The term has become a “buzzword” but do we really know what the growth hacking exactly? First used to describe the dazzling success of some start-up, this word is now used about all types of businesses. And why not yours?
Let’s see what the growth hacking and how to be inspired.
The growth hacking is:
Off the beaten path …
The strategy is to find innovative element on which to base speed very quickly and very strong growth.
All trades of a company are concerned. The good idea can be born in the brain of the data analyst who noticed that most customers are not interested in your product or systematically after X days X interactions. It will then send the info to marketing that will rework the offer based on that data. The technical teams will also be asked to make the necessary changes.
Digging its own deficiencies
A well-known example is Twitter. The firm has found that after a few days of testing, users were not interested in the application. Rather than triggering a classic strategy stimulus via e-mailings, Twitter has sought the cause of the retention problem. New members with few followers and have not yet been able to identify interesting accounts to follow, they quickly lost interest, lack of interactivity.
To remedy this, Twitter has set up accounts recommendations to follow. And that has quickly increased the number of active users.
Build on what works in the neighbor
Attention is not spoken to copy – which would be the opposite of innovation – but rather to build on the success of the neighbor.
Airbnb, the site of renting between people has found a way to generate lots of traffic on its site in its infancy. He simply automated publishing ads on Airbnb to their publication on Craigslist, the site’s most popular ads in the United States.
An unconventional method but has the merit of satisfying the ambitions of equally Airbnb – which could well reach a wide audience and redirect it to his site – the expectations of renters who maximized their chances of rent.
… Without necessarily go very far.
To find ‘the’ solution that will maximize the transformation of an initial weakness into a powerful growth driver, sometimes it is not necessary to go very far or look too complicated.
Hotmail and the little phrase signature
Mail Hotmail is the first company to have realized an action of growth hacking.In 1996, the messaging Microsoft added a single sentence at the end of each exchanged emails.
This sentence enjoined, in essence, all corresponding to join the free messaging tool (“PS. I love you Get your free email at Hotmail”).
The initiative seems commonplace today while recommendations have invaded our daily digital but at the time, this has certainly boosted the development of Hotmail.
The feeling of exclusivity offered by Facebook
Others prefer to pretend to select their users to eventually attract up. The trick is to suggest that there is a new service reserved for a small circle of people picked. Therefore, everyone wants to be.
The example that illustrates this principle is Facebook. Originally it was an online directory reserved for students from the prestigious Harvard University. Then, the service was extended to other major US universities. Thus, the network has built a reputation as a “circle” for the elite to which it was rewarding to belong.
Some applications, like Pinterest, create waiting lists before validating registrations; another feint to make it more attractive service.
Data who wish you well
The notion of “data” (or data) is never very far from that of growth hacking. Get as much information about users is essential to drive growth. You will be able to draw the starting spark – as in the case of Twitter – or use them to refine your strategy – we will see a little further example of the Mint.
That’s why it’s important to develop a strategy and marketing automation tools to track in real time the behavior of your customers or users on the web and social networks.
What this is not the growth hacking:
it is not sustainable solution
The growth hacking is used to provide the necessary impetus to a company to move faster a cape attached, usually by investors.
In a difficult economic environment, they want to know if they will get without dragging a good return on the sums advanced; the famous ROI. Hence the urgency to show faster credentials to encourage them to give the pot.
For example, it may be appropriate to offer a service for free to reach entice many new customers in a few months without incurring a high cost of acquisition.
These include the case of Dropbox that provided additional storage capacity to condition for recommending their service to several people in its network.
But if all goes well, over time, this operation no longer generate a growth rateas important at the beginning; however, it will continue to cost you much. There will be time to move to the next step.
it is not a “free” solution
One might think that just a good idea out of a fruitful brainstorming to win millions. In reality, the implementation of this idea “revolutionary” is not negligible in terms of investment.
In some cases, such as Mint, this can even require to create a new activity within the company.
Mint, a wealth management tool, accelerated its development by winning as abenchmark for blog on personal finance. The company has built a content strategy whose editorial line aimed at young professionals, unwilling to listen to advice from traditional finance; especially after the banking and stock market crises. Mission accomplished. Its contents, very educational, and clever visuals, were widely relayed on social media. This success was then spilled over its implementation.
In summary, growth hacking action successful results from a turned state of mind towards the original and alternative solutions, the establishment of a monitoring of the behavior of your customers and prospects on the web and a taste pronounced for challenges.
Do you have observed recent examples of growth hacking around you?