Have you ever wondered how companies like Airbnb have gotten this far in so little time? The answer is growth hacking, so today we will dedicate this post to explain what the growth hacking, and how it works. We anticipate that there is no magic formula, but with effort and creativity, you’ll be the one put limits on your business. Are you ready?
Growth what you are Hacking?
Growth hacking is a relatively modern term, which was invented by Sean Ellis in 2010 and defines the entrepreneur with this approach as one that is totally focused on growth. All they do is valued according to the impact it has on the growth of the company. While the concept as such is new, this technique is not so.
The basis of the growth hacking is simply to use the data for generating the most impressive results in terms of traffic well, benefits or customers. One factor to note is that the growth hacking focuses on very specific things. For example, Hotmail:
When it was created, its founders did not have large items that invest in advertising, what did they do? Emails include a banner that said, ‘Get your free mail account with Hotmail’ The result? In just seven months, they had two million users. This is the magic of growth hacking.
4 Tips to consider before you start
As I overtook in the intro, there is no perfect formula and this is partly due to growth hacking goes linked to the mentality of the team that set of instructions and rules. But yes there are certain practices that contribute to create the right atmosphere. We are four tips that may help:
1. Make sure there is a multidisciplinary team involved with product development.
Much of the growth hacking is related to the development of the product or service is for this reason that marketing has to be in direct contact with the production department to ensure they are seeing the evolution of the product or service from beginning to end. Only then the marketing team can understand 100% and thus obtain ideas to develop a strategy of growth hacking.
In small companies, it is very simple, because everyone knows what is happening, what products are being developed etc.
so the atmofera is ideal for the growth hacking. However, in the case of large corporations where the department of marketing and product development are totally apart, you must create the right environment through the creation of small multidisciplinary teams of both departments, marketing and development.
2. Looking for inspiration
Not all companies are the same, if you’re in a hierarchical environment where it is more difficult the emergence of new ideas, seek inspiration outside. Networking events, conferences or just Spend some time reading stories of entrepreneurial success.
Once known is known about each product or service that is being developed, it is relatively easy to adapt the strategy a success to own, always aloof.
3. The analysis, your best ally.
Much of the growth hacking depends on the analytical capacity, analyze information. Whether quantitative or qualitative, is very important to learn how to collect, monitor and channel information in order to be able to create tests, find models and find the possibility of developing something that makes your product or service stand out.
This involves many hours reviewing results, analyzing, developing statistical models. However, creativity is needed to understand how to act on that data.
4. Be aware of the strategies that you develop
As we have already repeated several times in this article, there is no magic formula for growth hacking. However, the accident itself plays an important role, a high percentage of cases in which growth occurs in this way. Now the important thing is to learn what it is we’ve done well.
Make sure that if any strategy works better than others will remember each of the steps that you followed. Once you have identified, try to repeat every action and see if the results are the same or not. Yes, pure trial and error.
Do not forget that many of the brightest growth hacking strategies, born of a team that really enjoys competition and true passion for marketing. Equivocate and begins a thousand times zero if necessary, since only then get to design a road map to success.
Starting to design your Hacking Growth Strategy
The growth hacking begins with the business model. You need to have one that is easily scalable. It makes sense, if pursue aggressive growth, you have to make sure your business model will not be a problem.
If for example you are developing a model of online business, you need to make sure that the technology you use will allow you to deal with a large influx of traffic to your website. Similarly, if you have a physical product, you need to understand and ensure that your business model is not going to slow down.
Arrange a plan to scale your business and are aware of each of the steps you take to address the next level of growth. In this way, you will be able to change your approach by focusing on the client.
You have to make sure your product -or service- so good to do most of the work for you. Develop something bright, it is one of the keys to success. The second part is put on the role of the client, which is the second key to success. Analyzes what is good for them, what they can come good and why. With a product or service quality, focusing on customer needs and focused on their perception of value, aggressive growth is assured.
Finally, explore different market opportunities, vertical developments of your product, show yourself in events of your sector and in others where your potential customers can be. Be alert, the inspiration to do something differently and that will lead to success is everywhere.
In a rapidly changing marketing, you can never recharge environment. It is very important that inspires you gurus. Follow the experts, learn from them and read about people as famous as Steve Jobs, who started from nothing, he carved out a path to success.
So far you have presented what is the growth hacking and how you can apply it to your business. To summarize, one could say that it is find that spark that distinguishes you from the rest. To do this, we recommend that the analytical vision, the ability to analyze basic processes. Pay attention to each strategy you apply and try to get a pattern that marks your road to stardom.