What is Growth Hacking: 15+ Growth Hacking Strategies to Boost Conversions

15+ Growth Hacking Techniques to Boost Conversions

Dhandho Karo

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What is Growth Hacking?

Growth hacking is the new catchphrase that has been gathering some attention. It essentially means using unorthodox techniques to promote your product or service in order to reach your targets.

It is an experimental discipline, with a focus on measurable results, data-driven decisions and learning. Growth hackers are constantly experimenting with creative marketing techniques to grow the customer base and increase user engagement. 

Who is a Growth Hacker?

A growth hacker is someone who creates creative yet cost-effective methods to help with business promotions and advertisements to boost consumer acquisition and retention. They may be called growth marketers but aren’t simply marketers. These people can work in a variety of roles, but they all want to develop new ideas that will increase their company’s growth.

It is important for growth hackers to have a diverse skillset. Not only do these representatives need to know which marketing strategy is most productive, but they can also play a role in product development and customer service. Growth hackers are obsessed with growth, they strategize on new innovative ways to get businesses talking. They analyze, test and measure success in order to optimize the growth of any brand.

Growth hacker mindset always consists of:

• Data-driven decision
• Speed
• Perfection
• Constantly improving

Benefits of Growth Hacking:

Marketing has changed. It’s not about advertising so much–it’s about reaching the right people at the right time. We think that reach is better through social networks, search, and email marketing found in a 1-giant-tool called Growth Hacking. Companies like Hubspot have been showing how growth hacking tactics can be applied to other industries from brick and mortar stores to dental practices to help companies reach their aspirations of high revenue growth while investing a relative 3% or less of their annual budgets.

Some of the major benefits are:

Focus on ROI: Using data to inform every decision you make can prove that your growth hacking strategy is working. You should continue to focus on the data that shows customer acquisition and discard data that does not show loyalty.

Focus on reducing the cost: Growth hacking using both digital and economical resources allows businesses to grow. By utilizing any possible channel, companies can tap into a growth advantage for low-cost.

Use low-resources: Growth hackers can be great for startups that do not have resources to create new content or try out different marketing strategies. Single person growth hacks are often quick, easy, and they don’t require several employees.

How to do growth hacking?

Growth hacking may seem like it is difficult to do, but there are actually an array of different strategies you can try. If you have a good product in the market, you should slowly build momentum before running widespread marketing campaigns – this will help maintain the customer base and keep their satisfaction.

To kickstart a growth-focused marketing strategy out of the gates, make regular product updates and gather feedback from your customers. These activities will help you figure out what content will convert best for your business. Along the way, varying your marketing tactic from time to time can also boost success rates.

Growth Hacking Strategies & Techniques: –

• Find any specific platform, that your competitors are not using – Has your competitor already crossed over to a new social media platform that can garner more of your audience? You can regain control of what you’ve lost by avoiding such areas and dominating the ones in which you already have an audience. People want to feel like they’re hearing from someone they know and understand, so target platforms only with which you already have an existing following.

• Do Brand partnerships to share audiences – Collaborations are one of the most effective growth hacking strategies for small-medium businesses. Consider partnering up to spread share your audiences by marketing your differing brands. With the right company pairing, you will not only create news coverage but also enhance your visibility globally. 

These creative partnerships demonstrate the creative power of collaboration, which not only occurs between smaller brands but also larger brands like Red Bull and Ubisoft or Airbnb and CocaCola. Through creative partnerships, you can reap the benefits of global synergy outweighing your own brand.

• Offer something for free – Offer something for free to build good customer relationships. Whether you have a social media giveaway, a reward for sharing, or special treats with each purchase, freebies are an attractive way to get people interested in your brand.

• Do constantly A/B testing – With a validated plan of A/B testing, growth hacking is a breeze. With data in hand through many rounds of tests, you know what will work before an experiment. This saves massive amounts of time from aiming in the dark on ineffective strategies.

