What does a business need? Success and growth! How does it achieve this? One can achieve 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 the most 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 right channels for the fast growth of a business is called growth hacking.
What Is Growth Hacker Marketing?
A growth hacker marketing has everything to do with the mindset. While traditional digital marketing is about creating campaigns and analyzing its success, a 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 a growth hacker marketing works in a broader sense. To run one campaign, there is a lot of groundwork to be done. 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 has to focus on aspects such as consumer attention, retention, referral, commercialization, data inputs, and so on.
- A growth hacker then conducts brainstorming sessions with data analysts, salesmen, marketers, and engineers. He acts as a conduit between the production channel and the marketing channel.
- Next, a growth hacker will prioritize those ideas which may have the maximum impact.
- Then, he has to experiment with which among the ideas will work out the best. For this, he has to use specific tools that help him to measure the probability of the campaign success rate.
- Finally, he zeroes in on that campaign that will give the preferred outcome of growth when weighed with the input parameters like time and money.
- The growth hacker then scales up his marketing with this campaign.
- The growth marketing should be a continuous, and an ongoing effort. Any bottlenecks should be eliminated in the process of 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 right framework, work on your growth.
- Firstly, identify the top-performing acquisition channels. It may be email referral, social media, SEO, affiliate, display ads, retargeting, or anything. These are going to be your growth marketing platforms to gain customers and get leads.
- Before you can focus on the growth, you need to 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 have to not only get through the bottlenecks but also push your business forward to the growth stage. Here, you need to 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 of them. 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 be successful and running. Take, for instance, any startup. Its primary goal has to be grown if it has to survive competition and march ahead in the market.
Now, how does one achieve growth for a startup? This is where the growth hacker marketing comes into the picture. A growth marketing consultant will always have one thing in mind- growth.
He will select appropriate tools and techniques to achieve this with minimal costs and limited time.
What Is Growth Strategy in Business?
Strategies are important when you need to achieve growth. They guide your decisions and actions and help you in taking specific steps to accomplish the goals. Remember, your growth marketing plan has to be.
Relevant & Measurable
In terms of finance, time, and resources
When you have the perfect growth strategy in place, you will have no fear of experimenting and taking risks to attain higher levels of leads and conversions.
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 objective, go about on how you will achieve it through outcomes.
Get creative through ideas:
When you have your objective in hand, gather all the resources and pool in ideas. Question the ideas and see if it is feasible.
Prioritize the ideas:
When you have a few feasible ideas, you need to decide which of them would work. Select those ideas that will have the maximum impact.
Each of the prioritized ideas has to 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 matched the outcome. The impact and reviews have to be carefully studied.
Systemize and scaling:
Once you know what idea will bring about growth with the use of 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 ROI for businesses.
- The welcome email ad campaigns provide 82% of the open rate on an average.
- 91% of customers unsubscribe from the companies 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 under 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 opened emails with a rate of 27%.
- More than 50% of the start-ups and midsized companies are using 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.