Dude, You Into Growth Hacking?
Growth hacking is marketing's newest buzzword. But, what does it mean exactly? Well, growth hacking is all about growth (shocking). It is applied by startups, when money is tight, time is of the essence, and you're not exactly sure who your target market is. A growth hacker will come in and develop experimental, low-cost strategies to acquire and retain customers and grow the business.
How to apply growth hacking in a business
Ensure that you create a product people actually want
Sounds obvious, right? But, this statement is not always as obvious as you might think.Many startups have fallen victim to creating a product that people simply aren't interested in or in need of. Developing a product or business is about finding what is missing in the market place and figuring out how you can help to fill that void. Creating something that is not needed or wanted is creating a business doomed to fail. Study the product-market fit. You can only know your product is working if people actually tell you it is.
Don’t target everybody
In order to achieve startup success, you must target a specific audience before expanding your market. How do you find the right target audience? Create a customer profile by considering all aspects of your product. Be specific by describing a real person and being as detailed as possible. How old is the ideal consumer? What is their income? What is their life like? Start by exclusively caring for the needs of these profiles.
Acquisition
There are 3 engines of growth: viral, sticky and paid. The sticky engine of growth is a marketing plan to retain long term customers. It is centered around keeping existing customers happy and engaged. The viral engine is fueled by customer referrals. It emphasizes the power of your community of users. The paid engine of growth expands your brand through advertisements. Each engine of growth provides a different fashion to develop your business.
Activation
Activating customers is to get them to take action in your product. It is guiding the consumers to make the decision that your company has already decided they would make.
Retain
Retaining customers is key. Always continue to develop your product and explore new ideas to keep your consumers on their toes.
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