Ever since Sean Ellis coined the term “growth hacking” in 2010, it has been a buzzword in the world of marketing and startups. Every startup wishes to hack that formula for instant growth, and while some do, some don’t. The ones who did are now well-known companies like Airbnb, PayPal, Dropbox, Uber, etc.
Consultants, marketers, and entrepreneurs have been calling growth hacking to be the best way to grow a business. Some even think it may replace digital marketing. But while the two concepts share the same basic principles, they are different in their goals. Marketing activities have a broad focus, while growth hacking has highly specified goals.
If you’re associated with marketing and startups, you might be tired of hearing this term by now. However, if you’re new to it, it might help to start by defining growth hacking. Regardless of your expertise, this article will help you gain a more profound knowledge of growth hacking and how you can use MyLeadsBox for growth hacking.
Growth hacking is a set of strategies used to increase the growth of new or existing businesses by using out-of-the-box marketing strategies. The field of growth hacking is based on data-driven, experiment-based solutions. Growth hackers are required to use unconventional strategies to get maximum users with minimal spending.
The only focus of growth hacking is “growth.” Traditional marketing techniques do not apply to this area. Modern software products used for growth are very different from traditional products.
Growth hackers have to use very innovative methods to grow their company’s customer base. They are expected to be too analytical, creative and should tap into consumer psychology.
Growth hacking happens very quickly. It’s a make-or-break situation. Either the companies grow very fast, or they die. A growth hacker’s only focus is growth. They may use various innovative, low-cost marketing strategies to achieve growth across various metrics.
Sometimes, the two might not seem all that different. Both have the same core principles and share the same mentality.
Due to low budget, marketing teams in startups are responsible for growth hacking, while big corporations can have separate teams for the two. The differences lie in the details and job descriptions of a marketer and a growth hacker.
The best way to understand growth hacking is by doing it. The following tips might be useful if you’re planning to use growth hacking for your company. Whether you’re a startup, a large organization, B2B, or B2C, you can use growth hacking for successful growth.
Blogging can be a vital tool for a growth hacker. It is a form of content marketing that can use different content to help you grow your business. You must have heard, “content is king.” Well, with that kind of importance given to content, you shouldn’t ignore it when practicing growth hacking.
You can use blogging, Instagram, Slideshare, or infographics to put out content that attracts buyers. Today, everyone is consuming content at a rapid rate, and the better you get at creating it, the better are your chances at growth hacking.
As we’ve already described, growth hacking focuses on specific aspects that promote growth. Targeting everyone to promote your product will be a waste of time, resources, and energy.
Statistically, products capture the first 15% of the market or die there. So, if you target everyone, you won’t be able to growth-hack the first 15% because you won’t know who to convince to buy your product.
MyLeadsBox helps you narrow down your prospects, people who might be interested in your product or service. Its best-in-class prospector feature allows you to search and prospect from over 60 million companies.
It offers an easy-to-search interface to segment your prospects based on industry, location, technology, etc. You can build multiple lists of verified prospects and gain in-depth knowledge about them to connect with them on a personal level.
Email is 40 times more effective than Facebook and Twitter and three times more purchase potential. Even with all this, email continues to grow. Thus, It is an excellent channel for growth hacking. You, too, should build big email lists for growth hacking.
With MyLeadsBox, you can build multiple email lists of verified contacts that ensure that your emails don’t bounce and your resources don’t get wasted. You can target and segment the right audience to email and build unlimited email campaign sequences.
MyLeadsBox also allows you to create personalized, automated email campaigns. Using proven email templates, you can make sure more of your prospects turn into customers. Besides, you get a step-by-step guide to creating professional campaign flows that you can easily follow up. It doesn’t get easier than this and helps you immensely with growth hacking.
As mentioned before, growth hacking makes heavy use of data. There is no growth hacking without data. There are a lot of complicated metrics that a growth hacker must understand for successfully hacking growth.
It’s also important to note that data is not just limited to numbers. It includes everything from how your content is doing, customer information to other important information.
MyLeadsBox treats data as super important. With over 50 million company profiles, 80 million contact profiles, and 5000 tracked technologies, it can help with growth hacking. It has an 8-step data collection and verification process to provide you with the most valuable data.
From searching and analyzing millions of public documents for information to continually updating their databases, MyLeadsBox has got you covered.
Lastly, if you think growth hacking is too challenging for you, you can always hire a professional. However, it’s very crucial to do a background search on growth hackers.
Many people claim to be growth hacking professionals due to the buzz around the field, but very few know how to do it. Be careful and do your homework to hire a good growth hacker.
At this point, we can conclude that growth hacking is not just another buzzword. It has practical uses and can help grow a startup or business. With essential features and a vast store of data, MyLeadsBox can help you master growth hacking. Start your free trial now and see the usefulness for yourself!