Growth hacking has long been hailed as a “unicorn” marketing tactic that can skyrocket a business’s sales.
But ten years after the phrase “growth hacker” was first used, does growth hacking still work?
You will discover what growth hacking is, where it came from, and whether it is still effective today in this book. I’ll then provide five marketing channels that, independent of the term “growth hacking,” every firm should concentrate on.
What is growth hacking?
Growth hacking has become a buzzword in the business world, but what does it actually mean?
At its core, growth hacking is all about finding creative ways to grow a business quickly and efficiently. This can involve anything from online marketing and SEO to product development and user experience.
Growth hackers are always thinking outside the box and looking for new ways to get more people interested in their products or service. They are data-driven and constantly test different strategies to see what works best.
If you’re looking for ways to grow your business, then you should definitely consider growth hacking. It could be just what you need to take your company to the next level.
Example of growth hacking
- Growth hacking is a term used to describe a process of rapid experimentation across marketing, product development, sales, and other channels in order to identify the most efficient ways to grow a business.
- The goal of growth hacking is to achieve sustainable growth by acquiring new users and retaining existing ones. This can be done through a variety of means, such as virality (getting users to share your product with their friends), word-of-mouth marketing, and creating a great user experience that keeps people coming back.
- A company that employs growth hacking techniques is able to efficiently test different hypotheses and quickly implement the most effective ones. This allows them to optimize their growth strategy and see results much faster than traditional businesses.
- Some well-known examples of companies that have used growth hacking to achieve success are Airbnb, Dropbox, and Facebook.
Do growth hacking tactics still work today?
A lot of people think that growth hacking is no longer effective. However, there are still a lot of people who swear by it. Growth hacking is a term that was coined by Sean Ellis in 2010. It is a process of rapid experimentation across marketing, product development, sales, and other channels in order to find the most efficient way to grow a business.
There are a lot of different tactics that fall under the growth hacking umbrella. Some popular ones include A/B testing, email marketing, virality, and social media. The reason why growth hacking is so effective is that it allows startups to grow exponentially with limited resources.
Growth hacking tactics are still very much alive and well today. If you want your business to grow quickly, then you need to start experimenting with different growth hacking tactics. Who knows, you might just find the next big thing.
Why you should primarily focus on brand-building instead of “quick win” tactics
In a rapidly developing digital world, your brand is one of your most valuable assets.
A strong brand can help you weather the storm of competition and change, and emerge victorious.
On the other hand, a weak brand will leave you vulnerable to attack from all sides.
That’s why it’s so important to focus on building a strong brand, rather than just looking for quick wins.
Brand-building takes time and effort, but it’s worth it in the long run.
A strong brand will help you attract and retain customers, and drive growth.
So if you’re looking to build a lasting business, focus on building a strong brand first and foremost.
Five marketing channels to focus on instead of “growth hacking”
The following five marketing channels should be your main emphasis if you want to create a brand that will endure forever. If done correctly, they can also lead to rapid growth.
I’ll explain the stage of the marketing funnel each channel is in, provide links to tutorials, and give a growth hacking strategy you can use to get a rapid victory.
1. Paid search marketing
As a business leader, you’re always looking for ways to grow your company. You may have tried different marketing channels in the past, but have you considered paid search marketing?
Paid search marketing is a great way to reach new customers and grow your business. Here’s why:
- Paid search is a highly effective marketing channel. In fact, businesses that use paid search see an average ROI of 20%.
- Paid search is a great way to reach new customers. 82% of people who use paid search are searching for a product or service for the first time.
- Paid search is a flexible marketing channel. You can start small and scale up as your budget allows.
If you’re looking for a growth hacking strategy to focus on, consider paid search marketing.
2. Search engine optimization
Search engine optimization (SEO) is a marketing channel to focus on instead growth hacking. It is a set of methods aimed at improving the position of a website in search engine results pages (SERP).
The main aim of SEO is to increase the visibility of a website in order to attract more visitors from organic searches. However, SEO can also be used to improve other marketing channels, such as email marketing and social media marketing.
There are many benefits of SEO, including the ability to attract more traffic, improve brand awareness, and generate leads and sales. However, it is important to note that SEO is not a quick or easy fix; it takes time, effort, and patience to see results.
3. Email marketing
Email marketing has become a popular marketing channel to focus on instead of growth hacking. Here are a few reasons why:
- Email marketing is more personal than other marketing channels.
- Email marketing allows you to segment your audience and send personalized messages.
- Email marketing is a great way to nurture leads and build relationships with customers.
- Email marketing is cost-effective and can be scaled to reach a large audience.
- Email marketing has high ROI potential, with some estimates claiming that for every $1 spent on email marketing, the average return is $38.
4. Paid social media marketing
Paid social media marketing is a great way to focus your marketing efforts and ensure growth for your business. By using paid social media platforms, you can specifically target potential customers with ads that are relevant to them. Additionally, you can track the results of your campaigns and adjust your strategies accordingly. Paid social media marketing is an effective way to reach out to new customers and grow your business.
5. Conversion rate optimization
As a marketer, you’re always looking for ways to improve your conversion rates. But what if you’re not sure which marketing channel to focus on? Growth hacking may be the answer.
Growth hacking is all about finding creative ways to grow your business. It’s about trying new things and seeing what works.
So if you’re not sure which marketing channel to focus on, try growth hacking. You may be surprised at how well it works.
Final thoughts
Although the term “growth hacking” is no longer in use, the idea still has value. It’s never a bad idea to use ingenuity to expand your business swiftly on a shoestring budget.
To maintain relevance over time, you should combine your short-term growth strategies with brand-building and longer-term marketing strategies like SEO.
