A growth hacker really is just a marketer, but one with a different set of challenges to tackle and tools to work with. There are a few key differences between startups and big companies that best explain the difference:
- Startups are organizations with extreme uncertainty. At a startup, you may not know who your core customer base is, why they buy your product (or whether they will at all), what marketing channels will work the best. Most of the time, corporations have all this figured out. So while startups are trying to both build a car and get the engine started, corporations are trying to make their cars run faster.
- Startups are designed for astronomical growth. Startups intend to grow at 20 percent month over month (or more), while corporations are satisfied with 5 percent year over year. As such, corporate marketers deal with the challenge of: I’ve got a mature business that already has significant market penetration. How do I eke out another few percent and keep the business growing? Startup marketers, by contrast, need to figure out how to 1000x their numbers but from a much smaller base.
- Startups don’t have access to the same resources or brand equity. Self-explanatory: you have less money and are less well-known at a startup than at an established company. This means you must both educate your prospective customer as well as acquire them without significant budgets.
Here is a laundry list of the primary tactics most growth hackers use:
- Viral Acquisition: Leveraging built-in product features to encourage existing users to share your product with new users.
- Paid Acquisition: There are many types. To name a few, search engine marketing, aka Google AdWords; Facebook ads; display ads; mobile ads; radio, TV, OOH (out-of-home), and many others all can be part of one’s arsenal – but they don’t provide accurate enough source attribution for most growth hackers; and finally, affiliate marketing, or providing incentives to third-party marketers who then promote your product for you and take a cut of the revenue.
- Call Centers / Sales Teams: Surely building a sales teams does not count as “growth hacking,” but recently a new trend is emerging: leveraging outsourced low-cost labor to help support a startup’s efforts (usually in the Philippines, sometimes college interns). These workers can do anything from massively e-mail your prospective customers to create hundreds of SEO-friendly pages.
- Content Marketing: Leveraging blog posts, infographics, and viral videos to increase brand awareness and site traffic. Turn those visitors into users.
- E-mail Marketing: If you believe a growth hacker’s job is not just to increase new users/customers but also to engage them or encourage them to spend more money, then e-mail marketing is a significant part of their arsenal.
- Search Engine Optimization (SEO): Don’t be fooled: what most mainstream SEO books and articles talk about is very different from what startups do for SEO. Startups that use SEO effectively build scalable infrastructure that applies to tens of thousands or millions of pages. Most of the SEO theory on the web is focused on ranking for just 5-10 keywords.
- A/B testing and Analytics: Though this is not an acquisition method, there is no doubt that heavy data analytics and A/B testing helps a growth hacker improve their acquisition and conversion funnels.
For more details on our products and services, please feel free to visit us at Online Marketing Company New Delhi, Online Marketing India, Online Marketing Companies India, Online Marketing Company India, Best Online Marketing Company