What Is Growth Hacking - DSers eCommerce Basics

Growth Hacking

Growth hacking is the practice of rapidly experimenting with various product development and marketing strategies.

What Is Growth Hacking

Growth hacking is the practice of rapidly experimenting with various product development and marketing strategies with the intention of fast pivoting depending on immediate results and possibly lucrative prospects. It’s one of the essential strategies for small businesses. 

When it comes to growth hacking, there are no rules to follow and no particular tools or instructions are required. Instead, you establish the guidelines and decide how to best cater to your audience and potential clientele.

Why Is Growth Hacking Important

Startups in their early stages of formation do not have big pockets of budget to invest in paid social and paid search in the online marketing environment, and they clearly do not have enough bandwidth to compete with the industry's top players. The need to invest a lot of money is eliminated via growth hacking.

Growth hacking is then utilized in this situation. Instead of focusing a large amount of the budget on marketing, this strategy further increases creativity and innovation to reach a wider audience.

How Does Growth Hacking Work

The way that growth hacking runs is to concentrate on development as the measure of success. To put it another way, your focus is mainly (or entirely) on growing your company as soon as possible through virality, client acquisition and retention, online traffic, and interaction on social media.

How to Get Started Your Growth Hacking

Let’s see how to start growth hacking for your business: 

  • Determine your target audience and goals

Understand your target audience and the goals you set for using growth hacking. A detailed search must be launched, and an audit report must be prepared using the lessons discovered during this phase. Not only the market, but also your current marketing campaigns, must be assessed to see whether there is an opportunity for growth.

  • Brainstorm for new ideas

Learn from your opponents' mistakes and what resulted in their failure. Determine what the target audience requires from the products and services. Determine the newly released features. To come up with fresh ideas, do teamwork brainstorming.

  • Priorities

There are so many things to think about as any feature will be considered the top priority. Therefore, the growth hacker’s mission is to consider and decide what will become the priorities.

  • Launching the test version

Now that you hold all the completed audits and analyses in your hand, start putting your growth hack tactics into action. Never stop trying, and keep running the process in many situations to have a comprehensive understanding of how your idea will be implemented.

  • Analyze and draw the conclusion

Make a record of the entire procedure, then use the data to draw a conclusion. Continue the growth hacking process until you get the desired result.

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