Growth Hacking: What Is It and How Can It Leverage Your Business?

Have you ever heard of Growth Hacking? This strategy has more and more supporters who are looking for a solution that will positively impact the growth of their companies. Its use is varied, so both brands that are starting out and large businesses that are already established in the market seek this tactic to combine technology with your financial health.

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Discover more about this tool, learn its benefits and implementation phases. Clicksign is always seeking to offer the best content to help entrepreneurs who follow our blog. So keep reading and expand your knowledge in ways to improve your business! Also check out the post “ESG: what is it and how does this business management work?“to positively impact society through your business activity!

Growth Hacking: What is it?

We can define this practice as a way of rethinking the strategies of marketing digital, allowing the company to achieve its goals more quickly and cheaply. The Growth Hacking method is based on the recognition of critical points that hinder the financial and tactical advancement of a company, and in tests to solve them. We know that each individual has their own objectives, and this technique can be adapted to each of them. It works to redefine the approach used in digital media, being guided by the KPIs to identify which are the problem areas that need to be modified. Understand what KPIs are and how they can improve your business management!When applied, Growth Hacking analyzes the data provided by the indicators and the specialist in this strategy begins to develop hypotheses about problems encountered, as well as their solutions. After this first moment of survey, the method seeks to verify how feasible it is to carry out the response found. Thus, effectiveness tests are performed and the most assertive opportunities are discovered.

What are the benefits of Growth Hacking?

This method combines conceptual and technical notions to refine the business vision and help focus on the correct objective. Your experiments also generate new ideas, further expanding the possibilities to attract an audience and leverage this venture. Here are the main advantages of using Growth Hacking:

• minimizes the costs of marketing actions;
• accelerates brand growth;
• it is a safe form of action, as it uses thoroughly analyzed data;
• helps to reach new audiences;
• has easily proven effectiveness, which attracts investors to the company;
• adjust the wrong strategies.

Understand what a Growth Hacker is

All digital marketing strategies have their specificities and challenges. To understand each of them and to truly be able to act by optimizing a company's reach and conversions, an expert in this field is needed. He is the one who will make the most appropriate decisions for each type of situation. In the case of Growth Hacking it's no different.OS Growth Hackers They are the ones who delve into this technique and work in companies with the objective of finding loopholes in the processes that are holding back that group's progress. They are the ones who find the fastest and cheapest exits for each Gap possible to be identified through KPIs. They are experts in technology, business development, database analysis, and processes in certain sectors. Of course, they also have a deep understanding of the public's behavior, knowing how to reach them to become a customer. Nothing prevents an employee already hired by the company from working on this front, but there are external Growth teams with a professional for each type of action: team management, marketing strategies, analysts, programmers, and others. These groups provide services to companies, outsourcing care that could cost a lot. You may be afraid to offer your brand indicators to those who do not have an employment relationship with your CNPJ. However, the virtual environment allows you to find experienced professionals with a good reputation in the market, even if they are miles away. Still, we have the hand the NDA Confidentiality Term. Count on digital signatures and certificates, as well as cryptography, to conclude the contract for these services online, as well as sending all data securely via the cloud. See more about the benefits and the need for this type of tool in the post”Digital certificate for companies: do they all need to have one?“!

Learn how Growth Hacking works

As we said, this is a digital marketing technique and we can divide it into five phases of action. Each of these categories depends on the previous one to be carried out and need a lot of analysis to become assertive. Advertising and promotional actions are designed to generate more public interest in the products or services we offer, but you can't do everything without a strategy. Learn the phases in which Growth Hacking takes place and how to apply it!

1. Identify strengths and weaknesses

As we said before, this method is based on identifying critical points in your Marketing strategies. The first step is to analyze the indicators, all the data on financial transactions, website traffic, social networks, results of previous actions, and others. This survey will serve to be able to classify each difficulty or failure of these processes, and also where they are getting it right. It can be in communicating with the customer, in the way you present your products, or in the way you manage your digital presence.. Each point of this can - and will - have a great impact on the conversions achieved with the help of marketing. In addition to checking the metrics, don't forget to also listen to your team, after all, some improvements start through this channel, within the company, but reflect on the results with the public. Each indication provided by this analysis must be separated according to:

• importance: some problems are more worrying than others, for example, if marketing costs a lot of financial and human resources but not effective sales;
• difficulty: there are points that changes in habits can be resolved, while others depend on a general restructuring of the company. List them according to this criterion;
• potential: some critical points may have a lot of potential, if solved, to generate high results. Also understand what they are.

After classifying all the points identified, cross the information from these criteria to arrive at what needs to be treated with an emergency and what can be left in the background.

2. Think about solutions

One of the advantages of Growth Hacking is being able to perform several different tests simultaneously. Therefore, it is necessary to think of many different solutions. This step is the time to unite teams from different sectors and Make a big one brainstorming. As this technique will affect the results of the entire company, it is important for marketers to hear other experiences and opinions.It is good for participants to keep in mind that marketing serves to bring products or services to the public that meet their needs. Therefore, thoughts and solutions need to work around issues that, when resolved, can improve that delivery. Make sure that all of these possibilities are noted, they will be important in the next phase!

3. Triage ideas and apply them

This is the key moment when Growth-style strategies are essential. With all the ideas raised, It is necessary to carry out a screening to find out which of them cost the least and will bring results more quickly. After all, we must not forget that Hacking is about changes to achieve business goals quickly and cheaply. With the separation of relevance from the problems observed in the first moment of this process, you will know what needs to be solved first. Plan the activities necessary to apply the best project found for this critical point. The application can take place together, seeking to solve all the problems involved in a certain metric so that it begins to generate results. Did you find it confusing? Let's take an example:

Problem: Low traffic on the site even though it already has a good audience on other digital platforms;Solution found: Increase publications from the middle and bottom of the funnel, to capture more qualified leads and generate in them the need to buy;Actions:1. Readjust the marketing team to produce middle and bottom funnel content; 2. Increase in the number of posts; 3. Making technical improvements to the site to improve user experience; 4. Use SEO strategies to rank the site without the need for social networks.

These are four different actions, but they operate in the same segment - at the same critical point. This strategy works like a machine, one gear interferes with the other. That's why these tests are necessary: they make it possible to identify what is not contributing to the smooth operation of the operation. Don't forget that!

4. Get your audience to help you

There's no cheaper strategy than the one that doesn't cost any resources, right? And that's what happens when a company involves its audience in the promotion of its services. After reaching the first audience, what we can call a base audience, with the initial strategies tested, it's time to seek “word of mouth” marketing.Offer some kind of advantage to those who publish about your product on the networks, such as exclusive material about your niche, an ebook, or some type of loyalty card. This will be the incentive to initiate comments from your audience, bringing in more and more users without costing your company's resources anything.

5. Reanalyze to maintain that audience

We know that there are numerous ventures in the market. A phenomenon that always happens are companies that experience fever for one or two months, then end up being forgotten and replaced by others in the public's memory. Therefore, after applying the improvements to the critical points, it is important to continue monitoring this topic. This practice will lead you to identify new problems and loopholes that can be filled with some changes. In this way, your company will never be stagnant and the pace of growth will not be just momentary. Maintaining Growth Hacking correctly causes obvious impacts both on digital marketing and on your brand's cash register. So, don't relax after the first sign of success and always offer encouragement so that users don't lose interest in your business! Now that you know what Growth Hacking is, its benefits and how it works, Count on technology to further improve the business scenario in which you find yourself. Check out the post”Understand what automation is and how it can revolutionize your company”. The Clicksign blog has several contents to help your management!