Would you like to know how companies like Groupon, Airbnb, or Dropbox became successful? In this day and age of the internet, “slow and steady” does not always win the race. Successful startups widely use growth hacking strategies to accelerate their success.
Introduction of Growth Hacking
Growth hacking is a practice that combines technical, social, and marketing tactics to maximize your website’s growth. It involves finding the right audience for your product, identifying their needs, and addressing them creatively. Growth hacking is one of the hottest topics in the world of internet marketing. You can find it everywhere, from books to blogs to podcasts. It’s even become a verb — growth hackers are people who hack into growth and make it happen.
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Measuring Growth Hacking: Key Metrics
We have said that growth hackers are obsessed with strategies that grow businesses. Growth hackers usually prioritize getting new clients and scaling their business. Then, they develop, implement, and test ideas for achieving their goals.
When planning a marketing strategy, determining how to measure success is important. Many growth hackers use “pirate metrics.” These metrics get their name from their initials: AARRR. Sounds fun, doesn’t it? It’s also effective. The growth hacking funnel represents five stages:
- Acquisition: getting new customers
- Activation: convincing customers to use the product
- Retention: keeping customers and reducing churn
- Revenue: making money
- Referral: getting other people to refer new customers
Each of these is essential for having a thriving, successful business, as you can see.
How Does Growth Hacking Work?
We’ve talked a lot about the basic principles of growth hacking. Now, let’s dive into how it works. The most basic concept of growth hacking is to figure out what users want and then give them exactly that. If you look at any successful company or startup, you’ll see that they have one thing in common: they’ve figured out what users want and provided it to them.
Let’s say you wanted to sell a product online. You could go through Amazon and buy 10,000 different items, but there’s a better way. You could go through Alibaba and find a manufacturer in China that specializes in selling just the right amount of products to you for cheap. Alibaba would be happy to take your money, and you’d get exactly what you want. The same principle applies to businesses and startups. If you want to grow, you need to figure out what users want and give them exactly that. This is the basic concept of growth hacking. There are two parts to this: figuring out what users want and giving it to them. Let’s start with the first part. Finding What Users Want In the beginning, we focused on understanding users through our research. We found that they want.