How can you use growth hacking?

Now that we know, what is growth hacking; let's see how can we use it for our business.. So here is a list of how can we use growth hacking..

1.      Decide your audience: The first thing you need to do is select your audience; the people who can be your future customers. This will help you design more effective strategies thus yielding great results. Focus on your target audience and analyze their needs and psychology. Also, don’t forget to segment your customers; segmentation of your target audience is very important. Market segmentation is a very important concept in growth hacking; it will you develop customer-oriented strategies and when you implement them, they will prove to be more beneficial and productive. 

       Consider the example of Airbnb—their target customer was people who travel, they designed their strategies accordingly. Targeting your customers helps you develop customer-oriented strategies and when you implement them, they prove to be more beneficial and productive.

2.      Set Measurable Goals: Set practical, achievable goals that will at the end add to the overall goal of growth. They will help you spend on testing and refining your approach.

3.  Perfect Your Product: Now that you know your audience, analyze their needs and preferences, and then use this data to enhance your product. Growth hackers call this the “product-market fit”.

4.      Find the place where your customers hangout: Once you have your audience, your future potential customers, you can now research on platforms where they usually hang-out, offline, and online because that is where you will target them. 

      You can use platforms like Facebook, LinkedIn, Glassdoor, Instagram for this. The most effective growth hacking strategy used by most companies is the “Refer a friend”, the same was used by Dropbox as discussed earlier.

5.   Experiment- lots of experiments: Don’t be afraid to experiment. Growth hacking depends on the no. of experiments and speed of experiments you run. This is probably the main difference between traditional marketing and growth hacking; marketing campaigns are gut-driven decisions but growth hacking involves rapid experimentation with, of course, data-backed decision making.  

      As Jeff Bezos said, “Our success at Amazon is a function of how many experiments we do per year, per month, per week, per day.” Experimenting is essential for analyzing what will work and what won’t. Mostly things like: "I will give you this in exchange for that", “Refer your friends to get a discount” work pretty well.

6. Record and analyze the data: Collect lots and lots and data from the experiments you conducted earlier. You can analyze the data using analytics tools like Google analytics that is available online. Compare the different test results. You can then implement the best combinations later to enhance your growth.                                                                                                   

7.      Optimize: This may involve using an entirely different approach or a completely different strategy. But in the end you will figure out the best one for your growth. Try to think from the customer side, what would appeal to you and whatnot. Analyze all your strategies with patience and be calm throughout because as they say, “Success comes with patience and practice”, that’s all you need for growth hacking.

        If you start to devise ways in which you can get creative to connect with and attract your dream customers, and if you are able to come up with systems and strategies that can be repeated over again and again, then you will be on your way to developing a growth hacking system that can make you a great deal of money.