An Effective Way To Promote The Company
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