Growth Hacker Marketing: What The Heck Is It?
The phrase Growth Hacker Marketing is all over the internet. And I think people are confused by what growth hacking or growth hacker marketing actually is. If you think growth hacking marketing means do with selling products or services, let me set you straight. What people fail to understand is that both, growth hacking and marketing, are twins of the same parents. The only difference is the underlying route each takes to help the business grow. Sean Ellis was the person who came up with the word growth hacking in 2010. He said that a growth hacker’s true compass points north. That said, let us go over a few characteristics of growth hacking and what makes it truly stand out.
Growth Hacker Marketing: The Characteristics
While marketers plan long-term strategies and less risky schemes to channel their products, growth hackers look for cost-effective methods. They use different tools and techniques to create measurable jumps in metrics leading to rapid business growth. Typically, businesses use newspaper and magazine advertisements, hoardings, and TV and radio announcements as a way of creating awareness for their new products. However, these mediums generate limited traction today.
Growth Hacker Marketing & the Role of Social Media
You can consider growth hacking a hybrid between digital marketing and business development. The process involves strategizing them effectively to arrive at a competitive and analytic plan. To ensure the existence of their product encompass masses, the business uses digital and social media channels. Take a second and think, while scrolling through your Instagram feed, how many sponsored ads do you see? I know I have checked out most of the pages just because of those ads based on our interests.
Plus, you can see the new paid promotion feature on Facebook videos. An ad pops up and starts playing right in the middle of the video. It is all a game of psychology. The ad pops up right now where the video gets interesting or you are about to view a big revelation. Moreover, you cannot even skip the ad or scroll through the comments, which can be annoying. Hence, you have to watch the 10-second ad.
How Growth Hacker Marketing: How it Works with Organic Search
Remember the time you were planning your summer trip to Hawaii and started making a budget? Your search for “cheap but beautiful hotels” and you received discount offers from 5-star hotels? However, there is just one problem: the offers are time-bound and there were not many rooms available. Hence, you pre-booked the hotel room and availed the once in a lifetime opportunity of spending a relaxing time in one of the most luxurious hotels. The hackers dress up as geniuses and use persuasive techniques to boost their sales significantly.
Growth Hacking: Marketing Not Just for Start-ups
There was a misconception that growth hacking is only suitable start-ups. Instead, multinationals and well-established businesses can also use growth hacking. You can create a competitive mix that fosters new ideas. You can do this by combining the traditional approach of sustainable growth and new ways to cleverly refine and test the product before launching. This approach will help you make a mark in the market.
However, if you are thinking to gain experience in this line of work, there are a few things to keep in mind for effective growth. The first and foremost consideration should be identifying the market gap. The consumers do not feel the need to have something unless they have the option of buying it. By creating something that no one else offers, your business can gain a competitive advantage over every other business in the same industry.
This growth hack strategy will result in hitting the nail right on the mark and making your consumers’ lives easier. You not only boost profits but also establish a customer base. If your product is high functioning and meets the demand of the consumers with frequent updates to improve the quality, your business will enjoy the advantages of word of mouth publicity. Social marketing is inexpensive and yet is the most reliable form of promotion.
For example, DropBox offers insight on growth hacking. The creation of DropBox was nothing mind-boggling. Instead, the service merely filled a gap in the market. The app allows you to share media with friends or co-workers. At the same time, you have the ability to adjust the privacy settings. These features make DropBox a great app. Not only this, but DropBox offers you free storage via referral programs, which has proven effective for them to achieve growth.
How to Make Growth Hacking Marketing Work
Eagles fly alone, sheep flock together. Sheep are silly beasts that follow the lead of their head, aimlessly wandering everywhere with no strategy or knowhow of the situation or danger that lies ahead for them. While, on the other hand, eagles are the most intelligent birds that use their unique ways to capture their prey. To make your mark in the market, your tactics should be similar to that of an eagle rather than a sheep. Introducing a unique product, that no one could think of before sets you apart from the crowd. You will attract more potential customers towards your product who are willing to try it.
The best example for this would be Snapchat. Evan Spiegel, the co-founder, and CEO of Snapchat created an application that attracted millions of users from around the world. There was a chaotic environment when Spiegel launched Snapchat. Everyone wanted to get his or her hands on it and try out a new application.
The application proved, even more, fun as it allowed people to show the world what they are doing at a certain time at a certain place. Some other applications followed suit, which you can expect when an app becomes popular. Instagram and Facebook added similar features to their apps. Despite this, Snapchat is the pioneer in this niche.
A Universal Strategy
Tanishq, an Indian gold and diamond jewelry brand, has increasingly used video marketing for growth hacking. The brand skillfully associates emotion and sentiments to the video, effectively portraying and conveying its message to the audience. Research states that relate-ability is a major factor when using video content. Content that relates to the viewer has a lasting impact. Evoking these emotions can result in impulse and increased purchases. However, if your product depends on growth hacking tactics, your video content should be able to stimulate emotions. Moreover, you have to create it quickly.
How to Execute Growth Hacking
However, there is an important point you need to keep in mind while setting up a system for growth hacking. Growth hacking is not a long-term plan. It boosts sales and raises awareness for your consumers for a limited period. You have to constantly upgrade your product to keep it relevant. Keep in mind that new products enter the market every day. You don’t want your product losing out to the competition, do you? Think of it this way: Growth hacking is a bullet train and marketing is the metro.
The Metro stops frequently and takes its sweet time to arrive at a destination. On the other hand, a bullet train will get you to your location in a span of minutes. The only limitation is that the bullet train goes on from one pre-decided stop to another. If you want to stop somewhere, you cannot.
To take the market by storm, get on the bullet train and work your magic. Yet, remember to slow down your pace after a while to avoid any discrepancies and problems that could possibly arrive.