Growth hacking is increasingly being incorporated into business processes of various small and large scale corporations. With the aid of this powerful tool, small startups have experienced exponential growth within a short period of time. For those who have heard this term almost a thousand times will find it not new anymore, as they have extensive ideas of how it works. However, newbies, especially business owners may find it confusing. Hence, this article will explain in details what growth hacking is and how you can use it to grow your business.
What Is Growth Hacking?
Growth hacking involves a creative, intuitive and resourceful individual building and retaining the user-base of a business using various tools at their disposal. In other words, growth hacking is a process where one achieves more goals with fewer costs. Growth hacking came to be in 2010, all thanks to the founder – Sean Ellis. He is considered as the OG – Original Growth hacker, the founder and CEO of GrowthHackers.
Sean Ellis worked with various firms and corporations, building them at mindboggling exponential growths. A lot of businesses were successful due to his growth hacking skills and expertise. However, the problem he had was finding someone with similar skill and creativity to replace him in these firms. Hence, he came up with a role which was specifically designed to promote growth hacking.
Growth hacking is made up of growth hacking team, which comprise marketers, engineers, developers, and product managers that play expanding and generating activities for the customer base of a business.
Tips To Note For Your Business Expansion
Here are procedures that will guide you towards expanding your business using growth hacking:
● Ensure You Offer Products Or Services That Are In Demand
In time past, some subpar products have been sold to some audience, simply because they had enough marketing campaigns. However, customers who bought these products had issues with them as they didn’t meet their satisfaction. With the advent of the internet and social media, it is possible to check out reviews on certain products from anywhere in the world.
Hence, if a product does not meet the demand of a consumer, not only would that consumer be less drawn to it, other consumers within and outside that geographical location will be made aware of such a product. Hence, it is important that your products appeal to your audience, or else it will be difficult or even detrimental to scale your business using growth hacking.
● Understand Who Your Target Audience Are
For you to effectively spread your brand, products, and services, it is important to define your target audience. Who do you seek to reach out to? What is your audience demography? In what age group do they fall? What are their interests? What work field are they based on? What geographical location are you targeting? These are questions you need to ask, so as to carve a niche for your outreach.
Other metrics you can use in getting to know them better include:
- Acquisition: this defines how your target audience gets to know your brand and business.
- Activation: What experience do you want to give to your first-time users?
- Retention: How do you intend making them stay so as to enjoy more products and services from you?
- Revenue: How do you convert leads to sales?
- Referral: How do you get your target audience to spread the word about your business?
Understanding these tips will help you know how you can rightly scale your business using growth hacking. If you would like to learn more about growth hacking and other benefits it provides for your business growth, please visit this link: FatRank.