Growth Hacking is a process that enables companies to rapidly validate ideas. This enables teams to focus on growth-driving activities, reduce risks, and drive value.
The Growth Hacking process follows a clear step-by-step-approach. At PRLab we help companies validate their ideas through Growth Hacking. Curious to hear more? Read further!
What is growth hacking?
Although growth hacking has been around for only a couple of years it is the new things startups idolize. Some people are hesitant to define the concept, however. Growing as fast as possible or accelerated growth? Growth hacking is quite a new area of marketing – growth hacker marketing – focused on growth in a short amount of time and with a small budget. What started as a marketing strategy for early stage startups has now grown into a prominent field of marketing. Growth Hacking is an iterative process, and every project is different— because every company has a different set of experiences on how data is measured and how marketing is executed.
Why is growth hacking important?
Growth hacking is useful for scaling startups. It is a marketing strategy that requires iterations and it truly is a tedious process. But there are some advantages. It allows to rapidly turn ideas into realizations. One of the main perks is that growth hacking is built on analytics. And this is what not only helps you understand what is working and what is not, but also it helps to translate audience data into correct strategies that drive traffic and bring in money.
Why should you trust us with growth hacking?
Only ideas that get executed and help you grow. At PRLab not only can we help you create a consistent and clear brand story, but we also help you with data-driven marketing execution, with clear processes and customer-centric decisions. We know the tricks for growth hacks for startups. The goal of our growth hacking strategies is generally to acquire as many users or customers as possible while being as organic and saving you as much money as possible. At PRLab we make it easy for you to find a growth hacker for your startup. Strategies are project-based but here are different ways that we can implement growth hacking to your business structure:
- CRO (Conversion Rate
- Analytics / Traffic Analysis
how to reach target audience / Customer Profile (ICP)
- Lead nurturing
- Branding & PR
How does growth hacking work?
There are several phases for growth hacking in order to reach your target audience. Primarily it’s about collecting the ideas that live within the organization. In this stage, we reframe an idea into a hypothesis and begin asking the questions that we ultimately want to find answers for. Growth hacking is all about the fast execution of ideas and knowing how to prioritize the ideas with the most potential. Once we identify what ideas to prioritize, we then move onto how to structure the experimentation and ultimately, the turnout. It’s important to run experiments that will result in valid insight, for this you need prioritization and structuring.
Secondly, in growth hacker marketing we attempt to define the experiment. In this stage, we define what an 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 deliver valid results. We first test a certain segment, a smaller scale, and measure its success; an MVP is a small way to test an idea, try something at a small scale, to then determine if the idea can work on a bigger scale.
Thirdly, we define metrics and measure the success. We define the metric that we want to measure the experiments by. This requires an understanding of the data that can be measured, as well as obtaining relevant data for a given experiment. This step is primarily about measuring the successes or failures. If we see that our value proposition is good, then we can see a direct correlation to potential success.
Fourthly, for growth hacking it is all about analysis and iteration. We run experiments for a duration of 1-3 weeks, or whatever else is appropriate to the kinds of experiments being run, and then analyze the outcomes. It’s important to be constantly measuring the success of an idea in metrics, conversions, etc. If the idea was not a success, this is the stage where we re-evaluate and re-structure as need be to promise better results. The iteration of ideas is a totally normal outcome and we will always be working on how to make ideas and executions better. Listening to feedback is essential!
Lastly, we deliver a final analysis. In this phase, we analyze the results of the work done and begin concluding the findings. An important question that we ask ourselves in this step is, how can the idea be translated into a real product, campaign, messaging, etc? It’s all about how we can get tangible deliverables from all of the experimentation and tests run about an idea. The entire process, phases one through five, is about making an idea into a reality, and this step is about having that reality ready for action.
How do we achieve this?
Growth Hacking means to be able to quickly execute ideas. We enable companies to execute with high-speed by providing them with insights into their marketing funnel and identifying the performance indicators that drive growth. We integrate this with:
- SEO analysis and recommendations
- Inbound marketing and lead nurturing
- Performance Marketing (Google Adwords, Facebook Ads, Linkedin Ads)
- Marketing automation: setting-up easy to use nurture flows and campaigns