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With that being said, let’s take a deeper look into what this form of marketing is and how it stands out from the traditional marketing concepts that we are all accustomed to.
A growth hack is a term used to define a cluster of marketing strategies, all aimed toward a company’s growth in the marketplace. These growth hacking strategies typically require testing on various marketing platforms, including digital applications, social media channels, radio stations, and television networks.
Continuous optimization and testing, investment in community engagement efforts, and focus on product redevelopment are the keys to the success of growth hacking. If you own a start-up, working with growth hacking agencies can help you acquire new customers in no time, and that too, under little investment.
In traditional marketing, the experts spend heavily on direct email campaigns, advertising, and other similar types of paid media to attract relevant traffic to the website and eventually convert them into paying customers.
With growth hacking, having a large budget at your disposal isn’t a requirement. Instead, the experts at growth hacking agencies get creative to optimize the budget, efforts, and time without hindering the quality of the final result. Instead of buying ad spaces, a growth hacker relies heavily on social media channels like Twitter, Facebook, LinkedIn, and so on.
And since no actual start-up capital is required to perform growth hacking activities, new entrepreneurs and small business owners prefer growth hacking as a go-to tactic.
Furthermore, traditional marketing focuses on a large audience at once, whereas growth hacking aims at a few customers, which results in the rapid and sustainable growth of your business.
With a huge budget involved in traditional marketing, there is a lot of planning required. After all, you want to ensure that your money is spent wisely. But, with growth hacking, there are fewer rules that guide you on how to use the money effectively!
In short, both traditional marketing and growth hacking stem from similar principles and purposes, but growth marketing has evolved significantly and has an entire field of its own.
In technical terms, growth agencies are firms that assist the organization in scaling up via systematic approaches that support both data analysis and testing.
In simple terms, a growth marketing agency is a firm that helps start-ups, established enterprises, and small businesses comprehend their company's true growth potential. These agencies have a specialized team of growth marketers who assist in developing and executing multiple growth strategies for their clients.
The growth hackers at growth marketing agencies have a wealth of experience in creating ambitious marketing plans. They must have developed tried and tested strategies and experimented with solutions to drive traffic, improve a brand’s marketing position, and boost sales – all this at a fraction of the total traditional marketing cost.
Growth hacking agencies know what it takes to assist a company in growing. From helping the clients identify their niche to solving long-standing issues that are hindering the business growth and attracting and retaining the customers they are in search of, they do it all!
Growth marketing agencies are more about focusing on short to medium-term timeframes that result in dramatic outcomes quickly. This is one of the reasons why clients are able to notice results through growth marketing in just a few days or weeks.
With growth hacking being a new discipline, it is common to be skeptical about its effectiveness at the early stage. However, you need to trust the process. And also hire the right growth marketing agency. When done right, growth hacking is bound to yield beneficial results.
Since there is an in-depth analysis involved in the planning stage of growth hacking, you are bound to uncover information that will prevent you from spending your time on ineffective marketing. You will have knowledge about the smartest ways of scaling your business.
Similarly, the usage of bespoke practices that are found in growth hacking makes it possible to integrate its speedy and sharp nature over various efforts. This results in significant growth and remarkable revenue attribution, thereby helping in long-term growth.
When it comes to business growth, getting creative with a myriad of solutions is key to bringing long-term organizational success instead of quick wins!
Growth hacking involves an all-round marketing strategy. Everything from creating awareness in your target audience’s mind in the initial stage to retaining customer engagement for years to come is taken care of. A reliable agency will work holistically through every stage of the growth funnel to deliver excellent services.
The experts will use different strategies to help bring high-quality prospects to the top of your sales funnel, including -
· Building efficient SEO content marketing
· Boosting and revamping SEO strategies
· Developing and optimizing performance marketing campaigns
Once your prospective customers start knowing your brand, the growth hackers will develop tactics that will result in your customers going “wow.”
· Enhance customer onboarding
· Streamlining user experience
· Conversion rate optimization
The experts will then ensure that your customer experience a wide range of benefits through your solutions, offerings and products. Growth hacks will be developed to keep your customers both happy and engaged.
· Reactivate your dormant users
· Build engagement
· Boost user education
The services offered by the growth hacking agency will also introduce the right users to your solution, thereby helping them benefit the many experiences your brand has to offer.
· Enhance LTV
· Reduce churn rate
· Maximize paid conversion
The last yet effective service the experts will offer includes developing right referral loops to motivate new customers. Your happy customers will play a key role here.
· Creating full automation program
· Developing referral programs
Now that you are aware of the growth hacking fundamentals, it is time to proceed towards determining how to select a reliable growth hacking agency for your business.
While it may seem like a straightforward task, finding the best growth hacking agency isn’t that simple. For instance, not every growth hacking agency you come across in the market is right for you because they might not have relevant experience working in an industry similar to yours. Hence, being hyper-vigilant while selecting a growth hacking agency is imperative.
When you decide to become a jack of all trades, you end up spending resources in the form of effort, time, and money. Besides, there is always a learning curve when you aren’t an expert in the field. Leaving professional services like growth hacking in an expert’s hand instead of doing things in-house can be: