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Growth Hacking

What is growth hacking?

Growth hacking is the general term for strategies whose only purpose is growth. Growth hacking is carried out via creative and inexpensive strategies in an attempt to maximize growth in a very short period of time.

In order to gain competitive advantage over the competition, the steps taken or strategies followed by any growth hacker is primarily focused on growth.

  • Why growth hacking?

    Growth hacking is more effectively used in startups, where a new introduction to the market will take place. It focuses on boosting the growth, but at the same time keeping the costs as low as possible. The lower the amount of money spent on gaining new customers, the better it is. 

    Achieving long term sustainable growth should be the priority when it comes to growth hacking. Optimizing the marketing practices followed and a better lead generation is the key factors that must be followed.

  • How to implement growth hacking to your business?

    1. Make sure the products you are offering will directly impact the market. They have to be ‘product-market fit’ .
    2. Make sure your goals and targets are defined and you know where you want to take the business. These targets should be reachable targets and most preferably split up into smaller chunks.
    3. You need a data focussed approach, and need to track results in order to make sure that you are doing the right things to keep the hype going for the product or service that you are promoting.
    4. Testing the products before official launch date, and taking action according to the feedback from users. It will help improve the quality of the product, as well as making it fulfill a bigger demand.
    5. Improving on the product after the initial feedback from the testers and customers, and checking if the product fits the target market. If not, then the target market has to be re-thought. 
  • How to measure growth hacking performance?

    Since growth hacking is mainly about startups, there isn’t much to track in terms of growth hacking performance. There's either a fast growth or a failed attempt. 

    This might sound a bit harsh, but unfortunately this is how business works with startups. That is the sole reason why even the best marketers are having a hard time in their growth hacking attempts. You need to have more than just being a good marketer. Being investigative, coming up with innovative solutions and approaches which won’t cost a lot for the startup is another aspect of this growth hacking concept. Only then can a growth hacker achieve the booming growth in the businesses customers.

  • What is a growth hacking strategy and how is Saypr implementing it?

    It is a fact that businesses which do not grow end up disappearing, with a one in five new businesses not making the first year mark, or nearly half of them not making the five year mark. So growth is essential and companies must try everything to get more customers in, and of course to grow.

    This is where growth hacking strategies enter the lives of businesses. In order to gain traction and increase their customer bases, most companies follow this path. Growth hacking is the use of strategies that help businesses (both new businesses and old businesses) grow, with the only focus being on growth and nothing else. 

    For growth hacking, there are three different strategies used, one of them is content marketing which uses content to promote a business, then there is the product marketing which uses the product to promote itself, and finally paid ads which are all about advertising. The sole aim of these three strategies carried out is to improve the phases of the growth hacking funnel. These phases being; acquisition, activation, retention, revenue and referral.

    To be able to successfully carry out all of these above listed items, we need a good product which will impact the market. Then we split up the goals into reachable, small and actually achievable parts. While these take place, our team follows the data driven approach, where we track everything that will give us insights of how we are doing and where we stand. 

    The quest to improve and further the evolution of the product keeps on getting better and better and it does not stop once the product is released to the public. We use the positive and negative feedback on improving the products. This way the quality is raised to much higher standards. 

    Besides the things that can be controlled by us, we try to understand the stuff that are out of our control. We try to understand our customers, and their behaviours, their customer journeys. We try to make good predictions on their journeys and decisions, and try to evolve the products according to those feedbacks, in an attempt to increase customer satisfaction and boost growth.

  • Which companies should choose Saypr for Growth Hacking?

    Every company needs to carry out growth hacking in an attempt to grow their business, otherwise they will face hard times. In such a competitive and harsh environment, running a company with so many changing conditions

    is hard, let alone growing it will be extra hard. But this should not be seen as a reason to slow down, rather it should be seen as a driving force to the company’s managers to do everything in their power to keep the company going. 

    When companies approach Saypr for services such as growth hacking, what we do is, we first listen to what they have to say and we observe how they view their own situation. Then, we do a thorough research on the case and come up with critical notes and questions that we direct to them. We make them think about the ‘if’ questions, which in some cases, the types of questions that they may not want to hear. These are to catch their attention to what might happen if they do not carry out a sustainable growth. Some similar instances of successful and failing companies of the same caliber are also studied, and after all this, they become big supporters of growth hacking practices.

  • Small To Medium Size Companies

    Small to medium companies have a hard time at first, up until they get things sorted out for their business. In order to be able to shine among all the competition out there and convert as many of the potential customers, they need a well equipped marketing team that will carry out the data driven approach to execute the appropriate growth strategies and to take them above and beyond their competitors. This is not an easy task, but it can be done. It needs a very strategic approach, a planned business approach, and good products. When all of these comes together, and the marketing team is doing a good job in terms of analyzing what the data is telling us, then growth will come.

    The important thing to keep in mind is, we are shooting to reach sustainable growth, and not short-term success. That is why it might take a little bit more time to get there, but eventually the business will hit the targeted growth if all these are patiently carried out.

  • Large Size Companies

    When it comes to larger companies, they have already made it through the initial stages and reached a solid customer base. They generally have more people on board at every position within the company and they most probably have a lot of people in the decision making stages. These people might tend to do things the conventional way but one has to believe in the growth hacking attempts in order for the growth hacking practices to be successful. 

    Actions to be taken include setting up tools such as a tracking pixel of Facebook ads platform to see who the actual users were. With this data, the Facebook ads can be played around a bit and retargeting can be used for a better and more fine tuned ad that will reach the actual target audience.

    Also A/B testing to see how different ads with different images and text will perform is observed to find out which ad works the best. By observing the clickthrough rates and conversions for these ads, the best performing  one is chosen and proceeded with. This is the overall data driven approach which will be followed by larger sized companies in order to boost growth of customer base and generally growth towards the products that they just released.

  • How much will Growth Hacking cost your company?

    Growth hacking takes time, regardless of what the size of a company is. The amount of work that it takes to reach the targets do change with the type and size of company, the preferred social platforms, the quality of the provided content and the target audience defined by every single company. But with the data driven approach, we generally manage to keep these durations to a minimum, and we try to get more things done in shorter time frames. The faster we go, the lower the prices we can give our customers. It is not the cheapest service to get, but it is one that is very beneficial to have.

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