What is Growth Hacking? How to Do It? (Guide Content)
What is Growth Hacking? What is it used for?
The first stages of a new project are always enjoyable. During the development process, new ideas are put forward, different tests are performed and appropriate strategies are determined. However, when the project is implemented, the desired results may not be obtained. While everything looks smooth on paper, the final product may not be satisfactory. Growth hacking aims to eliminate this situation and provides fast and efficient growth by using many digital marketing strategies.
Growth hacking provides fast and efficient growth by using digital marketing strategies. It combines marketing channels and the product development process.
Definition and Importance of Growth Hacking
The efficient and rapid testing process between marketing channels and the product development process for a company to grow effectively and strongly is called growth hacking. This term was first put forward in 2010 by Sean Ellis, author of the book “Hacking Growth”. Ellis has undertaken important initiatives using his experiences in this field and has been instrumental in the rapid growth of existing businesses.
Growth hacking refers to the process of finding new ways for e-commerce projects and other websites to grow. In the growth hacking process, where marketing and engineering come together, the aim is to find channels with customers who do not plan to use the product you have developed and gain new customers. However, the growth hacking method should not be seen only as a way to gain customers. Growth opportunities related to the current main business can also be evaluated within the scope of growth hacking and new strategies can be developed.
Growth hacking is less costly than traditional marketing, provides rapid growth, is data-driven and offers creative solutions.
Areas of Use and Advantages of Growth Hacking
The area of use of the method that provides rapid growth is quite wide:
Established Companies: It is possible to obtain high conversion rates from the target audience.
Social Networks: It can increase user interaction.
New Projects: Rapid growth can be achieved.
Growth hacking, which is an important concept for every business, comes to the fore especially in cases where the budget is limited. This method can be used to achieve growth with a low budget.
Who is a Growth Hacker?
People who uncover problems related to the growth of companies and provide creative solutions to the problems are called “Growth Hackers”. These people, who are the main heroes of the growth hacking process, implement the actions necessary for the rapid growth of companies.
Growth hackers determine the growth problems of companies and offer creative solutions. They analyze data with tools such as Google Analytics.
Growth Hacker’s Duties
Data Analysis: Google Analytics and similar tools are used to analyze e-commerce site traffic.
Idea Testing: Created ideas are tested and successful ideas are implemented.
Creative Solutions: Growth hackers who prepare landing pages and perform A/B tests produce creative ideas.
Growth Hacking Methods
5 main methods known from digital marketing are used in the growth hacking process. These methods are generally called AARRR:
Acquisition: Efforts to find users at the lowest cost (SEO and advertising efforts).
Activation: Interactions established with users who visit the website (e-book gift to the user who registers for the e-bulletin).
Retention: Efforts to ensure that users who visit the site visit again (interesting e-bulletin submissions).
Referral: Allows users to recommend you to others (sharing incentives).
Revenue: The method by which the revenue model is created (product sales, paid content).
Growth hacking methods: Acquisition, Interaction, Loyalty, Recommendation, Revenue. These methods aim to gain users, increase interaction, loyalty and revenue.
Best Growth Hacking Examples
Many brands have achieved serious growth using growth hacking methods. Some of the most impressive growth hacking examples are:
Paypal
The world’s payment giant Paypal has achieved great growth with the “referral program” it launched when it first came out. It expanded its user base by paying 10 dollars each to users and recommended people.
Dropbox
Dropbox, which started as a small company, rapidly increased its number of users by promising 250 MB storage space increase to those who invited their friends and to the invitees.
Twitter increased user loyalty by suggesting new members to follow interesting users at a time when it started losing users.
Differences Between Growth Hacking and Traditional Marketing
Low Cost: Growth hacking is less costly than traditional marketing.
Fast Growth: Provides fast results.
Data-Driven: Based on data analysis and strategies are developed accordingly.
Creative Solutions: Provides creative solutions outside of standard methods.
