In such a competitive market, talking about growth is practically a matter of survival. And Growth Hacking is a term directly related to this demand. What exactly does this concept mean, and why is it so important to business? How to implement this intelligently and effectively in management? Does it work?
Anyway, if you are looking for these answers, this post is for you. From now on, you will have the necessary knowledge for this implementation. Follow up!
What Is Growth Hacking?
Growth hacking can be considered a set of technologies aimed at growing a business or even a mindset of general evolution through experiments based mainly on data.
The origin of the hacking concept dates back to 2010 when Sean Ellis first used this term that has been popular among startups because of limited budgets and resources. Since then, more people have stood up and started calling themselves:
- growth hacker;
- growth marketer;
- technical marketer;
- data-driven marketer or head of growth.
How Important Is Growth Hacking In Validating Data-Driven Hypotheses?
Having a growth hacking mindset helps the business improve data-driven decision-making processes. Where to focus your time and resources for the most significant impact? Which improvement would bring the most growth based on the data from our experiments? What kind of user is most valuable?
Growth hacking leverages a series of features and functionalities, such as big data and artificial intelligence, to leverage the analysis and validation of hypotheses to identify gaps and generate growth insights, testing extensive and complex amounts of data.
Why Apply Growth Hacking In Companies?
There are several justifications for implementing growth in companies and achieving growth. This process is highly beneficial and generates some positive responses, such as improved ROI, cost reduction, and the use of fewer resources for effectiveness. See now other reasons for this application.
Through constant experiments and tests of data-based growth, it is possible to increase the level of learning in business management. And from there, generate new insights, improvement actions, and problem correction.
Possibility To Run Multiple Experiments Simultaneously
A growth hacking solution should allow running multiple experiments simultaneously. This is critical to scaling analytics and accelerating the evolutionary process.
Achieving Micro-Growth To Achieve Macro-Growth
It means that you can print actions together to generate evolution at specific and more realistic points to provide an accumulation and make the business grow in general.
How Does The Growth Hacking Process Work?
The main intention of growth hacking is growth. What kind of growth? Any type, for any purpose. It also doesn’t matter where and how you achieve growth, as long as you reach it.
Being growth hacking is being creative, resourceful, analytical, and with a single growth goal. In addition, growth hacking can work as a marketing strategy, employing analytics to figure out the best way to achieve a company’s goals and situation to gain needed traction.
Finally, growth hacking can be leveraged based on a data-driven model. This is because all technologies can converge to treat large amounts of information and exploit them to obtain business evolution.
How To Apply Growth Hacking?
You already understand that it is a growth process. However, evolution needs well-defined foundations to support development, such as:
- Product / Market-Fit;
- reliable data for analysis; and
- practical execution based on business skills and knowledge.
It is possible to implement it in a business from these consolidated pillars. There is no magic formula for growth. However, the main application steps are:
- identify growth bottlenecks;
- configure growth;
- analyze and implement strategies;
- repeat the cycle constantly.
How Important Is A Big Data Solution In This Scenario?
Until recently, understanding people involved a laborious market research process fraught with all sorts of possible biases and errors. Today, we have direct access to people through several tools, including:
- social media
- IoT ( Internet of Things ) devices;
- POS systems (point of sale);
- website analysis.
With so much data available, the issue becomes managing and making sense rather than generating data. And that’s where the importance of a solution the size of Big Data comes in, essential for the new consumer journey.
Growth Hacking And The Buyer’s Journey
There is no doubt that the growth of a business is closely linked to the expansion and maintenance of active customers. And this mainly impacts the new consumer journey, which is much more digitized and complex to predict, making it necessary to use intelligent mechanisms such as Big Data.
Big Data And Growth Hacking
In this scenario, big data and growth hacking naturally go hand in hand. Without the clutter and noise of formal experimentation, big data provides answers to questions you may have built experiments to answer.
Also Read: My Basic Google Small Business Toolkit