Whether conceptual, technical, or otherwise, today’s examples of growth hacking span a spectrum. This spectrum has produced a modernized bridge composed of tools for traffic attraction, commonly tracked and measured through analytic metrics that intend to cause increased conversions (i.e. visitor to customer) through hastened or magnified audience engagement. When coupled with the wisdom of traditional strategies, these methods can reinforce and catapult results.
The trick remains that – while everyone seems to be talking about it – not everyone becomes instantly effective in their efforts. A solid base of experience will always accelerate success rates. After all, knowing the answer in advance makes any question seem simpler.
As with each sector of business, any angle or technique of tactical marketing, and every aspect of life, the learning curve is comprised of layers. Growth hacking may sound like a simple solution. In fact, any effective system, replicable process, and successful campaign requires: (1) planning, (2) attention to detail, (3) testing & upgrades, and (4) ongoing monitoring in order to determine opportunities for improvement.
What most growth hacking discussions intend to promote now boils down to enhanced effectiveness of digital marketing and sales. Whether or not your venture functions from an eCommerce model, the type and price point of the product of service, and the pain points of the target base will always influence an ability to utilize the more common growth hacking techniques with success.
Yes, quality content marketing should enhance credibility and visibility for any operation. Will it substantially increase the volume of closed sales or drive a surge in revenue? That depends upon the combination of practices and processes you use, how well you know your target market, and how effectively you understand the best ways to connect with them to solve their problems or address their explicit needs.
B2C versus B2B
Also, consumers and businesses behave differently when it comes to decision-making processes, timelines, and influencing factors. Much of what we hear discussed about growth hacking pertains to consumers. The idea relates to scaling volume, according to typical buyer behaviors and swift consumer choices, at relatively contained price points.
Alternatively, the objective becomes market share (a factor of traction and engagement: incomplete on conversion, particularly as it relates to freemium service offerings). Secure eyeballs, secure engagement, secure conversion through subscription with the goal of upgrading a percentage of subscribers to premium features and accounts. This actually relegates a freemium subscription level to engagement and traction rather than conversion.
So, the approach is ultimately always determined by the end game and larger vision. What are the goals? When demonstrating (to investors for next-stage funding, for example) that a venture has strong or broad market capture, this potentially weighs into the business valuation. Without revenues to show in tandem, merit of the offering is diluted.
Dialing into consumer interest areas, according to existing or potential demand, can provide a healthy opportunity to combine growth hacks with other marketing and sales campaign tactics to accelerate market acceptance. Start-ups, emerging ventures, and mid-sized operations can especially benefit from layering growth hacking tactics on top of sales and marketing foundations.
Leverage is the ultimate bottom line. Whether conceptual, or truly algorithmic and strictly analytical, the idea of growth hacking focuses on creating exponentially greater results through contingencies: formulas that compound outcomes based upon enhanced systematic and replicable practices.
Because, today’s truth is: fierce competition awaits at every turn. The staggering fact that 540,000 new businesses launch every month, in the US alone, helps us realize how much we need every available tool. That knowledge, coupled with the volume of information bombarding us (i.e. bombarding our targeted prospects) – like 100,000 new tweets in an internet minute – requires us to identify and implement the most effective tools and techniques that budget and time will allow.
Starting with something simple, like building a loyal following on prioritized social media, can be a useful step. Realizing what is involved at this stage, before graduating to the next, will enable more controlled scalability. Part of scalable control means being able to deliver what is promised, which leads to customer retention as well as referrals.
After all, throwing money at ads before developing and consistently implementing an effective Brand Identity across all points of presence is a common pitfall for new and emerging businesses. Undeveloped ad “spamming” depletes vital resources that are needed to build other aspects of a functional growing business. Approaching your overall business development systematically – one step at a time – will establish the company’s long-term foundation for success…the right way the first time.
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