Growth Hacking for Startup
In the past five years, the Startup industry in the world is arguably growing rapidly. Maybe you are wondering what makes these startup businesses develop so fast? The answer: Growth hacking.
Definition of Growth Hacking.
Growth Hacking is a term that was first made by Sean Ellis, CEO, and Founder of the Growthhackers website in 2010.
This term itself covers all marketing and promotional strategies that only focus on growth or growth. In addition, the strategies referred to here are strategies that show results quickly with minimal expenses.
The word hacking on Growth Hacking itself refers to shortcuts that can help get big results.
Definition of Growth Hacker
Besides the word growth hacking, maybe the term you often hear is Growth Hacker. Growth Hackers are people who carry out the Growth Hacking strategy execution.
Growth Hackers are different from traditional marketing people. Usually, marketing people have wider views and care more about things like brand recognition or public relations.
Meanwhile, Growth Hackers only care about strategies and tactics that help increase growth or growth.
If one marketing tactic is felt not potential, they will not care. There are currently many companies that have a Team Growth Marketer, Growth Engineers, and various positions related to Growth Hacking.
Funnel Growth Hacking.
As mentioned earlier, Growth Hacker focuses more on a strategy to build a business. They usually set priorities for customer acquisition and business scale. In addition, they also develop, apply, and test ideas to help them achieve their goals.
One important thing in marketing strategy is to measure success. Most growth hackers focus on AARRR. This stands for five steps on Growth Hacking, namely:
As the first stage, Acquisition is the first contact point between brands, websites, or your products and customers.
This is an important step because here you know whether they will engage with your business or not. Don’t let people have come to your website but go straight out again in less than 20 seconds.
If your bounce rate is too high, it won’t be good for your business. You can use the Heatmap program to see the visitors ‘website visitors’ pattern.
The follow-up stage of Acquisition is getting visitors to Engage more on your website, for example by subscribing to a blog, starting a trial, or follow your social media account.
The second step on Growth Funnel is activation. In this step, people have started using your product or service. Getting subscribers and followers is part of Acquisition. Changing subscribers or followers into customers is part of the activation.
You can start this step by sending an email to the customer, remind them of the products and services you offer. Create an interesting email so that they want to try your product or service.
In this step, the customer will also see the value of your products and services to determine whether they will continue to use them or not.
Now you have customers who use your product. In this step, you must focus on making them a regular customer. Just because they try to use the product or service once, they then want to continue using your product or service.
In this step, you must ensure that they will return to using your product or service in the future.
Word-of-mouth is one of the best marketing strategies. Therefore, references can be one of the strongest strategies to attract more customers.
Referral helps increase organic growth. Making your customer a marketer for your brand is one solid marketing strategy. Most people will believe more if they get advice from friends or family in choosing a product or service.
Now, many businesses offer discount codes if you invite your friends to try these business products or just share about the product on social media. This step can help increase your website traffic and the number of your customers.
The purpose of a business is to get revenue. After you get a customer, you are certainly able to calculate the revenue that you can from the sale of your product or service.
Every step in Funnel Growth Hacking must always be analyzed. In addition, you also need to test various ways to improve and reuse strategies and ways that have the best results.
A / B testing is one of the things that must always be done in Growth Hacking. By doing a / b testing you can find which strategy is the most effective and you have to continue and maximize.
Growth Hacking Strategy
Generally, the word strategy refers to a long-term approach to business growth and does not change often. Meanwhile, tactics are short-term implementations of your strategy and can change according to new information or priorities.
The growth hacking strategy itself is usually divided into three types:
- Promote your business with content, or content marketing
- Promote your products in products, or marketing products
- Pay for promotion or ads.
Here are some tactics you can do:
Make sure that your product or service is searched on the market
According to Paul Graham, the first step of a business is to offer a product or service desired or needed by the market. For what do you make a product if no one wants to buy or no one needs it?
Most growth hackers realize that the most important thing is to make an excellent product experience to encourage lead-generation and loyal products/services.
Today, people can immediately know if the product/service you offer is not quality. With the existence of social media and various website reviews, anyone can immediately leave a review of the product.
So imagine if you have low-quality products, everyone will immediately find out.
Therefore, you need to ensure that the product or service you offer has high quality.
You can start by conducting a survey when you have ideas about new products. Spread this survey before you start producing it. One of the companies that managed to do this is Instagram.
At first, the founder of Instagram wanted to make a special application for Whiskey drinks. But they realize that this application is too similar to other applications.
From there, they conduct surveys about what features are most preferred from the application. Most say that the photo-sharing features are their favorite. From there they then decided to develop the photography application that we know as Instagram now.
Take advantage of Email Marketing
Email marketing is one of the most effective strategies. According to email marketing research, an investment of $ 1 on email marketing can produce a revenue of $ 40. This is one reason why email marketing is important for your business.
Indeed to start, you need time. One of the first things you have to do is collect subscribers.
One effective way to collect subscribers is to install opt-in on your website when someone will come out of your website. This is called exit-intent. Exit-Intent helps detect when someone will leave your website and a pop-up will appear before they leave the website.
A campaign like this has been trusted to get user attention and increase the possibility of someone entering their email to your email list.
Offer Discounts for Social Shares
You certainly know that in today’s time, you cannot forget Social Media. Create a social media account for your business. With your social network, you can spread the news about your product or service. In addition, you can also get new leads and sales through Word-of-Mouth and Social Shares.
But even though people might respond with a simple request, most will be more motivated to engage with your account if they get something. You can offer certain discounts or gifts to your followers who share your product or service on social media.
Do video marketing
You might know that Storytelling is one of the best content marketing strategies on the internet today. Through Storytelling, you can increase the credibility of your brand and increase the Conversion Rate.
One of the most effective storytelling techniques on the internet today is through video. Humans can process 60 thousand times visually faster than text. In addition, visual content also attracts more attention and views on Social Media.
Visual content itself can be in Bentu Infographics, Charts, Memes, and Videos. The video itself can indeed be said to be the most powerful. Videos can connect you with millions of people in less than a week.
On the Internet itself, video marketing is indeed one of the most efficient growth hacking tactics. You can use videos to share stories with interesting visuals about your product. This way, you have a greater chance to get a customer.
Hold a competition
One way to increase brand awareness about your business out there is through competition. By conducting competition, you not only get new customers but also get larger exposure.
You can enter competitions on your social media accounts. For example, hold a quiz on Twitter. You can also upload photos on Instagram and ask people to upload images related to your product or service and they must include certain hashtags.
In this article, we have discussed Growth Hacking and the initial strategy you can do to implement it in your business.
Growth hacking is a scalable, flexible, and efficient business strategy. Growth Hacking has helped many startups and business owners to achieve significant growth.
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