• Innovatoria
• | October 23, 2017
• | Digital Marketing Blog, Growth Hacking Marketing

What is growth hacking?

What is growth hacking marketing?

Growth Hacking Basics:  A new way of doing innovative marketing through technology. Growth hacking marketing is a digital approach of doing marketing with less or no money. It usually creates approaches and mechanisms, through technologies, that work especially for the products they are designed for.

• This is a creative thinking, an omnipotent technique, which strives to find the most appropriate target groups, that will become brand advocates.
• The growth hacking marketing is focused only on Sales growth, brand awareness is not a goal for the growth hacking.
  When you promote your products or services, with growth hacking tools, the only short and long term targets are growth.
• The segmentation is a critical procedure. Most efforts are spent in doing the most precise target group segmentation.
• It is not important to advertise to a wide group of potential customers, but to the right ones, because with growth hacking thinking we want to reach them now and make them our ambassadors. They will like our product so much that they will become its advocates.

Why? Because they are the right people for our product.

When growth hacking is needed?

Growth hacking marketing is appropriate for startups, for technologies and for web based businesses. The virtual environment is the one that spread the news like a virus. Growth hacking is working with a viral effect. People are becoming your product advocates only with “Word of mouth”.

Growth hacking for Startups

This approach is working with small or no budget, because the unique mechanism, tool or idea is usually generated and executed technically by the company team. Growth hacking in terms of budget is similar to Bootstraping, when the business uses only alternative and creative way to promote itself.

Who is doing growth hacking?

Growth Hackers are people with a wide range of technical and marketing skills. A real growth hacker should be aware of all digital marketing techniques as well as basic coding and web design.

How growth hacking works?

It uses lot of data analytics with the only purpose to identify the perfect market segment for our product. If the right tool is found the effect of the growth hacking actions should have viral effect and should spread the product features as a disease.

Where to find a growth hacker?

Growth Hacking Agencies are usually digital marketing agencies. Some of them work only with startups, because the actions with a starting company are giving more freedom, the MVP (Min Viable Product) is still under consideration and ready for development. There are lot of freelancers working as growth hackers. They should be aware of all trends of digital marketing, techniques and innovative approaches. There are lot of popular growth hacking tools applicable for starting business.

For what businesses growth hacking is appropriate?

Technology companies, SAAS products, even standard fast consuming products. Growth hacking is appropriate even for mature products, which need rapid growth.

What to expect from growth hacking marketing?

1. Analysis of your product current value, recommendations for improvement;
2. Product Market Fit
3. Precise segmentation of your target group;
4. Identification of approach and channels for target group outreach;
5. Brainstorming on unique and innovative mechanism to reach the segment;
6. Outline of a strategy for Customer Retention and Conversion Optimization