What the Hack Is Growth Hacking?! | What Growth Hacking Means for Digital Marketing

Growth hacking and digital marketing go
hand-in-hand and it’s a tactic that can help your business… well, grow. Growth
hacking uses digital marketing strategies specifically designed to
build or expand your customer base. Traditional digital marketing consists
of search engine optimization, pay-per-click ads, social media marketing,
content marketing, and more. When you turn to growth hacking for your digital
marketing strategy, you’re taking more traditional digital marketing strategies
and using them in unique ways to captivate and grow your audience. You’re
constantly testing new ideas to see what works for your business
always with a growth mindset. What are some growth hacking examples? A lot of
companies that you probably know have used growth hacking to expand their
customer base. These companies include Facebook, PayPal, Airbnb, and even the
acclaimed Broadway musical Hamilton. Let’s break down how Hamilton used growth
hacking and became a success. Lin-Manuel Miranda, the man behind Hamilton created a
musical that never been done before. He really thought outside the box and
made something that people will remember. When you’re thinking of a growth hacking
strategy, having a unique product can help you draw in your audience.
Now before Hamilton was even a musical, Miranda pieced the songs together as a
mixtape and performed them. He was even invited to perform one of the songs at
the White House, and as you guessed, his performance went viral. For your business
keep that word viral in mind. You want whatever you do to catch on and catch on
fairly quickly with your audience, even if they are a lot smaller than
Hamilton’s audience. Okay, so, fast forward to the musical. Lin-Manuel’s White House
performance helped it gain popularity before the doors even opened. But to
further encourage demand for the musical, the next growth hack they planned was a
very popular ticket lottery for Hamilton. The lottery drew even more demand for
the musical as well as a huge crowd, so huge the lottery moved online for safety
concerns. Now there’s not just the wildly successful Broadway musical and the cast
recording, but there’s also a new mixtape, an instrumental album, an app, and even
performances across the U.S. So many unique ideas went into
building Hamilton into what it is today. That’s called growth hacking. Now you
probably don’t have a musical about one of your founding fathers in your toolbox,
but you too can use growth hacking for your business. In this next growth
hacking example, Airbnb knew that they could reach their target audience
through Craigslist. At the time, Craigslist was the go-to place for cheap
vacation rentals. Getting in front of that audience would be a big deal so
that’s exactly what they did. Basically Airbnb made it possible for a
host to publish their listing straight to Craigslist with just one click. This
Craigslist post referred people back to the Airbnb listing. This tactic was certainly
risky. Craigslist didn’t have this functionality so Airbnb basically had to
build the backend themselves to make it all possible.
Craigslist eventually caught on and made it impossible for this functionality to work
anymore, but it had already helped get Airbnb off the ground. With some creative
ideas and custom code, Airbnb took their company to the next level. In a simpler
but still incredibly effective growth hacking example, Dropbox grew its users
with a referral program that got current users of the platform to invite all
their friends. They went from only a hundred thousand users to four million
users in just over a year. When Dropbox became publicly owned in 2018 its market
value reached 12 billion dollars. I’d say that was some ingenious growth hacking. So
how can you use growth hacking benefit your business? Your idea doesn’t have to
be so huge that it requires years to develop, but it should be noticeable enough
to attract new customers. As Dropbox and Airbnb did, you can take resources that
already exist and use them in creative ways. You don’t need to reinvent the
wheel. You just need to use it differently. There isn’t a
one-size-fits-all formula. You are the scientist. You have to research,
hypothesize, and experiment with ideas. You don’t have to be a start-up to use
growth hacking, but you do have to always look for new channels to reach your
audience. Ask yourself these three questions when you brainstorm. Where is
my audience online? What does my audience value?
And what can I offer my audience that is unique enough to compel them to become
customers and spread the word to other customers? This doesn’t mean that you
should abandon all other digital marketing strategies and focus solely on
growth hacking for digital marketing. Even in more traditional digital
marketing methods, not everything you try will work, but digital marketing tactics
like SEO, content marketing, PPC, and everything else are proven to make a
difference for your business. I hope you enjoyed this video on growth hacking. To
keep learning the ins and outs of digital marketing, subscribe to our
YouTube channel. Do you have any questions you ask yourself when looking
for new ways to reach your audience? Leave them in the comments below. We
can’t wait to hear from you.

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