How to make a million
Whether you’re happy keeping your business small but perfectly formed or have your sights set on the sta...Read More
If you read business blogs, you’ve likely stumbled across the term growth hacking. Promises of instant riches are always attractive -who wouldn’t want to read about the company that acquired 4 million users in just 4 years? Growth hacking promises phenomenal business growth in short period of time. But is it marketing hype or a genuine business technique?
Growth hacking is an umbrella term given to a number of marketing and technology techniques that focus on increasing a user base rapidly. Growth hacking is experimental, innovative and low cost, and therefore very appealing to start-ups who are often idea rich but cash poor.
Examples of growth hacking include:
1.Test often and embrace change
Growth hacking is an experimental discipline, and depends on constantly looking for new tactics to test. Create a culture of constant improvement, and encourage your staff to share ideas. If you come up with something that you think will be a game changer, test it on a limited basis first. Growth hackers don’t throw everything into one idea, and they don’t claim to be able to predict what they’ll be doing in a year’s time. Whilst marketing plans are a business must, remember to allow flexibility to innovate.
2. Don’t follow the competition
Competitor research is integral to traditional marketing, but growth hacking depends on finding new ways to do things. Sometimes a business can become so focussed on what others in their niche are doing that they become resistant to trying new things. True growth comes from leading, not following the pack.
3. Results are king
Growth hackers are 100% focussed on a specific result – be that increasing sign-ups, website traffic or purchases. Get friendly with your data and you’ll end up knowing your customers inside out. Without a strong focus on results, business activity has a tendency to become direction-less. By keeping your eye on the prize, and profits, you’ll make smarter decisions.
4. But don’t be scared to try…
Yes results are the end game, but trying something new always has an element of risk. Don’t become so focussed on the outcome that you only go ahead with dead certs. Some of your experiments are bound to fail, accept this early on so that you don’t become discouraged when your seventh attempt is a dead end.
Have you tried growth hacking? Let us know on Twitter.
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