Growth hacking will be the subject of our article, and we’ll discuss some of the ways you may use it to develop your company.
As an entrepreneur, you’re constantly seeking for new methods to expand your company. You’ve attempted traditional marketing approaches, but you’re always seeking for fresh and creative ways to reach out to your potential customers.
What is growth hacking?
Growth hacking is a method of identifying the most useful ways to build a business through quick experimentation across marketing, product development, sales, and other channels.
Sean Ellis, a businessman and strategist, created the term “growth hacking” in 2010. It’s a growth-oriented marketing strategy that can be incredibly appropriate for small companies.
thi is essentially a “hack” – a company that uses it is seeking for low-cost, yet effective, and unique ways to achieve rapid growth in a short amount of time. It’s all about trying something new and putting all of your team members to work in order to accomplish success.
To figure out what works and what doesn’t, the process entails speedy concept generation, experimentation, assessment, and evaluation.
The following factors will be discussed in this article:
- Learn what growth hacking is and how to get started with it.
- The advantages of growth hacking and how it might assist your company
- Suggestions of successful growth hacks
- How to start growth hacking now with Skhokho’s goal-setting and monitoring tool (OKRs).
How to get started: Growth Hacking
This question does not have a simple answer, since the best way to get started with growth hacking depends on the specific circumstances and goals of a company. Nonetheless, here are some tips for getting started with growth hacking:
- Determine the key growth metric for your company: Setting goals and measuring success will be difficult without identifying the metric you are trying to grow.
- Once you know what you want to achieve, you should create ideas as to how you can achieve it. Brainstorming sessions can be used or the experiences of other companies can be examined.
- After you have a few ideas, you need to test them to see what works best.
- Analyse and measure your outcomes: After you’ve tested your ideas, you should evaluate and observe the effectiveness to discover what’s effective and what’s not. This will give you the data you need to figure out which growth hacking tactics are optimal for your company.
The benefits of growth hacking
Traditional marketing can be costly, and its effectiveness cannot always be assured. Growth hacking, on the other side, is a significantly more cost-effective method of marketing your company.
Growth hacking is a simple approach to increase the size of your company. It’s not about waiting for results; it’s about getting them fast.
The goal of growth hacking is to use information to monitor your promotional strategies. This helps with keeping track of your progress and make adjustments as needed.
When it comes to growth hacking, you have to think creatively. You must keep an open mind in order to find new and creative ways to approach your market segment.
Growth hacking is a powerful tool for accelerating your company’s growth. It’s not a miracle solution, but if done right, it can be incredibly successful.
It’s all about obtaining results when it comes to growth hacking. Almost any growth hacker is looking for the most efficient strategy to expand a business.
Growth hacking is a marketing strategy that moves at a breakneck speed. This necessitates a rapid implementation of new ideas and testing of their efficacy.
Team-oriented. Growth Hacking
Growth hacking is an activity in which people work together to achieve a common goal. It necessitates strong cooperation among several departments, including advertising, product development, and manufacturing.
Examples of growth hacks
Airbnb is an excellent example of a business that has benefited from growth hacking. Among of their most well-known growth hacks was the creation of airbnb.com/cities, a subdomain on their site dedicated to city searchers. They were able to boost their SEO as well as increase web traffic as a result of this. Bookings increased by 20% as a result.
Dropbox is another organisation that has profited from growth hacking. Since they provided consumers a free 2GB storage space if they joined up for a subscription, it became one of their most recognised growth hacks. This mostly enabled them to gain new customers, but it also motivated existing customers to recommend the services to many others. As a result, they observed a 60% spike in registrations.
One of their most well-known growth hacks was the creation of the “People You May Know” functionality, which suggested new connections based on existing relationships. This not only helped them gain new users, but it also motivated existing ones to visit the site more often. They reported a 50% increase in signups as a result of this.
One of their most well-known growth hacks was integrating with other well-known sites like Facebook and LinkedIn. This not only helped them gain new users, but it also motivated existing users to visit the site more often. As a result, they observed a 400% spike in registrations.
On popular platforms like Tumblr and Etsy, they introduced “Pin It” buttons. This also helped them gain new customers, but it also motivated current customers to return to the site quite often. As a result, they experienced a 700% increase in subscriptions.
Facebook is an excellent example of a business that has benefited from growth hacking. When they developed the News Feed function, it became one of their most recognised growth hacks. This not only helped them gain new users, but it also motivated existing ones to visit the site more often. As an outcome, signups increased by 100 percent.
When they connected Gmail with other popular services like Google Calendar and Google Drive, it became one of their most well-known growth strategies. This not only helped them gain new users, but it also motivated existing users to return to the site more often. They reported a 300 percent spike in subscriptions as an outcome.
How to use Skhokho OKRs: Growth Hacking
The OKR (Objective Key Results) tool in Skhokho business software is used to create and track objectives and key results. OKRs are good for growth hacking since they provide the following benefits:
- The option to set goals for every department in your company, as well as teams and individuals.
- Ability to develop Key Performance Metrics that support the core goal
- The ability to update your measurements on a regular basis and report on their development.
- Feature that allows you to add actions or activities (things to do) to move the metric ahead.
Growth Hacking and OKRs
The growth metric
An objective can illustrate this. Using Skhokho OKR, define the following objectives:
- The objective’s title
- Identify if it is an individual or a team objective
- Specify the area and person in charge of the goal.
- Choose the start and end dates for when the goal must be completed.
- Describe the purpose in detail.
Key results are nothing more than a breakdown of the goal; in the context of growth hacking, they would both fall under what you’re trying to achieve (number of users to revenue). You can divide the specific aim into individual milestones and results, and then evaluate each individually.
Develop and evaluate concepts.
After you’ve decided on a target and important outcomes, you can move on to the next step. After you’ve set the target and key outcomes, go to the Key Results detailed page and start brainstorming with your team about how you can move the key result forward. Start thinking with your team about what you can do to move the important result ahead on the descriptive page for Key Results.
Every concept can be written as a task to be completed and assigned to a specific person.
If your main outcome is to get 100 new sign-ups, for instance, you’ll need to discuss with your staff to come up with ways to accomplish this. Some suggestions involve:
- Influencer outreach and partnering with relevant influencers
- Prospecting potential clients on a cold basis by using LinkedIn sales navigator
Any ideas you have can be documented as actions on the key results page.
Measure and analyse
In growth hacking, this last step is crucial. This involves determining whether or not your ideas work immediately.
You can only determine this if you are measuring a metric. You’re well sorted with Skhokho OKR software, given brainstorming takes place within a measurable Key Result.
You may now keep track of your progress toward the goal by updating the measure on a regular basis.
Get started with growth hacking using OKRs on Skhokho Today
Register for a 14 day trial today – https://skhokho.io/authentication/register
Read more about OKRs – https://skhokho.io/objective_key_results_okr_software