A growth process is a series of steps taken by an organization to increase the number of users. Companies often need to create new marketing strategies and push them through all company departments to reach this goal.
Growth Hacking has become more than just tools and tactics — It’s now about how you think about things, too (example: using creativity when looking for tests to run on a small user base). The real question you should ask yourself before implementing any tactic or testing any strategy: “What are my?” If you have no idea how many new signups you want or need, you have no idea how far your current tactics will get you.
This process helps to identify and stimulate the most effective marketing strategies that provide a strong ROI and increase the subscriber list.
The Growth Hacking process is not linear; from my experience, it looks more like this:
1. Find pretty much anything that works (even if it’s only for 5 minutes).
2. Rinse & Repeat #1 until something starts working better than everything else
3. Accelerate whatever’s currently working, even if it’s only 10% better than all of your other top performers
4. Rinse & Repeat #3 until things start slowing down or hitting sort of ceiling where you feel like the next step isn’t worth it. Find something else that works; repeat steps 1 to 4.
At any point in the above process, you might break through and find something so much more effective than everything else that it completely blows up all your existing numbers and starts a new round of rinse & repeat at step #2.
However, Growth Hacking is not just about finding anything that works for 5 minutes – even if it will work again (it won’t). Instead, it’s about testing marketing strategies and experiments as often as possible with an aim to maximize ROI by constantly improving conversions.
There are many different growth hacking tools, but the best one is creativity. And this is what separates great growth hackers from others!
There are 10 Growth Hacking Tools you can use to get started:
1. A/B testing – find out which version of your product or landing page converts best
2. Heatmaps – see how real users interact with your product or landing page and where they spend the most time
3. Social media ads – easy way to gain more traffic and signups for a low price
4. Email capture forms – collect leads so that you can market to them later
5. Viral loops – create something that people want to share & spread like crazy
6. Content marketing – build a loyal following around your expertise with blog posts, videos, etc.
7. Freemiums– give some value for free and then up-sell
8. Retargeting – follow people who visited your website with ads for a product they were interested in
9. App store optimization – make sure that you show up on the first page of search results
10. Evergreen funnels – build a sales funnel that can run without your constant attention (optimize it over time)
What are the five stages of growth?
The life cycle of a startup or a new product can be broken down into five stages: Awareness, Interest, Trial, Adoption, and Virality.
This is the stage where you explain what your product is all about. You make potential users aware of your product’s value and how it will change their lives for the better. The goal at this stage is to create awareness among people who might benefit from your service/product.
After you create awareness about your product and its benefits, interest comes next in line. In this stage, you have to keep building trust by showcasing customer testimonials who have successfully used your products or services. Showing case studies helps you gain the confidence of potential users and better equip them with knowledge about your product.
Once you have built a certain level of interest among people for your product, it is essential to overcome objections. By addressing concerns and questions from potential customers, you can help them feel comfortable before they buy your product. Creating interactive tools/games or even building social proof are some things that startups do to drive trial in this stage.
Once people start using your product, you will need a plan to keep them happy to become loyal users or ‘adopters.’ This is where you create an environment around your product. The goal should be to increase active usage by encouraging new hires, maintaining frequent interactions, and offering great support. And once they are addicted to your product, you can start charging them for the value they have been getting until now.
In this final stage of growth, the customers themselves become ambassadors or brand advocates who try to convince other people in their network to use your service/product. This means your job is done at this stage because as long as users spread positive word-of-mouth about your product, you will continue to grow without much effort from the company’s end.
How do I start growth hacking?
Be creative and think of new ways to acquire customers. Find the best channels for your product and focus on maximizing conversions with each channel you use (it does not have to be a separate one – it can be just one marketing activity that brings in the most traffic). If you find out what works better than others, then double down, at least until something starts working even better! Never stop optimizing. Also, read our other articles:
A growth hacker is a marketer with a growth mindset. They are data-driven marketers who constantly test their ideas and optimize them based on what works best.
Why use growth hacking?
Growth Hacking is the newest, most effective way to build a company. Is it suitable for startups? Absolutely! It’s not just good, and it’s necessary to compete in today’s world of business. That’s why every startup should have a growth team from the beginning or at least implement some aspects of growth marketing processes into its current organization (it still counts as Growth Hacking even if you don’t call yourself Growth Hacker). How do I become a growth hacker? You start by reading up on best practices for acquisition, conversion, retention, and sharing metrics. Then you gather a team and start creating stuff. If you don’t know how it’s done, copy best practices from the companies already doing this successfully.
Growth Process in Growth Hacking: loops, content marketing, freemiums, retargeting, app store optimization & evergreen funnels.
Feel free to share the article and comment below on which type of growth is most accessible for you to focus on.