5 Steps to Consistently Achieve Business Growth through Growth Hacking

Companies carry out multiple experiments to boost their customer base and revenue. These strategies primarily aim to boost the conversion rate and business growth! If you’re amending, testing, or updating your content, you are already growth hacking!

Start-ups widely use growth hacking to gain accelerated growth through several steps.?

If you wish to learn some steps to achieve business growth, this post will help you grasp the concept well.?

Let’s begin!?

What is Growth Hacking?

Growth hacking is a data-driven approach to rapid business growth that involves experimenting with various marketing and product development strategies to find the most effective ones. It is an iterative process that involves constantly testing and refining different tactics to find the ones that yield the best results. Growth hackers use various techniques and tools to identify and exploit growth opportunities, such as analytics, A/B testing, and customer feedback. Growth hacking aims to identify and scale up the most effective ways to grow a business, often using lean and agile methodologies.

Interestingly, growth hackers use ‘Pirate Funnel’ or the AARRR framework to conduct an in-depth website analysis:?

• Awareness: What is your reach?
• Acquisition: What is the traffic on your website?
• Activation: Number of visitors who converts (purchase your product, install the application, etc.)
• Retention: Users coming back to your website
• Revenue: The total amount paid by users
• Referral: Number of users recommending your brand to others

Importance of Consistent Growth for Businesses

Consistent growth is essential for businesses because it allows them to increase their revenue and profitability over time. It also helps businesses stay competitive in their market and attract investors. Additionally, consistent growth can lead to increased market share, brand recognition, and a more extensive customer base.

Consistent growth can help businesses build a solid foundation for the future. It allows businesses to invest in new products, technologies, and resources to help them grow and evolve. With consistent growth, businesses may be able to keep up with their competitors and eventually succeed.

Therefore, achieving consistent growth is crucial for many businesses and is essential for long-term success.

Steps to Consistently Achieve Business Growth through Growth Hacking!

Here are five steps you can take to achieve business growth through growth hacking consistently:

Set clear goals and metrics

The first step in achieving consistent growth through growth hacking is to define clear goals and metrics for your goal. This will help you focus your efforts and measure the success of your growth hacking efforts.

Here are some examples of goals and metrics for growth hacking:

• Average Lead Close Rate: Understand your conversions. Where are they coming from? For instance, many companies get conversions through referrals. You must boost your referral rewards if your conversion rate includes more deals due to referrals.?
• CTA (Clickthrough Rate): Track the number of users based on data from call-to-action buttons. CTAs are potent weapons. Use intriguing commands on them to increase the conversion rate.?
• Customer Retention Rate: This displays the number of users gained and lost in a significant period.
• Customer Satisfaction Rate: You can conduct surveys and polls to understand how satisfied your customers are with your services.

Establish a hypothesis-driven process

A key aspect of growth hacking is testing different hypotheses about what will drive growth. Establishing a systematic process for formulating hypotheses, designing experiments, and analyzing results will help you be more consistent in your growth hacking efforts.

Here is an example of a hypothesis-driven process for growth hacking:

• Airbnb initially had no user base or reputation as a trustworthy service. However, they came up with a hypotheses-driven process. Here is what they did:
• Requested their users to cross-post on Craigslist with a backlink to the Airbnb profile.
• Motivated Craigslist’s hosts to sign up.

Track your results

To achieve consistent growth through growth hacking, you need to be able to measure the results of your efforts. You can set up systems for tracking your key metrics and analyzing the results of your experiments.

Some of the most critical KPIs to follow to check the results are:

• Cost Per Acquisition: This metric describes the total acquisition cost of a new customer. Use this formula to calculate marketing and sales expenses divided by the number of customers acquired.?
• Lifetime Value: Lifetime value depicts an approximate revenue amount you can receive from a customer.?
• Lead Velocity Rate: This rate shows the number of users using your application or site. It reflects the total number of most engaged users.?
• Renewal Rate: The renewal rate shows the number of users renewing their subscriptions (monthly or annually). The number can also reflect the customer’s satisfaction with your product.?
• Quick Ratio: It is a highly beneficial KPI for subscription-based businesses. It shows the monthly revenue generated due to subscription-based users.?

Prioritize experimentation

To achieve consistent growth through growth hacking, you must be willing to try new things and be open to failing. Prioritize experimentation in your growth hacking efforts and be prepared to pivot or change course if the data do not support your hypotheses.

Here are some ways to prioritize experimentation:

• Start by building a hypothesis library.?
• Revolve experimentation around client concerns.
• Find ways to know your ROI: estimate the cost of the test, the total time to be devoted, the impact of the test, address important KPIs, and on what scale you have made the changes concerning the original version.?
• Schedule each task and run accordingly.?

Build a culture of experimentation

To achieve consistent growth through growth hacking, you must build a culture that values experimentation and learning. You can encourage your team to think creatively and be open to trying new things.

Here are some ways to encourage a culture of experimentation in your company:

• Focus on the overall development of employees. They will do their best to conduct intense experimentation if they are valued.
• You can try collecting thoughts and ideas beforehand in a meeting. Some employees are not able to speak well or are under pressure. Due to this, some great ideas are probably missed.?
• Could you offer flexible schedules to the employees?
• Provide employees with resources and tools to experiment as and when they want.
• Invite feedback and constructive criticism. This motivates them to put ideas up front.

Conclusion

By following these steps, you can consistently achieve business growth through growth hacking. It's important to remember that growth hacking is an iterative process, and you should expect to make mistakes and learn from them as you go. The key is staying focused, organized, and open to new ideas and approaches.

All the above-mentioned steps will make way for your business growth. We hope that the information helps you understand the concept well.?

Adios!?

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