Big businesses start small.
In today’s world of cut-throat competition, thousands of start-ups come up daily with dreams to carve a niche in the market. Growth is of prime importance for business start-ups, and it is at this stage that Growth Hacking emerges as a beacon.
Growth Hacking and Digital Marketing
Growth Hacking is a hack to increase demand for a product or service using innovative strategies, generally for start-ups. It involves a comprehensive blend of marketing strategies, product development, creative research, sales and other business areas to promote a business on a low-cost basis.
Digital Marketing is a channel where all marketing is done using electronic devices or the Internet, to connect with the online audience and increase visibility.
This includes display advertisements or banners on websites or social media, mobile phones or to develop, publish and distribute content for the online audience.
The two terms are distinctly different.
- Growth Hacking relates to promoting start-ups, whereas Digital Marketing can be employed by both start-ups as well as already flourishing organisations.
- Growth Hacking works across various layers of business like sales, market, products or customers, whereas Digital Marketing mainly deals with online marketing.
- Growth Hacking uses both organic and inorganic tools that may or may not be digital, but Digital Marketing is an essentially digital medium.
A Product and a Product Line:
A company always starts with a product. All growth is tied around this product or service. When the same or different products related to each other are marketed under a single brand name by a single company, it is known as a Product Line.
For eg: A company may sell different products under different categories like Baby Care, Home needs, Fabric Care, Hygiene etc.
A Product Line always has some competitive advantages.
- It increases the target customer range.
- It creates product variety and brand visibility.
- It increases business revenue.
Once a product has been conceptualised, it is developed and launched in the market. The success of a product depends on proper analysis and testing of the product.
Product optimisation means making the best and the most effective use of available resources of a company. Finding an alternative with the most cost-effective performance under given constraints is product optimisation.
Testing a product means measuring the performance of the product and how popular is it with the consumers. It is a valuable area of market research.
For both Product Optimisation and Product Testing, digital marketing techniques like paid searches, retargeting and new content creation is used.
Codeless Growth Hacking
Competing with established businesses on a small budget can be a real challenge for start-ups. Some codeless growth hacking strategies are:
- Friend referrals to expand the base
- Exclusive branding
- Providing a free product that can later be converted to pay.
- Partnering with an influencer.
After all the high voltage efforts put in product creation and marketing, Performance Analysis is done.
It is a measure of the success or failure of the product. It is done by evaluating digital marketing goals, reviewing marketing content and re-examining target customers.
With all these strategies, a well-defined product is offered.
Growth Hacking has a myriad of strategies in its toolkit to suit every business requirement.
Without constant innovation, even the most grandiose project may fail. Growth Hacking provides a chance for a small business to turn into a qualified investment. It has forged a successful middle path between slow and expensive traditional marketing techniques and the totally digitally dependent DM techniques.
A simple change in using digital marketing tools can produce an enormous business advantage.