At its core, the concept behind growth hacking is a simple one. It’s the process of rapid experimentation across your business – via your marketing funnel, product development, sales and more – with the ultimate goal of capitalizing on any and all opportunities for growth that present themselves.
Think about it like this: all businesses grow, but growing too slowly is just as potentially dangerous in the long-run as growing too fast… or not growing at all. Growth hacking becomes an opportunity to take more control over your scalability and agility, letting you grow in all the right ways that you need without all of the potential downsides that normally come with them.
However, it’s also something that requires you to keep a few key things in mind because in this case, the consequences of “getting it wrong” are far too severe to ignore.
The Art of Growth Hacking: It All Begins With YOU
The most important asset that you have with you in your growth hacking efforts is one of insight. The good news is that you already have an awesome product or service that a specific segment of people needs or wants very badly. The key to leveraging growth hacking to your advantage involves doing something about this.
To put it another way, because that product is in place, NOW you have to start targeting the people who can actually benefit from that product or service. Your marketing strategy (along with the lead generation tactics that you’re using to reach out to the right prospects in the first place) are how you capitalize on this.
DynamiScan, for example, allows you to create a customer profile that is empowered by sophisticated features like A/B testing, data analytics and more – all of which allows you to reach out to the right prospects at exactly the right time. This can give you better insight into WHO is actually redeeming your offers – people who are naturally the most excited about what you have to offer.
Once you have a better idea of what your target audience really is, you can then use that customer profile to gain prospects that match it.
Likewise, you can use this analytical information to empower your own customer retention strategies by reaching back out to those people who previously redeemed your offers. You can send them “thank you rewards” or even create a referral program that both of you can benefit from. So not only are in better positioned to get newer, higher value leads, but you’re also extracting more value from the customers you already have!
If you’d like to find out more about the concept behind growth hacking, or if you’d like to learn about additional ways to empower your marketing strategy through techniques like this, please don’t delay – contact us today.
