Innovation outside the traditional business strategy is essential requirement for achieving continuous business growth in the contemporary competitive economy. The modern strategies of driving huge traffic towards a business require the application of social media and other digitalized technological techniques that focus on business to business, customer to customer and business to customer communication channels as means of spreading information about the business and products. Among the best marketing strategies that have been very effective for business survival is the use of digitalized software that is currently referred to as the growth hacking.
Growth hacking is a technique or a way of venturing beyond the current conventional marketing practice of using technological enablers that have the potential of creating more awareness about your products and services. Therefore, as a first-time entrepreneur, it would be of great benefit if you view growth hacking as an intersection between technology and marketing with an aim of drawing more customers to your business whilst reducing the expenses of conventional marketing. This is the reason why Sean Ellis in 2010 defined a growth hacker as an entrepreneur, whose true north is economic growth and a person, whose ideas are directed towards prioritizing and trying new marketing ideas to achieve the attention of massive customers. Thus, the reason I argue that, if you are not a growth hacker in the contemporary times, then you are not a good marketer.
What you should know about growth hacking?
It is true that most startups aim at hitting a target that will lead to a dynamic, viral as well as affordable customer growth, but the question remains on which is the best growth hacking tools to achieve their target. Deciding on the best hacking tool depends on the intention of the business and the targeted customers. So it would be more beneficial for an entrepreneur in a startup to select the best growth hacking tool.
Growth hacking is more than just having a know-how of the most effective growth hacking tools. All entrepreneurs, especially first-time entrepreneurs, need perfect tactics and knowledge on how to track ideal growth hacking tools and apply them within the consumer’s lifecycle. A startup will rise to its heights if the hacking tools are flawlessly utilized in the each of the herein steps.
- Customer acquisition
- Customer and sales retention
Growth hacking requires a dynamic entrepreneur to figure out the most effective data-points that ensure efficient management of the new businesses as well as optimizing customer inflow. This can be done through the following though not limited to, reviewing the clicks to interactive Google campaigns such as blogs, direct contacts for inquiries and engagements, transaction contacts for bargain and purchase, reviewing the percentage of repeat customers and the retained consumers and sensitivity to the rate of clicks to the social button for referral.