How would Karl Marx think of Quora?
Growth hacking is also known as growth marketing. They are clever and resource-saving tactics (hacks)that can increase some of the company's metrics. Growth hacking is mostly free and includes things like registrations, purchases, or referrals. With the help of the hacks, an increase in virality is aimed, whereby one hopes for long-term growth of a startup. With creativity and analytical thinking, the user is guided through the little tricks, won and retained as a customer and conversions and sales are increased.
The minimization of costs in growth hacking is also highly relevant, whereby attempts are made to win new customers with inexpensive alternatives such as social media and viral marketing. Furthermore, a lot of work is done with already established means such as SEO, website analysis or content marketing. This is why growth hacking is so popular with small companies and start-ups, which have to work with very limited financial and human resources.
What is a growth hacker?
The Term "growth hacker" was first used in 2010 by Sean Ellis who worked for Dropbox and Eventbrite. He helped startups grow rapidly. Growth Hacker is someone in the marketing field whose job it is to do that To increase growth in the company through small tricks. A growth hacker focuses on these 5 steps of customer acquisition and retention:
- Customer acquisition: people are led to the website
- Activation / conversion: Visitors should register
- Loyalty: Encourage users to take action
- Monetization: Encourage active users to buy, i.e. convert leads into customers
- Recommendation: Motivate customers to recommend
What are growth hacks?
Growth hacks are individual ideasthat is tailored to the company and its customers. These hacks then often only work for them. Nevertheless, there are some overarching categories that can be used as a guide. Some examples are given below:
- Search results pages: These free advertising spaces can be used excellently to design content in an appealing way with call-to-actions.
- Blog and guest posts: Write a blog with exciting topics in your industry with Google Trends or social media. Such content encourages people to share and useful advice and images also attract users to your site. You can also draw attention to yourself with the help of guest articles on other blogs.
- Landing Pages: Continuous optimization of the landing pages as well as short tests of which keyword visitors came to the landing page can be very helpful.
- Content Distribution: Always be aware of new ways to distribute your content in the best possible way. Also test platforms such as Buffer, Reddit, Quora or forums and be sure to comment on other blogs.
- In addition, social media and influencers as well as automation techniques can be used well for growth hacking.
What are the benefits of growth hacking?
Growth hacking convinces with an easily verifiable ROI. In doing so, it helps to use data to make decisions and closely track the hack's performance. This makes it easy to see which hacks are working well and should therefore be followed up. In addition, as mentioned at the beginning, growth hacking saves some costs. Even if the testing process takes a little longer, growth hacking does not cost as much as other marketing methods such as content marketing or advertising. At the end of the day, a single person on the technology or product team is usually enough to take care of growth hacks and implement them. However, growth hacking is also often criticized because, instead of in-depth marketing strategies, only quick hacks are used. This reduces the acceptance of this procedure.
Examples of growth hacking
Growth hacking is already being carried out successfully by large platforms. Some examples are:
- LinkedIn: One-click confirmation for existing connections
- Youtube: Youtube provides the function of embedded codes for users so that they can easily share Youtube videos on their own websites.
- Twitter: Automatic notification emails
- DropBox: Refer-a-Friend scheme
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