The competition in the digital domain is getting fierce with every passing day, which requires marketers to stay on their toes. Today we all need to think of innovative marketing strategies that make them stand apart. Growth hacking has emerged as a powerful approach to propel the business to incredible heights. It refers to a combination of specialized tactics that rapidly increase the customer base of a business and ensure that it is able to maintain this base too. Growth hacking can be visualized as a domino effect that drives huge conversions and extends the market reach manifold. Though hacking is a relatively new digital marketing concept, yet marketers have come a long way and devised new and effective strategies that are capable of bringing instant and definitive results. Let’s know more about some of these strategies that have attained extensive popularity:
Understand the product and the market
To begin with, growth hackers lay emphasis on understanding the product that the business is offering. Also, there is a need to study the market and competitors. Coupled with complete knowledge about the market trends, these factors can be used to tweak and redesign the products and shopping experiences so that they align with the user’s demands. The entire focus should be on serving product value and exceptional customer experiences.
Use qualitative, not quantitative research
Smart marketers think beyond numbers. For them, growth hacking does not involve a number game; it entails qualitative research of customers and the emotions that drive them. Qualitative research does not only measure the numbers of customers but also assesses their behaviour patterns, preferences, and needs. The era of personalization has made it necessary to target the customers with exactly what they are looking for rather than following a standardized marketing plan for all.
Be open to ideas and changes
The next strategy that goes into growth hacking is to think beyond the ordinary. This means that you need to be open to ideas and changes, whether it is about the products that you offer or the tactics that you plan to use to enhance their popularity. There is also a need to embrace innovative technologies, particularly the ones that are in trend. While conventional strategies keep you on the safe side, new ideas bring the potential for immense growth.
Don’t be afraid of experimentation
Yes….trying to be different may seem risky but hackers suggest that you take risks. Experimentation enables you to know which hacks work and which ones fail. For instance, you may add a new technology such as AR to your mobile application or merge the online and offline selling channels by integrating location-based technologies into them. Who knows, you may stumble upon something amazing!
Monitor the campaign continuously
While risks open up new opportunities, there is a need to be cautious too. The ideas and experiments will pay off only if they are backed up by tangible data. For this reason, you have to monitor and manage the campaigns that put your ideas into action. This gives a fair idea about the performance of the campaign; you may need to fine-tune the growth hack if it is not giving desired results.
Have some options for A/B testing
Another strategy that creates the fine equilibrium between the potential risks and benefits of growth hacks is that of A/B testing. Every time you ideate a plan A, there should be a plan B too. Experiment with the two together and find the one that works better. A/B testing helps you to minimize the chances of failure as it ensures that there is always a backup plan if the worse happens.
Mix and match growth hacks
Hacking is to be taken up comprehensive marketing approach, with a combination of hacks rather than a single one. This strategy helps you to offset the risk of failure of some hacks with the success of others. For instance, you can blend a social marketing campaign with paid ads and email marketing. If one of these fails to perform, the others can compensate the loss with their performance.
The competitive scenario requires marketers to be agile than ever as they have to acquire the customers before the competitors do. Intelligent marketers go an extra mile to design growth hacking plans that are targeted to kickstart viral acquisition. These smart strategies have the potential to bring effective results within the minimum time span. Therefore, there is a need to integrate them into the next growth hacking plan you formulate for your business.