Growth Hacking: What is it, and what is it for?

Discovering what growth hacking is marks a before and after, especially if you are passionate about technology and marketing, because it aims to grow a company at the lowest possible cost.

Have you heard of this term? In this article, we will explain what this term, which is commonly used in the universe of startups, is, what it is for, and why you should start implementing it in your company.

What is growth hacking?

As we mentioned at the beginning, growth hacking is a technique for growing a company at the lowest possible cost.

Sean Ellis coined this term in 2010 when he was in charge of marketing at Dropbox. The expert used this word to highlight efficiency above all else.

The formula proved successful, and Ellis continued to replicate it with other companies, including EventBrite, LogMeIn, and Lookout. In fact, he wrote a book on the subject.

The idea behind this initiative is that your business can grow with minimal investment and less effort. The dream of any company!

Growth hacking involves analyzing which parts of a given product provide value and, based on an analysis of specific data, maximizing it.

Who does growth hacking within a company?

Those who carry out this technique are precisely growth hackers. These generally have a markedly analytical profile, oriented towards results marketing, but with extensive knowledge in technology and computing.

For this reason, it is not uncommon to see computer experts dedicating themselves to this marketing discipline or marketers learning to develop lines of code. This professional profile is at its peak since not all companies have a gigantic budget to invest in marketing and advertising.

Therefore, growth hacking proposes an effective alternative. Meanwhile, it allows you to do more with less, optimizing the different processes that take place in the company.

What is growth hacking for, and what are its benefits?

When talking about growth hacking, we must remember that its objective is to increase a company’s income volume, always with the minimum use of resources.

This is where its main utility lies. Of course, this technique has various benefits.

  • Growth hacking does not require a large budget. That is, you do not need to make a large investment to apply this technique.
  • Generally, the actions carried out thanks to this discipline quickly impact business results.
  • There is less risk because the investment is lower.
  • As the actions have a rapid impact, you can see the results in less time and know how effective the technique is for your company.
  • Thanks to the speed with which everything works under this initiative, you can introduce changes and improvements and see their impact almost immediately.

Growth hacking gives you more excellent knowledge about the market in which your business is inserted and the audience it addresses.

Example of growth hacking

A clear example of growth hacking is the automation of the sales process. Many tools allow you to do this. From a chatbot that helps generate leads to a CRM that allows you to track those prospects.

Thus, while traditional marketing bets on growth through mass media, the marketing hacker compensates for the lack of budget by appealing to efficiency, creativity, and technology.

At Digital Flutter Lab, for example, we have a growth hacking team that focuses on analyzing and measuring each of the processes we carry out in development, marketing, and communication to optimize them accordingly.

What do growth hackers do?

Growth hackers use nontraditional methods to grow companies. They work intensively on customer conversion and retention to save budget and maximize resources.

Growth hackers analyze all the activities that a certain startup is carrying out to see how well each one performs and analyze the reason for the performance. For this reason, the use of analysis and measurement tools, such as Google Analytics, is key here.

Some of the common practices of the trade are:

  • Pay attention to the SEO parameters of the websites.
  • Active use of social networks.
  • Careful public relations.
  • Preparation of valuable newsletters.
  • Constant uses of A/B tests. These are tests where two versions of the same thing are tested in order to measure which of the two variations had a better performance.

It is important to say that A/B tests are vital to growth hacking. These tests allow you to manage specific statistics that can improve processes.

Growth hacking is closely related to a results-oriented culture. For this reason, experimentation plays a predominant role, and trial-and-error processes dictate new solutions.

Some of the most common growth hacking techniques are the following:

  • The freemium model. A free version of the product is offered but with certain limitations. To solve them, you must pay a subscription.
  • Exclusive invitations. A specific product is accessed through exclusivity in invitations, as in the case of Dropbox.
  • Gamification. Playful logic is designed within the product so that users can take specific actions.

The importance of being data-driven

Since growth hacking focuses on innovation and testing, the use of metrics is essential. Only from a well-founded analysis can you reach valid conclusions that drive the growth of a business.

This is important in growth hacking since a start-up like yours could always aspire to growth.

Therefore, the growth hacker is data-driven and focuses on measuring results. Often, it focuses on pirate metrics.

This is a conceptual funnel that tracks the user journey, from getting the first impression of the product to becoming a customer. The stages would be acquisition, activation, retention, referral, and income.

Being data-driven is one of the values that characterizes us at Digital Flutter Lab and guides our decision-making in all areas.

Some tools to accelerate the growth of your company

Now that you know the virtues of growth hacking, you will need some tools to start accelerating the growth of your company today. Therefore, we have put together a list of those that we consider essential.

Mailchimp

To start, and since email marketing strategies are essential, you can try an email marketing service provider.

Mailchimp is our recommendation. It allows you to manage up to 2,000 users and 10,000 monthly emails for free. In addition, it allows you to create landing pages, forms, and more. Dare to try A/B Testing!

Digital Flutter Lab

Users want to be treated as something other than numbers or data; they want a humanized sales experience. To satisfy your customer service needs 24 hours a day throughout the week, we recommend incorporating a chatbot on your website to boost your sales. The use of Artificial Intelligence, at this point, promises to provide a satisfactory user experience.

SEMrush

This tool is focused on SEO and SEM. One of the most valuable features of SEMrush is the site audit feature. This feature will give you a snapshot of your website’s SEO health to increase traffic. Another tool worth mentioning is organic keyword searches, which will help you understand which keywords drive traffic and, therefore, how you should organize your content.

Google Analytics

Last but not least, we have listed the potent tool Google Analytics. With it, you will be able to measure what is working for the customers you already have, how they navigate through your site, which pages are performing best, and where the obstacles are for your customers to use your website, product, communication, or whatever.

Google Optimize

It is a testing and customization tool that Google offers within its 360 suite. Like any platform of this style, it aims to improve and optimize the user experience by creating and launching experiments based on hypotheses obtained in previous analyses.

Hotjar

It is a web analysis tool that allows you to carry out several useful functions for creating websites, landing pages, and the like. For example, you can create heat maps, record user sessions, create conversion tunnels, or prepare surveys.

Put growth hacking into practice!

Now, we delegate to you the task of using some of the tools that we mentioned before. Then, you just have to measure their impact on your company’s ability to generate and retain customers.

Remember that information is a valuable resource: share this article on your networks so it reaches more people!

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