• Convert your landing page into the funnel – It is vital that your fundraising funnel captivates your audience around the idea of their future success. Thus, if you are not excited by your destination page, it is time to go back to the drawing board. If you have experimented with A/B testing and are still failing to convert visitors into donors, think about how you can make your destination conversion-centric. 

Make sure your target audience will convert by asking yourself what would convince you? To get started, think about how your audience thinks and make the changes they respond to best. For example, if you’re targeting someone who likes video games, gamify your landing page.

• Conduct and attend small local or online events – A true growth hacker will always explore and utilize every opportunity, including investing in smaller events with niche-related information. By attending small local and online events, you’re more likely to meet potential clients. These people can provide important information on their needs and what you can do to attract more of them. Keep in mind, though, that these should focus around your niche so they can help generate leads other than just giving potential leads for your industry.

• Offer a freemium plan – I highly recommend that you offer a freemium plan if you’re promoting software or SaaS service. Or, put even simpler—you want to give away the milk for free so you can sell the cow later. Offer something for free, which will have an initial response, but gradually move them towards the paid version. Replacing initial cost barriers with continuous usage incentives can lead to long-term retention rates higher than any other conversion strategy out there.

• Leverage refer & earn marketing – Referrals from friends, family or influencers will convert leads faster, cutting the CPA in half. The customer will be retained for 16% longer than other customers and has better LTVs leading to 3-6 times the ROI in sales. Uber proves that even brands in the ride-sharing business can create sustainable growth with referral marketing. This is done by mirroring these tactics used by loyalty programs, where users are rewarded for new signups with incentives like discounted prices or reload vouchers.

• Analyze Your Competitors – Maintaining a competitive advantage should be high on the list of priorities for any entrepreneur to flourish in their field. Make sure, during your startup stages, that you both acknowledge and stay aware of what’s going on in your competitive landscape to quickly adapt and leverage your strengths.

A common mistake for many start-up businesses is to follow the competition without an action plan. It leads to missing out on potential results and failure of the business. A good plan should focus on uncovering all the conversations about the brand and their competition in social media, forums, etc. For this, your team should be active in these major digital places so you can place your content much better against them. 

• Find Adjacent Markets – Adjacent markets are sectors pretty close to what you do or already offer. One way to find new adjacent markets is by taking your skills and exporting them overseas to create new value for new customers. 

Adjacent markets are great for sales growth hacking. Direct Competitors are trying to make your company not exist/thrive by doing what you do, but cheaper. Typically, when you try to build a new market from scratch, it’s very difficult because of the innovation with no capital barrier. That’s why adjacent is best. It requires little effort to launch a new product or service in a near market that has few competitors and even fewer people who use it. 

Nike is a company that brings the principle of Adjacent Markets into play in their business. This encourages them to create alternative products to continue growing in the industry. Nike went from footwear in the mountaineering industry, to apparel and glove with success and customer loyalty in both cases.

• Create Pre-Launch Email List – In order to be successful, startups need a solid strategy that will attract both leads and conversions. One of those strategies is email marketing – building an email list. When consumers opt-in for your newsletter or ‘ promotions, they are allowing you to market to them effectively and efficiently. Additionally, obtaining an email list allows you to spend time building pre-launch hype for any product or event before it airs or is available for purchase.

Creating a pre-launch email list is essential for any company to ensure they are already reaching out to potential consumers even before the product or service is officially released. Don’t forget, people can unsubscribe anytime! Spend time building up hype in the hopes of making your clientele eager for launch day. 

• Use Guest Posting to get more awareness – Guest posting services reveal key insights about how your content, lifestyle and business operations could be improved, based on input from people interested in other areas than yours. Search for such services online and through other blogs to reach out to new audiences and gain backlinks that will help bring visitors to your site. Buffer, a company built with this guest posting concept in mind, has found success tapping into the collective expertise of others and turning it into something useful and original.

