We all have recently come across this term which is shadowing the traditional marketing. Growth hacking is the next era of marketing which challenges and puts companies in a fast track of growth. It involves engineering the marketing quotient, and generating growth with minimal investments. Following are some of the steps to be followed for effective growth:
1. Product Market Fit:
“Make something people want” – Paul Graham
This is one of the most important and probably where most entrepreneurs face difficulty. To find what people want is not an easy task. That is why, most entrepreneurs take this step by step because ending up with wrong product market fit can be disastrous. It is recommended to follow Lean Startup principles for this step, that is, building an Minimum viable product (MVP) before building a full product. This allows to go through Build – Measure and Learn loop.
2. Make your website load faster:
A slow site turns customers away. It has a direct impact on your wallet. In fact, “a 1 second delay in page response can result in a 7% reduction in conversions.”
There are many ways to keep your website loading under 2 secs. Try to keep the page simple to be more effective. Here are some of the tips you could use for making your site faster.
3. Find your stickiness factor:
Stickiness factor is something which signifies which part of your product customers like the most. You could use various analytical tools online such as Google Analytics and Kissmetrics to understand what is your stickiness factor. Use this and scale it to as many customers as possible.
4. Write Blogs:
Writing blogs is the modern way of reaching customers and understanding what they need. Blogs not only help the customer interaction to improve product but also can help build the initial user base to whom our product can be deployed. Make sure your blog content is engaging and have links to social bookmarking to have the viral factor.
5. Giving referral bonus and increasing viral coefficient:
Viral coefficient is a factor which determines how fast your product/idea can spread through the population. Customers are interested in “what they get?” at the end of the day and that is what companies like Dropbox, Google and Hotmail have adopted. If user gets a benefit for referring, then the idea/product spreads like a virus. Making the product/idea attractive is very important as users will not share if the content is not cool.
Hope this post helps for people to get started into Growth Hacking!