Growth hacking: the smarter way to build your online business
Please enjoy this blog regarding growth hacking, written by Lilly Steel during her work experience at Brevity Marketing. Lilly has recently left Portsmouth University following her digital marketing studies and will shortly join the Brevity team as a full-time marketing and office administrator.
The popularity of online marketing has increased massively over the years and most businesses are now using it as a ‘quick and easy’ communications channel for exchanging information with customers. Aren’t you? The ‘instant communication’ nature of the internet allows for businesses like yours to respond quickly to market change and customer preferences; tailoring products and services to suit individual needs, with the ability to adapt them at any point, 24/7/365.
Low cost, high impact
Due to the endless possibilities of internet marketing, this channel is becoming an increasingly competitive space. So many organisations are now being forced to find more creative ways to market their offerings to achieve business growth. This is particularly true for start-up businesses, for who the emphasis on expansion is phenomenal. It’s imperative they make that all-important first dent into the market they’re entering.
If you’re a new business, you know it’s necessary to invest resources and time into relevant growth campaigns. But what happens when your financial and human resources are limited? You might be hesitant to invest your funds into growth-orientated projects as the uncertainty involved in such a project could be disastrous. Savvy businesses are finding cost-effective ways of developing existing budgets so they can perform marketing activities without any budget whatsoever, like growth hacking.
Typically, growth hacking has been defined as ‘a marketing technique developed by IT start-ups which combines creativity, analytic thinking and social metrics to sell products and gain exposure’. A growth hacker is someone who sees the bigger picture; ‘thinking outside the box’ to create customer traffic to both grow and scale a business beyond what is believed to be possible by traditional marketing methods, which are typically more expensive.
A relatively new phenomenon, growth hacking only gained it’s title and definition in 2010 and, surprisingly, has nothing to do with hacking!
Growth hacking responds to a business need for cost-effective customer attainment and management of any growth-related activities, such as social media marketing. It is believed that growth hackers are employed by start-up businesses to promote their business in ways that others have had little success with.
So where has it been used before?
The first famous growth hacking account, initiated by Hotmail, was recorded in 1996. The message ‘P.S I love you. Get your free email at Hotmail’ was placed at the bottom of each email created by Hotmail. The tagline used in these emails redirected traffic to the Hotmail registration page and resulted in a rapid growth of over 3,000 users in a matter of hours. Hotmail continued to use their hack until figures totaled 12 million new users in a year and a half.
Although campaigns using more traditional marketing channels to aim for business growth can be somewhat financially straining for businesses, the increase of growth hacking has allowed businesses like yours to work smarter, not harder, when building their brand, reputation and ultimately their sales.
Want to find out more about how you can make your online marketing campaigns more effective on a budget? Brevity is a Hampshire-based marketing agency who can deliver low cost, high impact campaigns to grow your business. Call us today on 01256 536 000 or email firstname.lastname@example.org.