Are You a Growth Hacker?

Growth Hacking 101

growth hacking 101Technology and buzzwords go hand in hand and for those out of the loop, it can be hard to keep up with all of the new lingo and jargon. As we move into 2015, it seems that growth hacking is one of this year’s buzzwords, but despite its unique daunting name, its meaning is simple.

A growth hacker is a person who has the skills in starting as well as growing a business from scratch, although they don’t necessarily have to have been involved with a business since day one. Basically, it’s someone you want working with your company because their job is to grow your company, but how will they do that? You do want to see effective growth, right? So how do you apply the skill set of a growth hacker effectively?

Firstly, it’s good to remember that your growth hacker is not a short-term solution. Instead, they can actually drive your business forward in a sustainable manner. Something that has long-term benefits.

So what is Growth Hacking? Is it worth the attention?

Growth Hacking is when a marketing person or rather a business has thrown out the playbook of traditional marketing and replaced it with the only what is trackable, testable and scalable. Tools such as e-mails pay per click ads and blogs are commonly used instead of the typical advertisements of commercials, publicity, and money. Whereas their marketing brethren are busy chasing vague notions such as branding and mindshare, growth hackers relentlessly pursue users and growth. If done correctly then those users beget more users, who later beget more users and the chain continues. Think of the way you were taught to approach marketing in business school and erase it. What’s interesting is that growth hackers are inventors, operators, and mechanics of their own self-sustaining as well as the self-propagating growth machine that can take a startup from nothing to something. Who wouldn’t want that?

How Can I Growth Hack my Business?

The best way to growth hacking is by asking your valued customers a few questions. Why do you prefer our products and services? Growth HackingWhat is holding you back from bringing other people to us? What product or service do you love? And many more. Ensure you don’t ask your friends or random people. Be strategic about it and use tools such as SurveyMonkey, Wufoo or even Google Docs, which make it very easy to offer surveys to some or perhaps all of your customers. Invite business contacts to use this service. The best way to get people to do this enormous favor for you is by making it seem like it isn’t a favor. Just make it the kind of thing that is worth spreading.

Top 5 Benefits of Growth Hacking: Why Use Growth Hacking to Grow Your Business?

Here are the top five benefits of using the techniques of growth hacking for your business.

Saves Money

At times, growth hacking can be a pain in the ass. Therefore it can be a very cost-effective way of promoting your brand. Rather than the traditional TV commercials, print advertising, and billboards, growth hacking concentrates on new cost-effective and measurable techniques to promote your business. Collecting adequate information on the success of the growth hacking strategies using real-time data allows you to determine the success rate of each and every plan. Strategies used by growth hackers are relatively low cost, therefore, they have more room to fail without costing the company lots of marketing dollars.

Builds Customers Relationship

When you position your company as an expert with lots of relevant and informative content, you will certainly build your network and make past and current customers experience a positive feeling from working with your company. Customers always want to feel good about their purchase. If your clients have a positive experience with your company they are more likely to interact with your new content and praise your expertise in the digital domain. It is without a doubt, the most terrific referral source to tap into and a unique way to stay in touch with past and current clients. Social Media is connecting everybody, let it become the new “magnet on the fridge” or rather a “business card in your wallet?” Make use of this invaluable connection to stay in touch and ensure you interact with past and current clients.

Organic Growth

Growth HackerThe number one goal for a growth hacker is to grow the visibility and following of a business. Diverting the focus to this goal makes them constantly try new avenues, platforms, and strategies to reach the online consumer. Basically, they will sign up for anything that can help achieve the goal of online visibility. The good thing is your online presence begins to grow organically through channels, content, and comments used by the growth hacker. The more you are actively participating in them, the more likely your business will organically grow with time.

Focuses on the Big Picture

More times than not we are busy focusing on the day to day, hour to hour and minute to minute tasks and responsibilities of the business operation. What most of us don’t know is that this does not focus on the big picture goal of every business. Using a growth hacker or growth hacking marketing strategy to guide your marketing keeps someone focused on the growth of the business. Businesses are either declining or growing, there is no middle ground. Ensuring someone is focusing on the growth of the bigger picture ensures you are focused on the main goal of growth.

Increased Online Visibility

Growth hacking somewhat of a volume game. However a growth hacker will not try to appeal to the masses, but rather he/she will attract those who already expressed interest in your offering. The more relevant and useful the content your growth hacker shares online, the more likely it will attract current and new clients to your online presence, creating a receptive audience. The more useful and relevant your content is, the more value your online presence has to potential or existing customers. Good content and information position your business as an expert. Most people want to deal with experts and will seek the advice of an expert when they are in need of help as well as keep their current business and referrals with that expert. Positioning your company as an expert will build a network and also make past and current customers feel good about their experience.

The beauty of Growth hacking

Okay, so you’ve done it. Your site is successful, users are bringing friends and generally your concept has become a household name. What next?

Do It Again! You can apply all of the above to whatever business concept you have. If it has legs, you will hit the ground running. Start now!

Bottom Line

Well, well, well. There you have it. Growth hacking works because of its huge reliance on its users. An understanding of who really wants your product greatly improves your chances of it being a great success. Continuing to analyze as well as understand the target audience basically means your business will continually grow with your initial users while giving them what they want. What’s more is you should also retain a buzz around your products using social media to really drive up the results and further growth.

Ready to Growth Hack Your Business?

Images with No Text Get More Action

Facebook Advertising Case Study

Facebook Likes Advertisers who Test their AdsRecently I was tasked to run a national campaign for a client. The client has a very specific demographic making the campaign a little easier to run. Any good inbound marketer will tell you to constantly monitor ads for reach, CTR and conversions.  Ads should also never run with the same image/content for more than a week or 2.

That works out well for this particular campaign because there is a different conversion every week so I am almost forced to change the ad weekly.

What I Discovered

Marketers will always tell you one thing works over another, and they are the experts so you will likely believe them. However without proof they are just spewing hearsay. I will provide you with proof that Facebook Ads using an image without text perform better than ads with an image.

For this particular pair of ads I used the exact same ad copy, the exact same target markets and the exact same demographics. In fact it is the same ad with one difference.

For Ad A I used an image with text.  For Ad B I used the same image without text. Really not to significant one would think but it actually is.

Drum Roll Please

The Ads will stop running the day of this post. With about 9 hours left on the ads here are the results….

Ad A-Image with Text: Clicks 202 | Actions 185 | CTR 1.70% | Avg CPM $9.04 | Avg CPC $.53

Ad B-Image without Text: Clicks 553 | Actions 442 | CTR 2.12% | Avg CPM $8.28| Avg CPC $.39

Not only did the Ad B perform much better, more than doubling the clicks and actions, but it cost less money.

Facebook Ads A/B TestingWhat Does It All Mean?

You might be getting different results than me, I don’t know.  Perhaps your demographics are different than this campaign. For example, I would not consider the images I am using with an all-male audience. I am sure someone will try to challenge my findings and maybe it’s true, maybe you achieved different results. Show me the proof as I would be very interested in seeing them, and sharing them with my audience.

What this really means is you will want to test your ads, and constantly tweak them to maximize your potential conversion rate.  Don’t set it and forget it. I tell my clients all the time that the set it and forget it method of web marketing will not achieve long-term goals.  You may see instant gratification but is that what your business needs?

You will also want to use the Power Editor to manage your ads. Recent updates to the Power Editor make advertising to very specific demographics, editing ads and managing ads even more robust.

Ready to start a digital marketing campaign?  Need help with your Facebook Advertising? Contact me using the form to the bottom right or click here for a free, instant assessment of your current efforts.