If there is one role that is becoming essential to the success of any start-up, it is that of a growth hacker. This is something that every tech business needs if they are to be a success. If you’re not completely familiar with the role of a growth hacker, don’t fret; we have all of the information you need to know.
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To understand what a growth hacker is you first need to understand the term ‘hacker’. This is something we often associated with cybersecurity breaches. However, a hacker is simply someone who is more concerned with reaching a goal as opposed to following a specific process. Thus, a hacker that wants to gain unauthorised access to a company’s network system will do so via any means possible. It doesn’t matter how they hack the system, so long as they get access. This approach often leads to innovative and creative techniques being used.
Now, when it comes to a growth hacker, this individual has the aim of growing a company. They want to increase the number of people that purchase or use a particular product or service. Growth hacking is replacing old marketing techniques, and, instead, a growth hacker focuses on understanding the behaviour of a user so that they can discover the best method of persuasion. Growth hackers are driven by product instincts; they pull insights from gamification and behavioural economics, leveraging numerous disciplines, to find the ideal message to pull in users. They don’t follow a set formula of marketing and distributing an idea, as has long been the case. As is such, a great deal of creative flair and innovative thinking is required to create a growth hack.
Growth hacking techniques
Now you hopefully have a better understanding as to why growth hacking is vital, especially for start-ups. After all, one of the toughest challenges a start-up faces is getting their name out their and cultivating a loyal consumer base. With that being said, let’s take a look at some of the growth hacking techniques that are used.
- Platform Hacking – Platform hacking involves growing your own business by capitalising on the success of another business or platform. Therefore, growth hackers look for different ways to work with other services, products, businesses, or platforms that are relevant to their own. You can read this review on AvaTrade to find out more about one platform that a lot of startups use in order to grow their business.
- Exclusivity – This is one of the most popular techniques used. After all, people always want to feel like they are a part of something exclusive and special. If you can create this feeling, you can increase demand for your product or service.
- Referral programs – Referral programs are a great way to grow a business, as they are extremely effective. By offering an incentive to someone that recommends your business, you are encouraging them to advertise and get customers for you.
- Offer something for free – Offering something for free can seem counterproductive, but you can make a big return on investment if you do it wisely. People love free things, and it’s a great way to entice them. After this, you need to wow them with your service to keep them interested.