Growth Hacking as a go-to-market strategy

What is growth hacking or growth marketing? It is a cost-effective digital marketing tactic, as to say it is a combination of well-defined hacks that help to grow your business in a short time.

Growth hacking for startups?

Growth hacking is usually associated with startups and growing businesses. If we dig deep into such businesses, blockchain industry startups greatly lie on growth marketing to promote their businesses. Ethereum (ETH) is one of the blockchain services and being a competitor to one of the world’s leading services, started its path of development from growth marketing. And here are some strategies experts from there share with us:

1. Built an email list of your potential customers

Creating an email list of potential customers before its launch can have a great impact on raising brand awareness and creating a pre-launch hype. You can use email automation services like Mailchimp to organize sending of your emails about the upcoming website, service, or product or/and give some advantages with your email. 

2. Build partnership

Even though you are or you work for a small company, it still doesn’t mean you can’t build good cooperation bringing good value to your partner. Many businesses have long realized that co-marketing is a good strategy for growth hacking. It can help you organically grow your product and impact a new customer visit to your website if your partner already has a good user base.

3. Build a social media community around your business

As far as social media became very popular in business growth, no marketing strategy is being made without social media growth strategy. But you should be careful to know where you are hanging out, thus which social media is relevant to your business. Developing good content for your social media and creating an engaging group for example on Facebook would be a great start.

What are the benefits of growth hacking?

If all the growth hacking strategies are implemented and work well, you’ll see the results very soon. But if you still want to know why you should choose growth hacking instead of traditional marketing methods let’s discuss some benefits.

• Low cost. Growth hacking itself has an aim to get the most out of your resources no matter if you are a newcomer in a business field or no. For example, implementing best SEO practices, good research of keywords, and creating really valuable content on your platforms will require no big expenses but can cost you a good income.
• Measurable ROI. Many tools and manual analysis help you easily detect and measure the results of your growth hacking campaigns. This detection can help you choose between strategies you use.
• Low resources. Growth hacking can be done by one person without a big investment. The only thing you should remember is not to think twice about the specialist level and professionalist.

Some criticism about growth hacking?

Growth hacking is usually called fast and furious marketing thus is a target of criticism for not implementing in depth marketing strategies. On the other hand, the website building market, itself flies too fast and easy solutions, even design elements that not long ago required the hard work of a designer, deriving him from more important work, is now replaced by easily-used tools. This way random shape generators became a helpful tool for creating a diverse instrument helping to generate shapes of any type and color for the website or designs, still not using stock photos. So the revolution of the industry greatly impacts the change of the marketing industry too. 

Yet, don’t forget that growth hacking needs a product-market fit and an understanding of your website conversion funnel. It will help you faster detect what needs to be fixed and optimized. And yes, don’t forget about testing. It is a method of gain through waste. Practice and win.