Growth Hacking is a discipline whose purpose is the maximum profitability of the business in pursuit of increased profit. In addition, it is a practice that works by looking for growth drivers; In other words, it is a methodology that seeks to increase profit through the lowest possible cost.
Born among startups, the figure of the Growth Hacker is a transdisciplinary profile that is characterized by having a technical and analytical base and at the same time also has a curious, original and creative part.
Growth Hacking should not be confused with Marketing since, while the latter has sales as its ultimate goal, Growth Hacking always has business growth in its sights. This growth does not have to be achieved through increased sales; on the contrary, the Growth Hacker will be able to act on the sales department but also on the global business strategy and also on the management of the product.
The press sector is one of the sectors that is looking the most for growth and especially the written press, since it competes a lot with free content.
Can we apply the methodology to grow a business in this sector? Of course. Here we explain how.
The first step is to set a growth goal. For this, it will be very useful to observe what is the critical part of our funnel.
- Do we have acquisition problems?
- Or what interests us is that they spend more time with us?
- Are they unsubscribed quickly or are we able to retain them?
Once we have identified in which part of the funnel we lose the most customers - whether potential or current -, we must establish a goal whose purpose is to optimize that part. An example could be the following: ““ We want to increase conversion by 15% in the next 2 months and we are going to measure it through the conversion rate, the cost of acquisition per customer and the coefficient of profitability in deposits. As we can see, this objective is specific, measurable, achievable, realistic and temporary.
Once we have established the growth objective, we must select the growth driver. Drivers, as their name suggests, are strategies that allow us to achieve our objectives at the lowest possible cost. Therefore, we will choose the strategy that represents the lowest cost in time, effort and money.
- How can we increase conversion?
- Through an SEO strategy to be well positioned in the search engine?
- By sponsoring certain articles?
- Through a content marketing strategy?
Taking into account the situation in which the press finds itself, the main driver is to offer a differential value that makes the brand unique. In other words, to get more consumers it is necessary to show potential customers that what we offer them cannot be found anywhere else (whether in terms of theme, focus or quality).
Suppose we are going to opt for a quality content strategy. Now that we have chosen the driver, we come to the experimentation phase. The experiments are those actions through which we will execute the strategy; As its name suggests, we must be continually testing and monitoring these actions to see which ones are the most profitable for us.
- What specific actions can we take to increase conversion if we apply a quality content strategy?
- Can we offer a month of free content so that the user can really see the potential of all that we can offer?
- Can we carry out an SEO positioning using words that separate us from the competition?
- Can we write different headlines from the rest and do A / B tests to see which ones attract the most attention?
- Can we focus on specific content topics and become specialists in that niche?
Whatever experiment we carry out, we must take it into account in the last and most important phase of Growth Hacking: The record of learning.
In this phase, after having executed the experiment and having monitored and analyzed it, we must write down the action we have carried out, its results, the data obtained and the lessons learned.
Without even realizing it, we will be creating a database that we can then analyze and begin to detect what those strategies and drivers that work best for us have in common.
To learn more about growing a newspaper business, all you need to do is sign up with Hypertry. There you can find the most effective drivers and experiments for the sector and also ask for personalized consulting.