Updated: Aug 6, 2020
The biggest challenge for most businesses today is deciding between allocating funds and other resources towards growth hacking or a traditional marketing strategy. Deciding which route to take has the potential to massively change the growth rate of any company. Maybe your business is a newly founded technology startup, maybe you have been around for a while and are finally ready to take the next step towards your growth.
What is Growth Hacking?
Growth hacking is a relatively new concept in the world of traditional business. growth hacking has been around for many years, but is now quickly becoming one of the most popular strategies to achieve growth. Most of all, growth hacking is the process of finding shortcuts, hacks and other unconventional ways to help businesses grow. By finding and analyzing data, growth hackers integrate themselves into a business quickly. They use the findings from the data to boost customer attraction, retention, earnings and ultimately business growth. This process is also an extension of B2B prospecting, based on the data made available through prospecting you could start building your growth hacking startegy.
Click here to read my post on how to succeed at B2B prospecting.
While many traditional businesses have taken a more tried and tested approach slow, steady, organic growth over time. However none of it can be compared to the successful growth hacking strategies that have delivered almost unbelievable sky rocketing growth rates to old and new businesses in very short durations of time. Many of the new age startup companies largely from the technology sector have achieved all their success from growth hacking. Not just the large tech companies like Facebook, Airbnb, and Uber even the hundreds and thousands of new startup companies. With just a few employees they have doubled or more, their earnings and customer base within the first few years of operation. All of these companies have something in common, they have acquired huge data lists of their target prospects not just email ids and have studied multiple data points to understand the needs, pain points and interests of their prospects and have built products that delight them.
Click here to build your own data list.
1 Growth hacking is a process.
Growth hackers and traditional marketers share some similiar strategies, however their end goals tend to differ. While traditional marketers aim to engage and ultimately sell to their customer base, a growth hacker’s only goal is to grow a business as quickly as possible. Traditional marketers working in more established industries and businesses are used to dealing with larger budgets and more traditional types of marketing strategies like print media, TV, radio and outdoor events. While these can be great at generating awareness on a huge scale, the problem with these mediums is the difficulty tracking ROI.
2 Data is a Growth hackers best friend.
Growth hackers tend o be more data driven, making the most of smaller budgets and other constraints to find hacks and shortcuts wherever they can. Rather than concerning themselves with reaching the highest number of people, growth hackers use data metrics of previous digital activities to judge what has worked and what hasn’t. Growth hackers are quick to analyse data to understand their companies best prospects. With data driven insights growth hackers target those people that are most likely to convert which helps their email marketing campaigns succeed and rapidly grow their business. If you have a large email list thats great, If not Click Here to read my earlier post on "Top 5 Tips to grow your email marketing"
3 How traditional companies can growth hack?
Growth hacking is not for just tech companies or startups. Traditional brick and mortar companies have just simply ignored these methods for years. Make sure you get a new website designed enabled with lead capture forms and all your social media channels. Have a dedicated blog on your website and create regular posts on your subject matter not just your products and share them with your social media accounts and most of all email them to all your leads, prospects whoever you choose to target. Do not confuse growth hacking with social media marketing. If you do not have a large email marketing list and want a high quality data list with validated email ids and phone numbers Click here