Growth Hacking is a technique focused on Promote the growth of the company through strategy and creativity. Is about a profitable alternative to traditional marketing.
In this article we explain in detail what is Growth Hacking and how can you apply it in your company.
What is growth hacking?
Growth Hacking is a discipline by which a company or startup tries to obtain a rapid growth with as little effort as possible. To do this, it combines the opportunities offered by the digital world with an innovative mentality.
In fact, the very term "Growth Hacking" indicates that it is a programming (hacking) of solutions focused on growth (growth).
Specifically, it is about using a set of unconventional marketing techniques, avoiding slow and expensive strategies. New technologies play an important role in this approach, as they provide the necessary flexibility and cost savings.
In principle, growth hacking is based on an accurate analysis of customer and market behavior. The objective is to design a plan adapted to the specific needs of the consumer, to then undertake high-impact actions with a low budget.
Most of the time, start-ups and start-ups turn to growth hacking because their marketing budgets are limited. In fact, these types of companies are the driving forces behind this business philosophy and have shown how it is possible to get results through innovative trading strategies.
In addition, Growth Hacking also places special emphasis on building relationships and strategic alliances.
What is a Growth Hacker?
The Growth Hacker is the professional profile whose mission is to make the organization grow through disruptive techniques.
This is a professional specialized in digital marketing strategies that seeks to exploit the communication capabilities of the brand. In addition, he also knows its technical application.
In short, if you are wondering what a Growth Hacker does, their skills can be summarized as follows:
- Analysis capacity: web analytics and A/B testing to check the strategies that work best.
- Creativity: flexibility to cater to all angles and points of view.
- Understanding the behavior of the target audience: knowledge of marketing and customer segmentation.
- Knowledge SEO: brand positioning and visibility throughout the web universe.
- Inbound Marketing: user attraction strategies
- Social media management: with the aim of getting traffic, managing advertising campaigns, promoting the brand, serving the customer and getting fans for the brand.
- Knowledge of sales funnel: convert page visitors or networks into customers through a carefully designed process.
How to apply Growth Hacking in the company?
To implement Growth Hacking techniques it is necessary to take a series of steps:
- Create a good offer: marketing by itself is inefficient if you do not have an attractive offer.
- Analyze the market: consumer analysis, competition and sales funnel. New technologies allow great segmentation and the idea is to aim and shoot the right target.
- Define objectives: the objects must be specific, measurable, achievable, realistic and limited in time (SMART objectives).
- Trace the conversion process: Turning a stranger into a customer requires a series of steps and coordinated actions.
- Look for creative solutions: remain open and flexible in the face of changes in the digital environment.
- Determine the budget: in this regard, the financial department must collaborate closely with the marketing area to support the actions.
- establish alliances: In Growth Hacking it is vitally important to work with good partners. From collaborations that allow expanding the impact to new audiences.
It is a company culture in which all areas of the organization must be involved. In fact, company financing is closely related to growth hacking, since it deals with providing the necessary resources to implement the strategies; as well as underpin the growth and sustainable scaling of the company.
You can establish Growth Hacking in your company by defining budgets well and finding the appropriate sources of financing. In this sense, in Alter Finance we are specialists in tobusiness financial advice and we help you find the solution that best suits your needs.