7 Tips for Growth Hacking Your Way to the Top of Your Industry

While the types of marketing strategies we use to snag customer attention may have changed through the years, the goal has not. Marketing is still about finding the best way to get customers interested in our products. Growth hacking is the process of experimenting across multiple marketing channels rapidly and simultaneously to identify the most successful ways to grow businesses. Growth hackers must take on the roles of marketers as well as engineers who grow businesses, product managers who brand products and advertisers who engage customer bases and perform research to identify potential marketing areas. Why is growth hacking important to my business? Let’s take these questions one at a time. Do you know your marketing channels? It is the product of a six-month, year, five-year and beyond plan for growth. Organic rankings in search engines like Google and Bing are good measures for anyone who is looking to increase website traffic. To help improve conversion rates it is a good idea to always be testing elements on your website.

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Remember the hit series Mad Men? The television drama focused on the personal foibles of marketing executives on Madison Avenue, but there was also plenty of insight into the marketing strategies used by companies in the mid-1900s.

While the types of marketing strategies we use to snag customer attention may have changed through the years, the goal has not. Marketing is still about finding the best way to get customers interested in our products. What has changed is how we go about doing this.

Thinking outside the box and other great talents

The successful marketer today is much like the polished professional of Madison Avenue in the 1960s in one way: creativity creates opportunity in marketing. Today’s marketers are encouraged to “think outside the box” and find new ways to engage consumers. The ability to do this is the hallmark of a great strategist and will result in successful ad campaigns.

What is different today is that marketers are no longer plugged into a single role. Today’s marketers now must possess a distinctive blend of coding and marketing skills as well as creativity. There is no single, isolated roles for the successful marketer in today’s world.

This brings us to growth hacking.

What is growth hacking?

Growth hacking is the process of experimenting across multiple marketing channels rapidly and simultaneously to identify the most successful ways to grow businesses.

Growth hackers must take on the roles of marketers as well as engineers who grow businesses, product managers who brand products and advertisers who engage customer bases and perform research to identify potential marketing areas.

It’s not Don Draper’s marketing.

Why is growth hacking important to my business?

If you are not considering the roles involved in growth hacking, it is likely that your marketing is falling behind the curve. Your competitors are certainly considering the ramifications of the various aspects of growth hacking, so it is important that you do so as well.

Here are some questions you might want to ask yourself when considering whether your business will benefit from a growth hacking stance in marketing:

  • Do I know the various marketing channels through which my business should be operating?
  • Do I have someone on my team who can successfully handle the technical aspects of my website?
  • Am I using every strategy available, including social media, on a regular basis?
  • Who is branding my products?
  • What is my plan for growth over the next six months, year and five years?

Let’s take these questions one at a time.

Do you know your marketing channels?

It is not uncommon for business owners to be unaware of the marketing channels through which they should be pushing their products. In fact, it is probably more common than not that business owners focus on one or two marketing channels through which they have had success in the past and ignore others.

According to a recent UMass study, “the value of a marketing channel, one of a firm’s market-based assets, is determined not only by the amount of value created during the distribution process, but also by the ultimate value appropriated by the firm.”

What this means in simple terms is that marketing channels have value far beyond the “bottom line” figure of profit that they generate for their users. Things like branding and good will development happen in marketing channels, so focusing only on the actions that bring in the most dollars can be a serious mistake. In the long run, developing multiple marketing channels gives you a way to reach your customers and keep them happy with your products.

Additionally, having multiple marketing channels is a safety net. It allows you to shore up weak areas or weather lean times when one channel does not bring in the profit you anticipated.

How is your tech looking?

Technical support is crucial for today’s marketing strategies. Find someone good and keep that person, whatever the cost. Treat him or her as one of the most valuable members of your team.

Too many people farm out technical work to the cheapest bidder. This is a recipe for eventual disaster with your customers. Not only are today’s customers better at using…

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