• Use HARO to get public attention – One of the most effective growth hacking techniques is thinking outside the box and joining Help with a Reporter Out (HARO) as a platform to display your expertise. Consider HARO as more than simply brand building, it’s a way to read requests from journalists that may or may not be relevant to your line of work. Remember that reporters are very specific with what they want–don’t spend their time by pitching something they haven’t asked for.

• Use AARRR pirate metrics framework – The AARRR Pirate Metrics framework is an acronym for a list of five important metrics to track: acquisition, activation, retention, referral, and revenue. The framework was developed by Andrew Chen as he realized that product-oriented growth businesses should be tracking all steps in the customer journey.

Get understand the complete AARRR framework by following this article – AARRR Framework

• Deliver Gifts to Your Customers – Your branded gifts will provide a strong marketing presence that will please your customers and cause the word of mouth traction for your company. When they are happy, they will promote your brand to their connections. A happy customer with become a referral and lead generator, as well as a promoter who shares positive perceptions of the brand as its physical logo can be seen as recognisable.

• Leverage digital marketing strategies into growth hacking – Starting small is advantageous for anyone planning to hone their skills before taking on substantial projects. And with digital marketing continually growing as the internet gains speed, now’s the best time to implement effective digital marketing strategies to grow your company.

In order to leverage digital strategies into growth hacking, marketers must diversify their marketing portfolios. Adapting to the rapid evolution of consumers and social media is essential for finding relevance in a world both rife with new opportunities and fierce competition.

• Leverage the FOMO (fear of missing out) – The impact of FOMO is all around us, with feelings of jealousy and envy inescapable. The social media revolution has created a medium in which we can see into the lives of others in real-time. This constant exposure to the lives of others leads people to often acquire patterns of behaviour they believe are representative of an exciting, fulfilling life.

Growth hackers leverage the customer’s pressure for waiting to make a purchase with the FOMO (fear of missing out) marketing strategy to encourage impulsive shoppers into pulling out their wallets. Brands like Dolce and Gabbana, for example, create ads that will only lead viewers to where to buy products found in another ad by using what’s called retargeting. The technique prompts customers to make an immediate purchase by constantly showing them the sale banner or knocking down pieces of their shopping cart because

Ways to measure growth hacking success:

Growth hacking is analytics-driven. Analytics helps identify where growth hacking efforts are successful. Using the right tools, it’s possible to measure any problem in product analytics, web analytics, or everything.

This will provide you with a better understanding of what measures to take rather than creating guesses, and create a more accurate report on whether your efforts were successful or not. Google Analytics is just one of many tools that can be used to measure certain aspects of your company’s growth hacking strategy, such as customer satisfaction and monitor how customers interact with advertisements.

Growth hacking success stories:

Here are some of the most popular growth hacking success stories.

• Dropbox: Dropbox uses to encourage its users to get referrals with additional storage
• Facebook: Facebook has created innovative growth hacking techniques such as encouraging people to add their friends and family so that they can share content within their circle on Facebook. They also increased signups by getting users’ friends and family to invite them and increasing the email invitations and reach of posts and promotions across the social media site.
• Hotmail: Hotmail provides a free email account with the option of adding the Hotmail brand to users’ signatures without having to create HTML code.
• LinkedIn: One-click endorsements 
• Youtube: Youtube’s embed feature makes it easy to help spread your video on other sites 
• Airbnb: Airbnb used cross-posting to free on Craigslist.
• Twitter: Automated mobile and emails notification.

Conclusion:

While there is no singular solution that will resolve all of today’s pain points in marketing campaigns, this doesn’t mean that you should abandon the idea of using new hacks in your campaigns. One, these hacks are often created with nuanced market insights to address specific issues; two, it’s important to find what works within your own business by adding diverse tones and tones of creativity; three, see what initiatives work for your company.

The conclusion of the article is that new growth hacking strategies are needed in a competitive environment. Your audience isn’t regularly exposed to flu creative marketing campaigns, so it’s up to you to think of inventive methods to get ahead. No single hack fixes all frustrations–remember to keep trying new tactics and also apply what has always worked.

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