Growth Hacking in short is acquiring more users at lower cost with smart marketing techniques
Growth Hacking is a scientific exercise to identify areas of high growth, branding and penetration opportunities and execute smart techniques to convert a lot users to customers.
These steps are part of ideating and implementing growth hacks used by our agency.
1. Market Research
First, we conduct a study of the current market conditions to understand the market potential. In addition, we do additional ground research to identify any potential factors (local, national or international) that can affect our plans and product positioning.
2. Niché Research
Your business’s current industry is evaluated and potential ascertained. Also, we look for potential opportunities left out by competitors and strategic gaps that we could fill and win. (Over Simplified Example: Social Media Optimization gap left by competitors)
3. Consumer Behavior
Latest psychological surveys and most recent online consumer behavioral patterns are studied and potentials areas to target are devised because it is important to position the brand where the consumer has maximum attention. (Over Simplified Example: Utilizing Snapchat over Instagram for certain industries)
4. On Site Consumer Behavior
The current behavior of users on your website is studied and this includes but is not limited to all the basic aspects of bounce rate, referrer, duration spent and heatmaps. Potential UI/UX and any other deficiencies are also identified. (Over Simplified Example: Changing font type and size and using pop ups from right side instead of left)
Various avenues that are identified are sorted by the ease and reach (ER Index – Internal Term). Using the data, unique and catchy ways are identified in order to position the brand and get maximum conversion rate (Over Simplified Example: Offer a beer for 1 Rs and increase overall profit and conversion by 150%)
6. Opportunities to Target
After the ER index is ready, the top hacks are discussed and potential fallacies previously unconsidered are run through. After discussion, the best strategies that make the cut are shortlisted for execution.
7. Integrated Strategy
The multiple strategies could be an offline branding + website redesign + marketing on social media. An integrated plan with timelines of execution is devised in order to ensure there is no drop of the ball.
8. A/B Testing
Various combinations are made and a dry run is made to a limited number of customers in order to single out the best performing assets. The assets that emerge as winners from A/B test are chosen for final execution.
9. Growth Hacks Execution
Seamless execution and constantly monitoring results in order to make adjustments to the campaign. Typically, the adjustments take about a few weeks and a proper hack is ready to be taken to a large scale audience.
Monitoring the results consistently to check for any major on-the-ground changes and measurement of the obtained results.
Hope you have enjoyed our take on Growth Hacking. We divide the steps into processable stages (4 to be precise). This infographic will give you an insight into how growth hacking works.