Business Benefits of Growth Hacking | Telstra Smarter Business

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.

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?