If you’re part of the small business world or have been looking to start your own company, you’ve probably heard of the term “growth hacking.” If you haven’t, you should know that growth hacking is one of the most exciting current business trends and has helped many small companies successfully compete with their larger counterparts. To understand what growth hacking is and how to use it, we sat down with the team at Moonraker Marketing, an Austin SEO agency. Based on their input, here’s a helpful guide to get you started understanding growth hacking.
What Exactly is Growth Hacking
Defining this term can be a little complicated, as it’s more of an approach to business than a fixed set of methods. But in its simplest form, growth hacking is considered to be the process of trying several different approaches to one element of business, gathering data on how each method performs and then doubling down on the ones that work best. In this way, business owners can target strategies that produce the highest return on their investment and leverage resources to the company’s best advantage.
How to Implement the Process
If you’re the owner of a new company that wants to try out growth hacking for yourself, getting started shouldn’t be too difficult. The first step is to pick an area of your business that you want to try to improve through a mix of different strategies. Almost any aspect of business can benefit from growth hacking, but the most popular area to start with is basic marketing.
To begin your growth hacking experiment, try 2-4 different approaches to whatever area of your business that you plan to improve simultaneously and be sure to have reliable systems in place for gathering hard data from each trial, as you will need to evaluate the results of every method that you try later on. For example, Moonraker points out you may want to compare the results from launching an SEO campaign and doing Google PPC advertising. Then, set the selected methods in place for a certain amount of time, which could range from a few weeks to one month. And at the end of the experiment, make sure to evaluate the results that each method produced and to stick with the one that did the best.
Why Hiring a Professional Helps
While any business owner can learn the process, there are also professional growth hackers that can elevate a company by using innovative techniques. These experts in growth methodologies usually work as freelancers or consultants and can help small businesses achieve higher growth rates through years of experience. A professional growth hacker can also bring proven methods to the table, which can allow small business owners to skip some of the more costly experimentation that would otherwise be necessary. Whether you implement growth hacking yourself or hire a professional, the process can allow your company to experiment with fresh ideas and use successful methods that can move your brand forward.