The main objective behind marketing is to gain as much as customers while spending as little as possible. Do you think that directing it is possible in the real business world? If no, then you might be surprised to know that there is a particular marketing category named “Growth Hacking”.
What Is Growth Hacking Marketing?
It is also known as growth marketing, and this is a technique marketer used different things to raise the customer base while spending very less money. Growth hacking generally considers three things:
- Combination of marketing techniques
- Using data accurately
These are the 3 things, and it is a method in which different strategies run simultaneously. Growth hacking marketing is generally used for the start-ups.
Let’s consider a few examples.
It is a storage application and has both desktop and mobile compatibility. This is known for its best growth hacking strategies.
Dropbox introduces the onboarding process, which means they are offering more free storage to the users. User can connect their Dropbox with social sites so that their user can share information about the firm in sites, like Instagram, Facebook, and Twitter.
It is one of the eminent social media websites that has more than 50 million active users. Facebook introduces the “TAG” option where one can mention the person in their post. In this way, people are letting their friends about Facebook that is boosting the engaging ratio.
Now, you can see that the company is gaining publicity without spending a penny.
Why Growth Hacking Marketing Is Good For Start-Ups?
If someone going to start a business, then he/she have to take care of three things:
- Limited business budget
- Inadequate amount of resources
- Less time to execute the plan
It shows that the initial phase of starting a business is tough. One has to manage the resource while being conscious of budgeting. And the most challenging thing is “time”. Taking too much time to stand the business will automatically introduce a large cost.
So, it becomes an exigent situation, and this reason leads many firms to shut down. To avoid such cases, growth hacking comes into the rescue of the new entrepreneurs.
Now, let’s learn more about this marketing technique, and see how it is beneficial for the business. But, it is imperative to know the drawbacks too.
First, have a look at the benefits.
Advantages of Growth Hacking Marketing
There are countless numbers of benefits, and we have discussed them. You can read them below.
It would be easy if we discuss them in detail.
BOOST THE SEARCH RESULT
In general, this method uses the social media platform more. When users actively engage in social media, then it will boost the overall ranking. And, this will give a positive impact on SEO. Now, you can take advantage of the information, and use them for the website purpose.
MAKES BRANDS MORE SIGNIFICANT
You can find out what your audience wants, and what the firm is providing. In this, you have to continuously look to the established company or you can better say “Competitors”. And, analyze what they are offering.
Contact the potential customer as much as you can. Provide them valuable information, and try to add value in life. In this way, you can make the brand more eminent, and increase the brand value.
AVOID PPC SATURATION
If you are using PPC to limit, then it is fine, but crossing optimum may impact the business. With the growth hacking method, PPC saturation or stagnation can be avoided. When small companies boost the PPC by using a good amount, then competitor also boosts the value.
So, here you have to take care of PPC saturation and try to avoid it.
The motive of growth hacking is increasing sales. With the help of conventional or traditional methods, it becomes tough to boost sales. The most crucial factor is that for small firms raising profit is a vital thing.
With the help of increasing sales, profit will automatically amplify. And, now a small company’s owner will find easy to manage running cost.
BRING NEW POTENTIAL CUSTOMERS
It is easy to generate leads, but converting them into a potential customer is not a simple task. But, when it comes to growth hacking, it becomes a straightforward work. This method does not only attract leads but turns them into a potential customer.
Not only this, but there are also certainly more benefits too:
- Bound customer
- Offer accurate feedback
- Generate more buyers
- Short but intense outcome
These are the benefits, no doubt that growth hacking is giving much more than any other marketing technique. But, as we have mentioned earlier that knowing about the limitation is crucial.
Roll eyes on the drawbacks of growth marketing or growth hacking.
Limitation of Growth Hacking In Business
You have to encounter 3 obstacles, but we have provided a solution too. You can direct them to get rid of it.
- May not provide a long term benefit
- Growth marketing experts are difficult to recruit
- Change with time
Get them in detail.
May Not Provide a Long Term Benefit
It is true that you cannot rely on such an option all the time. You must have noticed that it is ideal when business is at a starting mode.
Solution: Do not make a plan for the long term in advance. Divided them in certain targets and achieve them in a few days.
Growth Marketing Experts Are Difficult To Recruit
You may find difficult to hire a marketing expert in this field. The main reason behind this is money demand.
Solution: Cost plays a decisive role. But, here you have to remember one thing, i.e. “Short term use”. You have to take assistance with it until to reach a stable situation. So, consider investing a short term investment. Taking aid with an option like no guarantor loans may help you to avoid making unnecessary pressure on the budget.
Changes with Time
The techniques will not be going to remain the same forever. And, it is the reason, this is also considered as a “volatile method”.
Solution: Follow the trends. This simple technique will help you to get rid of this solution. Though, it may take time, because it considers various plans that become irrelevant for future plan execution.
It is the three challenges that you can easily manage with the solution mentioned above.
In this write-up, you must learn everything about the growth hacking or marketing method. It works wonder especially in the case of a newbie in the business. Though this option is not always preferable, but at least for a short time.
Are you new to the business’ world? Then what stops you, go ahead, and take assistance with growth hacking to make a business successful.