3 Growth Hacks to Grow Your Business

Growth marketing is a relatively new term that describes a new approach to marketing. Its definition was developed by McKinsey, an international company that specializes in all things marketing. It refers to a new approach to marketing that emphasizes the development of a business. It is often described as a strategic, tactical method, a discipline and a series of cross-functional skills. These are all valid descriptions, but growth marketing is decidedly non-programmer-driven.

In recent years, many marketers have adopted a variety of marketing strategies that do not conform to the traditional marketing cycle. Most of these strategies focus on the implementation of metrics that are designed to measure everything from product growth, to customer satisfaction, to return on investment. While many businesses have made use of these metrics in the past, the growth marketing community has been slow to adopt them into their own marketing strategies.

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The primary reason for this delay in embracing growth metrics in-house is the fact that many marketers believe that the creation of new strategies requires a long and painful process. Some even believe that it takes decades to develop strategies that can bring significant change. Others are leery of the ability of metrics to provide meaningful data and are hesitant to adopt new approaches. The truth is that, contrary to popular belief, growth marketing strategies are data-driven.

Data drives growth marketing strategies. As with any other type of market, most growth marketers begin their research by gathering market, analytical and motivational data. Once they have collected this information, the real work begins. Marketers then begin to implement their strategies by using customer, employee, and supplier surveys as well as other types of qualitative and quantitative research. Ultimately, marketers turn to the powerful capabilities of data to inform and define their strategies.

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A critical part of any growth marketing plan is customer retention. While customers do not always respond to promotional gimmicks or big-budget advertisements, the key to growing your business is to retain your customer base. Surveys will reveal the best ways to enhance customer satisfaction and drive new interest. By improving the customer experience and building stronger customer loyalty, you will be able to drive growth through the roof. However, data-driven strategies require some heavy-duty implementation and commitment to customer retention.

Growth hacks provide an alternative strategy to implementing proven strategies. Although growth marketing strategies are data-driven, hacks provide a way to test market performance without having to invest in new metrics. hacks provide metrics for tracking only key metrics, allowing growth marketers to rapidly track performance while avoiding the investment in new platforms. Growth hacks allow for continuous tracking, allowing the company to quickly measure performance across different channels. By driving growth with hacks, the company can focus on building stronger customer relationships instead of focusing on one-time initiatives. Ultimately, data-driven strategies allow growth marketers to truly drive sustainable growth.