Growth Marketing : Digital Growth Hacking Explained
What does a business need? Success and growth! How does it achieve this? One can accomplish this by-product innovation and marketing. Growth marketing is all about improving brand performance.
But is this enough for a company to grow? What is missing is an intermediate action that identifies the most effective and efficient way in which both product development and marketing work so that the growth of a business can be achieved rapidly without having to spend exorbitantly.
This process of experimenting and identifying the proper channels for the fast growth of a business is called growth hacking.
What Is Growth Hacker Marketing?
Growth hacker marketing has everything to do with the mindset. While traditional digital marketing is about creating campaigns and analyzing their success, growth hacker marketing picks that one creative campaign. It focuses solely on it so that it delivers the best.
Now, herein lays the trick. Let us see how growth hacker marketing works in a broader sense. There is a lot of groundwork to be done to run one campaign. So, what is growth marketing?
- First, it involves being creative and having multiple ideas to design the campaign.
- The focus will be on what has to be achieved through growth hacker marketing. Yes, the primary goal is growth. But for this, the growth hacker must focus on consumer attention, retention, referral, commercialization, data inputs, and so on.
- A growth hacker then conducts brainstorming sessions with data analysts, salespeople, marketers, and engineers. He acts as a conduit between the production channel and the marketing channel.
- Next, a growth hacker will prioritize those ideas with the maximum impact.
- Then, he has to experiment with which ideas will work out the best. For this, he has to use specific tools that help him to measure the probability of the campaign’s success rate.
- Finally, he zeroes in on that campaign that will give the preferred growth outcome when weighed with the input parameters like time and money.
- The growth hacker then scales up his marketing with this campaign.
- Growth marketing should be a continuous and ongoing effort. Any bottlenecks should be eliminated when generating traffic and getting the highest leads.
What Is Growth Framework?
The growth framework is when you concentrate on the process and the tactics needed for growth. Your growth framework should encompass the following factors.
With the right tools and the proper framework, work on your growth.
- Firstly, identify the top-performing acquisition channels. It may be email referrals, social media, SEO, affiliate, display ads, retargeting, or anything. These will be your growth marketing platforms to gain customers and get leads.
- Before focusing on growth, you must know where the business weakness lies. Find out the reasons that inhibit the upward performance of the business.
- Next, based on the bottlenecks, get specific ideas from your team that can sail you through. Your thoughts must get through the jams and push your business forward to the growth stage. You must focus on ideas and creativity and leave the logistics to the next step.
- After you get a list of the best ideas, work on each. Work on whether these ideas will help you eliminate the bottlenecks while focusing on growth.
- Deploy the ideas depending on your analysis. It has to bring you potential gains with the least time to implement and, at the same time, not drain too much of your financial resources.
Why Is Growth Important in Business?
Growth is the essence of any business if it has to run successfully. Take, for instance, any startup. Its primary goal has to be to grow to survive the competition and march ahead in the market.
Now, how does one achieve growth for a startup? This is where the development of hacker marketing comes into the picture. A growth marketing consultant will always have one thing in mind- change.
He will select appropriate tools and techniques to achieve this with minimal costs and limited time.
What Is Growth Strategy in Business?
Strategies are essential when you need to achieve growth. They guide your decisions and actions and help you take specific steps to accomplish your goals. Remember, your growth marketing plan has to be.
Relevant & Measurable
In terms of finance, time, and resources
You will not fear experimenting and taking risks to attain higher leads and conversions when you have the perfect growth strategy.
What Are the Types of Growth Strategies?
Your growth strategy has to align with marketing initiatives and customer experience. These growth marketing strategies can help you yield better business growth.
What is the objective of your campaign? Is it getting more customers to your website? Is it promoting a new product? After defining your purpose, determine how you will achieve it through outcomes.
Get creative through ideas:
When you have your objective, gather all the resources and pool ideas. Question the pictures and see if it is feasible.
Prioritize the ideas:
When you have a few feasible ideas, you must decide which would work. Select those ideas that will have the maximum impact.
Each prioritized idea must be analyzed and tested using resources like surveys, funnel data, competitor observation, case studies, etc.
The analysis is essential because it helps you to know if the predictions match the outcome. The impact and reviews have to be carefully studied.
Systemize and scaling:
Once you know what idea will bring about growth using minimal resources, it is time to scale the campaign and streamline it to a repeatable process.
Growth Marketing Statistics for 2020
- Email marketing generates 4400% of the ROI for businesses.
- The welcome email ad campaigns provide an average of 82% of the open rate.
- 91% of customers unsubscribe from the company’s emails that they bought previously.
- Each year 102.6 trillion business emails are sent to clients or customers.
- More than 49% of emails are used to open from a mobile device.
- More than 54% of business emails are considered spam.
- 74% of marketers say that customer personalization improves customer engagement.
- 95% of businesses are launching email campaigns by using marketing automation.
- The hobby-related emails are the most open emails, with a rate of 27%.
- More than 50% of startups and midsized companies use marketing automation to deliver emails.
Your growth marketing hacks need creative ideas and an implementation mindset rather than a set of mere analytics and data tools. With continued experimentation, your growth marketing effort will surely get your business exposure, sales, and profits.
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