The term has become a “buzzword” but do we really know what growth is justhacking ? First used to describe the startling success of some start-ups , this word is now used in all types of companies.And why not yours ? Let’s see what growth hacking is and how to get inspired .
The growth hacking is:
Going off the beaten track …
The strategy is to find an innovative element to rely on toaccelerate very rapidly and very strongly its growth. All the trades of a company are concerned . The good idea can be born in the brain of the data analyst who has noticed that most customers lose interest in your product systematically after X days or X interactions. He will then forward the info to the marketing who will rework the offer according to this data. The technical teams will also be asked to make the necessary changes.
Digging its own gaps
A well-known example is Twitter . The firm found that after a few days of testing, users were uninterested in the application. Instead of triggering a classic e-mail strategy, Twitter has sought the cause of this retention problem. New entrants with few followers who had not yet been able to identify the interesting accounts to follow, were quickly losing interest because of lack of interactivity. To remedy this, Twitter has put in place account recommendations to follow . And that quickly multiplied the number of active users.
Taking inspiration from what works for the neighbor
Be careful not to copy – which would be the opposite of innovation – but rather to take advantage of the success of the neighbor. Airbnb , the site of hiring between individuals has thus found a trick togenerate a lot of traffic on its site in its beginnings. It has simply automated the publication of ads on Airbnb with their publication onCraiglist , the most popular classifieds site in the United States.
It was an unconventional process that had the merit of satisfying Airbnb’s ambitions – which was able to reach a large audience andredirect it to its site – as well as the expectations of the rental companies, which maximized their chances of renting. without necessarily going very far.
To find the “solution” that will maximize the transformation of aninitial weakness into a powerful growth lever , it is sometimes not necessary to look very far or too complicated.
Hotmail and small signature sentence
Hotmail messaging would be the first company to have achieved agrowth hacking action . In 1996, Microsoft messaging added a single sentence at the end of each of the emails exchanged. This sentence enjoined, in essence, all correspondents to join the free messaging tool (“PS: I love you.”). The initiative seems banal nowadays as the recommendations have invaded our digital daily but at the time, this certainly boosted the development of Hotmail.
The feeling of exclusivity offered by Facebook
Others prefer to pretend to select their users to finally attract a maximum . The trick is to suggest that there is a brand new service reserved for a select circle of people who are handpicked. From then on, everybody wants to be. The example that illustrates this principle is Facebook . Originally it was an online directory for students of the prestigious University of Harvard. Then, the service was extended to other major American universities. Thus, the network has built a reputation as a “circle” reserved for the elite to which it was valorizing to belong. Some applications, like Pinterest , create waiting lists before validating entries; another feint to make its service more attractive.
Data that you want good
The notion of “data” (or data) is never far from that of growth hacking. Recovering as much information as possible from users is essential to drive growth. You will be able to get the initial spark – as in the case of Twitter – or use it to refine your strategy – we will see the example of Mint a little later.That’s why it’s important to have an automation marketing strategy and tools to track the behavior of your customers or users on the web and social networks in real time.
What is not the growth hacking:
this is not a lasting solution
Growth hacking is used to give the necessary impetus to a companyto move faster than most investors. In a difficult economic context, the latter want to know without lying about if they will get a good return on the sums advanced; the famous. For example, it may be appropriate to offer a service for free toattract many new customers in a few months without having to incur a high acquisition cost . One could mention the case of Dropbox which offered additional storage capacities provided it recommends its service to several people in its network.
If everything goes well,
this is not a “free”
One would think that a good idea comes out of a successful brainstorming to earn millions. In reality, the implementation of this “revolutionary” idea is not negligible in terms of investment. in some cases, such as Mint’s , this may even require creating a whole new business within the company.
Mint, a wealth management tool, accelerated its development by establishing itself as a reference in personal finance blog . The company has built a content strategy whose editorial line targets young professionals, not inclined to listen to the advice of traditional finance; especially after the banking and stock market crises.Successful bet. Its contents, very pedagogical, astute and visual, have been widely relayed on the social media. This success was reflected in its application.
In summary, a successful growth hacking action results from astate of mind oriented towards the original and alternative solutions , the implementation of a follow-up of the behavior of your prospects and customers on the web and with a pronounced taste for the challenges .
Have you observed recent examples of growth hacking around you?
If you need advice on how to track the behavior of your targets on the web, do not hesitate to contact us .