Growth hacking, a buzz word or worth investing in?

We live in a technical and quantifiable world. Just building the greatest product is not enough anymore. You also need to attract and convince new customers to discover your product. That’s were growth hacking comes in, and helps you to stand out from your competitors.

So what is growth hacking exactly? 

Successful startups from Silicon Valley have been using growth hacking techniques for many years. Today it is even becoming the standard process in lots of organizations, which are diverting more and more from traditional marketing. That’s because next to investing in brand awareness, ’return on investment’ is becoming the most critical KPI. Accordingly growth hacking is a solid mix of lean startup, coding, digital marketing, conversion rate optimization and product management.

The difference between a digital marketeer and a growth hacker? 

Whereas the focus of the digital marketeer is mainly on boosting the online presence of a business, a growth hacker is implanted in the whole product funnel. Next to a generic skill set the growth hacker must also have some technical qualifications. That’s why it’s time for organizations to train people on the right technical skills and empower them to execute and use tools correctly. So when building a growth hacking team the following profiles are needed: a head of growth, a coder (developer), a usability expert and a data analyst.

Installing growth hacking in your company: 4 tips 

• Use unconventional tactics. Replace traditional marketing campaigns by data-driven experiments. Don’t spend too much money on Adwords but be creative instead.
• Be unique. Don’t copy what everybody else is doing and apply an experiment based approach on soft data instead. The most valuable insights will come from customers and usability testing.
• Make use of other people’s networks. Even when you have a great product, acquiring new users is the hardest struggle. Try to find out which platforms are becoming important to reach out to your customers (e.g. start advertising on Instagram Stories if you know that your target audience is active there).
• Automate your processes and tools. Automation will help you in the generation of new leads, the conversion of these leads into customers and the optimization of your marketing experiments.

Let’s grow your company too 

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Author: Dennis Haven, Senior Consultant