Marketing as we know is dead, Growth Hacking arrived!
Growth hacking has revolutionized the way online companies, small businesses, and corporations think about growth
Most business experts consider growth hacking more of a business philosophy instead of just another marketing fad. This is because growth hacking is more than just a clever advertising campaign. The growth hacking philosophy involves catering your marketing strategies and product development (digital or otherwise) to the physical and digital analytics and data that have been constantly measured and observed in a business’s consumer base.
Instead of developing a new advertising strategy the very next year, companies implementing growth hacking strategies continously refine and revise their marketing, giving the business a chance at both repeating old numbers, as well as reaching new goals. Is a whole process of learning from the audience and building marketing strategies and products that customers really want, instead of a big set of assumptions. As a consequence, growth hacking is more about the process of “marketing,” as opposed to the actual “marketing” itself.
If you are new to the holistic, digitally-driven world of growth hacking, all of the terms and ideas involved with the strategy can be intimidating. The guide below will help you understand some of the concepts behind growth hacking, along with teaching you how to grow your business online.
Key Performance Indicators
Key performance indicators – or KPIs – are numbers that quickly tell you how your business is doing. For example, if you sell magazine subscriptions, your KPIs would tell you how many subscriptions you sold in the last day. Other key performance indicators would involve how many people unsubscribed from your magazine, as well as how many people subscribed to the magazine in the last month. Remember, KPIs are not irrelevant pieces of data – they are important clues as to how your business in growing or declining.
This concept builds on the idea of something “going viral” – reaching a significant number of people – on the Internet. This number succinctly indicates how many new subscribers, users, or buyers your current consumers attracts to your products or presence via social networking and other informal modes of Internet communication.
Cohorts are a bit more specialised than key performance indicators, as they show you how many new and returning consumers your business receives per month.
Like cohorts, segments are a particular group of your consumer base – male consumers is a segment, as is female consumer. Segments track how these specific types of consumers are engaging and interacting with your product or services.
Consumer Acquisition Cost
Consumer acquisition cost (CAC) analyses how much marketing money is required in order to entice one new consumer into buying your goods.
Growth Hacking helps to understand with facts and numbers how effective marketing strategies are, to change/optimize them, increase/decrease budget if required until goals are reached, instead of waiting to the end of the year or period to realize that the strategies didn’t work out. The times for thinking that marketing is not tangible are gone!