This Growth Hacking term, a bit barbaric, comes straight from Silicon Valley and the many startups that are constantly being created there. Nowadays, large companies other than GAFA (Google, Amazon, Facebook and Apple) start recruiting teams specialized in Growth Hacking & marketing.
But what is Growth Hacking?
This principle aims to quickly create growth for a startup or business through all possible means like seeking financing or marketing. The latter is very represented in this quest for development, that is why the term Growth Marketing was born.
Explanations of Growth Marketing
Strategy to create growth through marketing is built around 5 complementary axes. To do this, the data analysis is essential because they will allow evolving the strategy and the means quickly.
The 4 steps:
- Acquisition: Acquiring awareness, traffic, …
- Activation: Increase conversion rate, Convert to purchase, newsletter registration, application download, use A / B testing, …
- Retention: “Churn” rate, Surrender the buyer, increase the average basket, …
- Viral / referent: Push the customer to recommend the service or product, pay or reward it, …
- Income: Important point, the company must earn money intelligently. Statistical tools and data will help you know if everything is going well or not
Do not hesitate to combine originality and creativity in web marketing. Of course, some means of communication are unavoidable but with a follow-up of the behaviors of the target (prospects and customers), it will anyway be effective.
Known examples of Growth Hacking
For example, Dropbox, the global leader in cloud storage (online) that offered free space to acquire but added extra space when customers recommended service to their friends via email. The acquisition cost is low for a large number of customers in a few months.
The world’s largest social network created in 2005 by Mark Zuckerberg has chosen to play on its side reserved for elites. Basically, developed for students from Harvard in Boston, it has been expanded to major universities like Yale, Columbia or UCLA. This characteristic of “select” has aroused the desire to belong to it and thus the number of registered to explode to exceed in 2016 the billion.
The company from Silicon Valley to Little Bird has set up growth hacking right from the start with the Alpha testers. The startup noticed a lack of interest in the application after 2 to 3 days of use. Twitter tried to avoid the classic re-launch by emailing but it preferred to put in place recommendations of accounts to follow to gain in interactivity and thus in retention. The number of assets on the mobile app has exploded.
In conclusion, growth hacking or Growth Marketing will allow to quickly gain in growth and notoriety thanks to the originality in the web marketing and thanks to an increased analysis of the data (or data) that one disposes but which requires a significant marketing budget . Be careful though, it is a short or medium term solution that allows to pass the desired course by investment funds or for a possible redemption.