Growth Hacking in 2018
Growth hacking is a term coined by Sean Ellis in 2010 to differentiate between digital marketers and growth hackers. A growth hacker works across various areas of a business- the marketing funnel, sales segments, product development, etc in order to maximize the growth of a business. This practice is especially effective for start-ups that need to make a big impact on their audience with limited marketing budgets.
Paytm is an excellent example of start-up that has made growth hacking work for it. They started out by fulfilling a basic need of mobile phone users- recharging their phones. Soon, they used hacks- like online bill payment, cashback offers and launching their own smartphone app as well. After that, there was no going back for Paytm. The brand has only grown larger and added on to its facilities and offers in order to become a household name in India.
If done right, growth hacking techniques can take start-ups to a whole new level of success. Given that, this strategy has been around for a while, here are our top picks of growth hacking trends in 2018.
Growth through Video Content:
Consumption of video content has grown exponentially over the recent years. According to Cisco, by 2020, 80% of all internet consumer traffic will consist of videos. The high consumption rate of video content is because it is easier for creators to convey more words in less time, while audiences find it easier to retain than all other types of content. Live streaming videos are also gaining popularity among consumers and can become an excellent growth hacking technique for start-ups.
Growth hacking with AI:
Artificial Intelligence has taken the digital world by storm and is proving to be very effective when it comes to making online content more relevant to audiences. For start-ups, using AI for analytics is an excellent hack to acquire and understand consumer sentiments about their products in order to create and perfect a product that their audiences love. Apart from analytics, AI powered voice searches and personalized marketing are great ways to acquire and engage audiences in the current digital setup.
Finding your niche:
The next one is a no-brainer, and has been around for ages too, but is still an extremely relevant growth hacking strategy- finding your niche audience. With the huge number of services available to customers today, it is important for start-ups to figure out and actively target their niche audience. Voonik, an online fashion platform, managed to find a niche for women’s fashion in India’s tier 2 and 3 cities, which worked wonders for the brand and helped them make a name for themselves amongst bigwigs like Flipkart and Myntra that cater fashion to a mass audience.
Collaboration as a growth hacking tool:
Collaborating with other relevant corporates as well as start-ups is an excellent way for a business to grow. Both businesses share their audiences which add to the client base of each party. Also, since they provide complimentary services, it makes for a better customer experience.
High visibility as a growth hacking strategy:
It is crucial for start-ups to be visible to their audiences across various digital platforms- Facebook, Twitter, Instagram, LinkedIn, Google+ and other relevant social medial platforms. Seeing a brand consistently across multiple channels improves recall, builds reliability and creates brand awareness. Influencer Marketing is another great growth hacking tool. According to a survey by Collective Bias, 70% of Millennials make purchases based on recommendations made by peers. When KFC launched their new Double Down Burger in 2017, instead of creating just another video ad, KFC invited food bloggers to generate a buzz about the burger with #KFCSecretBurger, flooding the internet with posts and reviews about the newest KFC product without them having to spend millions on advertising.
So this was our list of innovative growth hacking trends in 2018. Which of these do you think will be most effective for your start-up? Do let us know.
Author: Team C4B
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