Through our step by step process of identifying performance indicators, PRLab turns your data into ideas that can be executed to quickly produce growth for your company. With data and analytics driving the marketing strategy, you can rest assured that PRLab your audience, your value and how you can capitalize on your successes.
Essentially, growth hacking is about collecting all of the ideas that live within the organization. So, in this stage, we reframe those ideas into hypotheses and begin asking the questions that we ultimately want to find answers for. It is all about the fast execution of ideas and knowing how to prioritize the ideas with the most potential. Once we have identified what ideas that we want to prioritize for your business, we move straight onto building a structure to test these experimentations, and ultimately, the expected turnout.
It’s necessary to run experiments that will result in valid insights, and to do this properly you need effective prioritization and structuring.
The second phase of a fine-tuned strategy in growth hacker marketing includes the critical attempts to define the experiment that is to be tested. In this stage, we define what the MVP (Minimum Viable Product) for the idea would look like, and how it could be tested. This includes identifying how an experiment can test an idea and then deliver valid results.
We first test a certain segment, on a smaller scale, and measure its success; an MVP is a small way to test an idea, try it out at a small scale, and then determine if that idea can subsequently work on a larger scale.
The third phase of any growth hacking marketing strategy is to define the metrics in question and measure the successes. We define the metric on what we want to measure the experiments with. This requires an understanding of the data that can be measured, as well as obtaining relevant data for any given experiment.
In growth hacking, and the implementation of a solid strategy, this step is primarily seen as the critical measuring process of the different successes or failures from the experiments. If we see that our value proposition is good, then we can therefore see a direct correlation to potential successes.
The fourth phase is all about analysis and iteration. We run experiments for a duration of 1-3 weeks, along with whatever else might be appropriate for the experiments being run, and then we analyze all of the outcomes. It’s important to be constantly measuring the success of each idea in metrics, conversions, etc. If the idea was not a success, this is the stage where we re-evaluate and re-structure as needed to achieve better results.
The iteration of ideas is a typical outcome and we are always working on how to make ideas and executions better. Listening to feedback is a must for any agency.
In the final phase of our growth hacking strategy, we deliver our clients a final and comprehensive analysis. In this phase, we analyze the results of the growth hacking services and begin concluding the findings.
An important question that we ask ourselves in this step is - how can this idea be translated into a real product, campaign, messaging, etc? Basically, it is all about acquiring tangible deliverables from all of the experiments and tests run around an idea. The entire process, from phases one through five, is geared towards making an idea turn into a reality, and this final step is about making that reality ready for action.
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Before opening up the discussion about growth hacking services, it’s important to identify what is it. Growth hacking is a process of reaching business growth by means of innovative marketing tools and up to date data strategies. Importantly, growth hacking is based on continuous experimentation of different business growth strategies across various marketing channels. The key goal of a growth hacker is to reach long term and sustainable business growth in a cost-effective and timely manner.
Growth hacking is often associated with digital marketing due to the fact that growth hacking process includes adaptation of digital marketing strategies, which are aimed at extending your existing customer base. Overall, the strong focus on business growth, innovative tools, rapid customer acquisition as well as cost minimization can be considered the core elements of growth hacking.
Today growth hacking is widely used mainly by startups and scale-ups. However, larger businesses also often choose to launch their own growth hacking processes in order to update their current business strategy with new sustainable solutions.
Moving on to what growth hackers do as their daily working tasks, it’s important to mention that being a growth hacker requires both a strong analytical and creative mindset. Well-developed analytical skills allow a growth hacker to fully explore the aspects of a company's current business strategy that need to be improved in accordance with features of a specific market, while creativity boosts the chances of rethinking an existing marketing strategy and transforming it into something exclusive and outstanding.
Basically, growth hackers are focused on testing up to date growth strategies in order to investigate their impact on the company’s business potential and in the end prioritize the most suitable one. A highly experienced growth hacker is capable of taking fast decisions with regard to outlining growth priorities, choosing effective customer acquisition strategies, measuring business results and scale business growth.
Being a growth hacker also entails having strong analytical and creative thinking, which can be explained by the complexity of the overall growth hacking process that includes working with enormous data flows as well as bringing innovative solutions into the company’s business routine.
Although larger companies are also gradually implementing growth hacking in order to renew their business strategies, it is still recognized as the most effective business growth method particularly for startups.
So why are startups the first ones to seek for a successful growth hacking strategy? The main reason to find a growth hacker for your startup is the fact that, unlike traditional marketers, they prioritize innovative marketing approaches over automated conversion.
A growth hacker will make sure to try out new strategies, carefully analyze your data and transform it into real-time business growth solutions through unveiling their untapped potential. And, of course, one of the main advantages of exploring growth hacking ideas for startups is their cost effectiveness accompanied with the opportunity of a long term sustainable business growth.
One of your main goals as a startup is to scale your business and attract as many customers as possible in an affordable way, and developing your own growth hacking strategy can help you accomplish this.
Growth hacking is often mentioned specifically in the context of digital marketing, which can be explained by the fact that growth hacking and digital marketing are neighbouring branches with regard to expanding your customer base.
However, in reality these spheres pursue different objectives, which excludes the presumed interdependence of these processes. To fully understand its essence, it’s important to point out the distinction between growth hacking marketing and digital marketing.
Digital marketing is aimed at increasing brand awareness as well as the engagement of the audience in order to promote company’s services and products, while growth hacking is focused exclusively on the business growth, which can be enhanced by means of experimenting with various marketing strategies across different channels.
In other words, growth hacking marketing is the process of adaptation of certain digital and traditional marketing tools, such as content creation, product marketing and advertising to achieve specific business goals and drive sustainable business growth.
Although growth hacking is a relatively new field of scaling your business, it has already proven its effectiveness on the example of many companies that have expanded to larger businesses by means of successful growth hacking implementations. Having taken its roots in innovative startups of Silicon Valley, growth hacking continues to be in demand among small-scale as well as larger companies.
One of the best growth hacking examples is an implementation of ‘Viral Loops’ growth strategy by Dropbox cloud storage software back in 2008. The main outcome of their successful growth strategy was that people stopped being skeptical of storing their documents in the cloud, motivated by free cloud storage trial period as well as attractive discounts in case they share their experience with a friend.
The power of ‘word of mouth’ helped them to reach 1 million users already by next year. Later, in 2013, the word of mouth also accelerated business growth of Slack messaging platform, when their team put a great effort into delivering the best customer service and responsiveness as their growth strategy, bringing them enormous amounts of new subscribers within a short span of time.
Growth hacking is a complex and multifaceted process, which consists of the following key steps.
First of all, a growth hacker starts his work by performing an in-depth analysis in order to determine potential experimental ideas for developing your own business growth strategy.
Then, initial data analysis is followed by detailed research of your customers, specifically their needs, expectations, impressions of your products or services and their thoughts on what could be improved.
One more important stage is to carry out analysis of your main competitors, which will help you to learn more about your strengths and weaknesses. Moving forward to generating growth hacking ideas, a growth hacker tries out new experimental strategies based on collected data as well as previously tested practices.
The next step is all about prioritizing the most successful experiment among the others, which brings us to one of the key phases of the growth hacking process - execution of the chosen business growth strategy. Finally, it’s crucial to learn from each of your experiments of adapting new business growth strategies. The experience needs to be thought over, no matter if it was a total failure or a huge success.