How to Use Growth Hacking to Make Your Business Profitable

Growth hacking is a technique that widely depends on the derived data as it needs customers for the growth of a company, organization, or business.

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Growth Hacking is a term widely used in the marketing sector that is centered on the growth of a company or organization. Growth Hacking aims to establish a solid customer base by spending a minimum budget under a limited period. The term “Growth Hacker” was introduced in the year 2010 by entrepreneur Sean Ellis and that aims to enhance the growth of a business in multiple ways by building maximum customers in a short period. Product development and marketing cycles are specially put into focus in growth hacking. Many business persons aspire to opt for growth hacking in order to get success in their businesses. Growth hacking is an agile process in which procedures are divided into small steps, and each step is adaptable in order to get a perfect outcome. Here we shall discuss a few of the growth hacking tips that you can opt for in order to make your business profitable.

• Target audience:

It is highly recommended to develop a product that directly addresses the demand of the audience. By creating such a product, you shall be having maximum customers fulfilling the goal of growth hacking. In marketing terms, such a product is called as the “product -market fit.” In this way, your business will grow, gaining maximum reach among the masses. It must be kept in mind that the audience is the base of the growth of your business. So design the product to meet the needs of a broader audience. In this way, you shall have a potent customer base.

• Specific goals:

There is mostly one broader goal called a primary goal. It is recommended to divide one more general goal into several short goals. It is an efficient approach to develop specific goals in order to reach the primary goal. Your short-term goals must be on a monthly, weekly, and daily basis. By devising such short-term goals, you shall be able to analyze the progress of your product on a daily, monthly, and weekly basis. The benefit of developing such goals is that you can readily make changes when required. Many businesses have set such short-term goals and achieved significant growth in their business. You can take the example of any YouTube channel or any online content site that probably set the primary goal of million views in one month, but there must be a daily and weekly plan in order to reach the primary goal. In such a case, the growth is steady but definite.

• Implementation:

Growth hacking is a technique that widely depends on the derived data as it needs customers for the growth of a company, organization, or business. Sales of products can also determine the degree of interest of customers in the product. Apart from such traditional methods, you can implement digital techniques as it is quite a digital century we are living in. Social media platforms are the best mediums in order to gauge the interest of people in the product. You can use Facebook, Twitter, Instagram, and other online sites to post the content relevant to your product. Every social media platform has its dimensions, as on Facebook; you can determine the level of interest of people by analyzing the sections of shares. Likes and feedback from friends.

On the other hand, Twitter can gauge the interest of the customer by developing Tweet analytics. You can monitor the Tweet analytics that will tell you the number of times the tweet about your product is retweeted. If you have shared the link about your product, Twitter analytics will determine the number of times the link has been clicked. By using such analytical tools of social media platforms, you can readily check the tendency of customers about the product you launched. Also, feedback plays a crucial role in gauging the level of interest among people, whether negative or positive. Emails are also one of the vital mediums in order to disseminate the product and get valuable information in return about the usability or reliability of the product. If you aim to choose an online content site, then there are several tools that you can use for determining the level of interest among people.

• Testing of product:

Digital revolution has made the testing of product extremely easy. Now there are no rigorous testing methods for the product. You can use the social media platforms in order to test your product. Testing f product is linked to the opinions of people about the product. Before designing a product or launching a full fledge product on social media platforms, you can share the idea of a product or part of a product on social media and get instant response. You will instantly get the opinions and even suggestions for your product. In this way you shall be able to design the product addressing the demands of the customers. Also you can incorporate the suggestions given by people for your product and make it more attractive for the customers. In this way, you will launch a final product in market with satisfaction. There are many online platforms other than social media that you can opt for uploading samples of your product.

• Re-examining of product:

The step that are mentioned above if implemented in its core will thoroughly refine the product. In this way you shall be able to understand and analyze the product from multiple perspectives and there shall be maximum probability of growth.

Growth hacking is not limited to a specific range of products. It is applicable to every business that you initiate. By implementing growth hacking, you shall be able to get more sales and eventually growth of your company reaches to a high level. Following are some of the prominent modes of businesses that can get benefit from growth hacking.

• Start-up ventures:

If you are initiating your business and your business is at nascent stage then foremost goal shall be to attract maximum customers towards your product. Growth hacking will help you in achieving the goal of creating a long lasting impression on customers.

• Business to Business marketers:

B2B marketers focus on the great work experience with other business company. Growth hacking helps in organization of entire procedures leading to a great work experience with customers.

• Business to Consumer marketers:

Business to Consumer marketers focus on the product that directly addresses the consumer’s needs. Under the umbrella of B2C marketers, there are many professions that come in including public speakers, bloggers, authors, email marketers and consultants. Growth hacking plays a crucial role in such businesses and convert the people into customers.

• Content marketers:

There are certain things that come under the umbrella of content that includes articles, blogs, short reports, eBooks, podcasts, videos, infographics, etc. Content is mainly developed to drive maximum traffic towards it.Growth hacking helps in this regard by nuancing the flow of traffic towards the content.

• Social media managers:

Nowadays almost every business relies on social media for its promotion. Social media consumes a significant amount of time in order to get maximum customers. For instance if you are dealing in 440 repacking kits, you have to spend enough time to make people aware of its use. There is a concept of uncertainty attached to it as it is not always that you will get customers from social media. Here growth hacking helps if implemented in its essence as it increases the probability of success leading to maximum number of customers.