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Business Benefits of Growth Hacking | Telstra Smarter Business

Tomer Garzberg
Entrepreneur

Tomer Garzberg is the Managing Director of StrongmanDigital.com.au and Growth Hacker at TomerGarzberg.com, with over 12 years content and digital marketing experience

Tomer Garzberg
Entrepreneur

Tomer Garzberg is the Managing Director of StrongmanDigital.com.au and Growth Hacker at TomerGarzberg.com, with over 12 years content and digital marketing experience

Growth hacking is serious business & it’s changing the way smart companies think about acquiring & retaining customers. Is it just another internet buzz word?

Airbnb, Dropbox, Uber, Facebook and Hotmail all did it to get to where they are. Thousands of startups are doing it right now.

With the social media boom, digital marketing threw out the rulebook of expensive traditional marketing – reducing the competitive advantage of multi-nationals and giving (creative) businesses more opportunities to compete.

Growth hacking takes this idea one step further, relying on a diverse range of skillsets to creatively craft experimental campaigns to grow your market share from data. The only thing driving a growth hacker is tangible, measureable user growth.

At its core, growth hacking is the systematic process of experimenting with a product, its website and online presence, and learning fast from small failures and successes. The end goal is finding a niche activity that supercharges how many people are using your product.

With that in mind, the nature of growth hacking means it’s far less expensive than common digital marketing initiatives, however it can take months of experimentation to finally hit a decent strategy.

orange glove doing thumbs up sign on a brick floor

What is it?

While trawling through traffic and user data is the one thing that unites all growth hackers, the way the growth hacker uses that data for growth is variably steeped in their own foundational disciplines. Growth hacking can utilise anything from entrepreneurship, design, code, social media, blogging, emails, psychology, conversion optimisation, incentives, pricing mechanics, strategic partnerships, advertising, creative experimentation and so much more.

The thing that separates growth hacking as a whole, is that every action is measureable, and informed by data. That means calculating key performance indicators and return on investment on any growth hacking activity is easy and transparent – you know what is working, you know what isn’t – and that is going to save you money.

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How to start

Before you can try your hand at some crazy experiment to drive growth, you need to be able to answer some questions, and back them up with data.

Once you know where your product fits into the world of your target audience, and how they use your website to interact with you for sales, you start to paint a clear picture of elements you can improve.

As a start, it’s important to fix any product or website issues before you try your hand at creative user acquisition strategies. A website that doesn’t convert well will mean all your efforts will be for nothing.

What is learned?

Once you’ve ironed out the kinks in your website, you can start to think outside of the box with interesting strategies to completely dominate your industry and make customers flock to you. You’re only limited by your imagination.

The biggest lesson to learn from growth hacking is about going ‘lean’. That is, learning the ins and outs of your product (product can mean anything you’re trying to grow online), and not spending more than you need to to attract the right audience. Research is the key.

So what will you change?

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