From traditional marketing to Growth Hacking. How to stand out with a low budget.
The Growth Hacking is fashionable. Nowadays, more and more companies prefer to develop Growth Hacking strategies to invest in the expensive and little segmented traditional marketing.
¿What is Growth Hacking and the Growth Hackers?
It can be said that Growth Hacking was born when a person had the idea to set up a fast food restaurant at the beginning of a highway, to stand out its business from an overcrowded market. Nevertheless, the concept of Growth Hacking is certainly new and it is more related with digital mechanisms. The change to digital age generates more useful information of our clients and it brings us new opportunities and strategies to reach them.
Growth Hacking consists in the use of techniques related to analysis, research and creativity to increase in a fast way the knowledge of a brand. The objective of Growth Hacking strategies is to look for different ways to reach saturated markets, and it is perfectly adaptable for start-up projects. In this way, a company can have a fast growth without the need of a big investment. A new profession is appearing in the market and it is the growth hacker: a person who constantly analyse the target and establish strategies to reach it, using digital measurements and ways to build and promote the brand.
There are lots of examples of companies that were successful with growing hacking. We will show you a few cases.
Airbnb: it is one of the most known cases. The renting platform had a growing strategy using the success of Craiglist, a web site dedicated to publish announces of concerts, events and specially homes for rent. When the Airbnb users posted their announces on the platform they could decide if they wanted to post automatically on Craiglist, increasing the reach of their publications. Airbnb understood that its public was on this web site.
Dropbox: ¿What is the best way to expand our business? Dropbox was with this deal when the number of users of the platform did not grow. The idea they had was to offer more space in the cloud to the users who invited their contacts to join Dropbox. In fifteen months the platform went from 100.000 to 4 million users.
Begin your growth
- Sell a product that people want. This seems to be an obvious step but not all the companies take it into account. The best way to find this products/services is asking to the clients, it is very important the feedback with them because they will be the ones who will bring benefits to your company.
- Sectorize. In the world of marketing it is basic to find your target and analyse it. Identify its characteristics and know what connects this people. The product life cycle begins with an innovative public: if these first consumers are not satisfied with the product, it will disappear. So you have to focus on satisfying your target audience.
- Viralize. In this step you need to give the most diffusion you can to your product but focusing on your target audience.
Some of the Growth Hacking techniques consist in offering discounts or improvements of the products in the case a clients brings another one to the company. By this way your current clients do not only spread the product to their closer persons but they bring new clients.
Other Growth Marketing techniques have to do with offering a free sample of the product or service to bring clients to the company. In digital platforms, you can do this including the logo or the name of the Brand in the free sample, earning visibility.
- Always improve your product. If you want your product does not disappear, you have to periodically innovate it to continue attracting the consumers. Through Growth Hacking you can surpass your clients expectation, adding value to your product/service and gaining customer loyalty. For example, Twitter decided to show to the users interesting accounts to follow, promoting the use of the product and improving the client expectation.
Redacción y Contenido: Eticom