Growth hacking is one of the biggest buzzwords of the past years and in 2021, It is usually used in relation to early-stage startups who need massive growth in a short time on small budgets.
What Is Growth Hacking?
A growth hacker is someone who uses creative, low-cost strategies to help businesses acquire and retain customers. it establishes the link between growing your business and using clever tricks that reverse-engineer that process. It’s substituting billboards and TV ads for unconventional thinking and user psychology.
Marketers still consider budgets, expenses, conversions, etc before making a decision. A growth hacker and growth hacking only care about the make-or-break metric of growth. That is their true focus.
Growth hacking is an essential tool for smaller businesses in the B2B space that needs to make the most of every human and financial resource.
What Growth Hacking is About?
Growth hacking is a part of digital marketing where data matters more than hierarchy, and ROI is more important than brand awareness. Growth may be a mindset – it’s not about implementing a particular tactic. It’s about seeing what works and what doesn’t – and why. Accordingly, growth hacking is about documentation and leaving something behind.
For example, we recently documented pretty successful automation that helped us fill an entire class for our Growth Hacking University, and made it public. From the PDF creation to the testings and the man-hours needed for every step, you can take a look at the entire process here: How a Single Automation Helped Us Fill Up an Entire Class.
growth hacking is usually about three things: the funnel, the method, and therefore the skillset.
Skills of a Growth Hacker?
Being a growth hacker, you should able to work quickly and independently. That is why it's important for a growth hacker to be ready to program, handle data, and style. you do not have to be an expert in everything, but have to understand the basis to be able to execute the biggest part by yourself.
It’s no wonder that many growth hackers don’t have a background in marketing, business, or even economics. Many top growth hackers actually come from engineering.
You need a broad skillset: knowledge of knowledge is important because that's the sole thanks to finding your main problem and its cause. Then comes creativity to return up with solutions for this problem and eventually, a growth hacker needs technical skills to bring these solutions to reality.
Growth Hacking in 2021
A growth hacker should have 20% of all the knowledge needed to execute 80% of the work. It is therefore much more efficient to at least master the basics of the fundamental and generalistic growth hacking skills and a large arsenal of growth hacking tools while learning the Specialist Skills on the job. Technically growth hackers in 2021 should have the skills to build a website, landing pages, Design and understand colors, fonts, branding, Implement tracking tools like Google Tag Manager, Google Analytics, Hotjar, basic HTML, and CSS, Run ads on channels like AdWords, Facebook, LinkedIn, etc. and many more concepts/techniques, like conversion rate optimization, Artificial Intelligence in marketing, web scraping, chatbots, API’s, etc.
These are the growth hacking mistakes you need to avoid
Firstly, the lack of focus on your company’s product. Your product is what makes your company great and is what makes customers happy. You do not want to spread yourself too thin by releasing numerous products that steer attention far away from your big winner.
Secondly, confirm you are doing not follow trends without listening. Do not just follow what other companies do because they're seeing success doing so, your business won't see that very same success. Know your target audience and go from there.
Thirdly, don't attempt to hack your business’s growth by yourself. This process is a difficult one and it takes a supporting cast to get the influx of consumers you desire. Influencers, as mentioned before, are a great example of reaching out to others for help-- even if you are paying them. It is an “I scratch your back, you scratch mine” kind of scenario.
And fourthly, try to not target overlarge an audience on just one occasion. Keep your consumer base tight and connected at first before trying to expand. Targeting tons of individuals on just one occasion won't attract the masses you expect. This goes back to the referral marketing strategy and therefore the importance of a social media presence.
These are the well know Growth hacking examples
Hotmail- which appended a line to each outgoing email encouraging people to sign up for a new account
Airbnb, which used Craigslist to find and market to people looking for affordable accommodation
Dropbox, which rewards existing users for inviting new ones with additional storage
Want to learn more about this? get in touch with experts at Granddad Communications