Is growth hacking all hype and a new term coined to sell more subscriptions, wasting entrepreneurs’ time on the web, or can it really be put into play to rocket market share and the bottom line by all businesses, big and small?
“Growth Hacking” has been dubbed one of the hottest buzzwords of 2013, but does it work, if so how, and how do you really put it into play effectively?
Tech Zulu recently called Growth Hacking “the most important function of any startup”, but it isn’t just for independent entrepreneurs or fledgling small businesses, it is currently equally as crucial for established monstrosities that need to remain relevant, profitable and growing too.
In other words whether you are a teenage geek working on your first app, a 30-40 something Christian Entrepreneur working on your second business launch or a senior executive for an international corporate conglomeration – you need to know how to growth hack – and be able to move from learning to executing it quickly.
What is Growth Hacking?
According to techopedia.com a Growth Hacker is generally an IT professional that uses elements of marketing, marketing research and technology combined with technical strategies to improve a specific metric (sales, customer retention or user base expansion).
However, it is really much more than that and can be applied in many ways. Growth hacking is really all about tapping into fast growth to achieve your most important objectives – and achieving that goal with a killer ROI.
Today this is crucial whether you are launching your own Magazine, a mobile app, local small business or are a nationwide home builder coming out of a rut and are now faced with a ridiculous amount of competition.
It can be used to:
- Amass a large following quickly
- Create buzz and boost visibility
- Increase sales
- Lower customer acquisition cost and cost per sale
- Dramatically improve ROI
But enough with the talk; how can you put growth hacking into play now and get real results?
The Secrets to Successful Growth Hacking
who launch a luxury Japanese eCommerce site to being #2 in the country with tens of millions in revenues by growth hacking from zero to 500k members in 1.5 years lays out 3 important factors to success.
The 3 Commandments of Growth Hacking:
- Knoweth what thy customer wants
- Knoweth where thy customer resideth
- Knoweth the language of thy customer
Entrepreneur and co-host of the Growth Hackers Conference went further on Venture Beat by saying to become a world-class growth hacker you must also understand what images appeal to your ideal customer and get out of the office more to interact with them face-to-face.
So while pouring over analytics might be part of the package, getting out of the building to get to know your customer intimately is just as essential.
Don’t just think about racking up a massive number of first line inbound leads and limit yourself in this way either. Think increasing conversions, think creating 10,000 paying customers out of your first round of 1,000 contacts, and breakthrough old perceptions of what is possible. What is possible via the web today means limitless potential (well at least 7 billion customer potential anyway).
Channels for accomplishing your growth objectives include:
- Forcing sharing
- Tapping online influencers
- Paid search
- Press releases
One word of warning! Don’t let your hunger for growth hacking become a distraction and take your further away from making real dollars either. If it gets too complex – hire a professional growth hacker to handle it for you and keep focusing on making your product/ service better.
A Simple 5 Step Action Plan for Growth Hacking:
After testing the concept last year in collaboration with an entrepreneur and internet marketing coach from Belgium (now living in LA), one of G-Code’s co-founders was able to growth hack from 0 to 5,000 subscribers to a magazine on entrepreneurship in less than 6 weeks, while simultaneously feeding thousands of attendees to live webinars and becoming ongoing paying customers to a social media marketing suite of services.
The same team subsequently used this strategy applied to real estate which resulted in recruiting over 250 significant affiliates in just a few weeks. One of the deals struck as a result was a partnership with private equity giant Blackstone Group.
Replicate this success and put it into play by.
- Hone in and create a comprehensive and precise Ideal Customer Profile
- Locate and reach out to influencers and power players via social media
- Make this first line of contacts affiliates that market on your behalf
- Funnel Leads through a Facebook page with iFrame for forcing likes and obtaining contact details
- Provide ongoing support and make it easy for affiliates to promote you
Look out for more details on these strategies and mix with high level deal makers like these by becoming a member of G-Code’s Founders Club.