Growth Hacking is a methodology that is booming today. With a large number of companies implementing it, many are still wondering what exactly it is and how it differs from marketing.
In short, we can define Growth Hacking as that methodology whose ultimate goal is to grow the business through the minimum possible expense. It is therefore a methodology characterized by efficiency, optimization and profitability.
Through a business analysis, the Growth Hacker identifies those growth drivers - those parts whose optimization will be of much greater benefit - and is in a continuous experimentation stage where it seeks to activate and optimize these drivers.
While the Marketer focuses on marketing and sales, the scope of the Growth Hacker is the entire business. That is, the Growth Hacker can act on sales, but it can also act on the product and on the strategy and the business model itself.
The online media sector is one of the sectors that is looking the most to grow and Growth hacking is one of the most effective techniques when used well.
However, there are specific growth hacking techniques for this sector and we explain them below.
The first step is to set a growth goal; To hit the one we establish, it only needs to be an objective whose purpose is to optimize the most critical phase of the funnel.
- Where do we lose more current or potential customers?
- Do we have acquisition problems?
- Are they unsubscribed quickly?
- Do you recommend us?
- Is our brand known?
- Are people interested in ads but not converting?
- They pay us but don´t spend a lot of time with us?
Once we know which is the most critical phase, we can establish an objective such as the following: “We want to increase customer recurrence by 15% in the next 3 months and we are going to measure it through CLTV metrics, churn rate and interaction .
Once we have established our growth target, we must select the growth driver. The driver, as its name indicates, is the strategy by which we will achieve the highest results with the least possible effort. It is, therefore, a metaphor for efficiency.
If we want, for example, to increase recurrence:
- How can we achieve it?
- Would an email marketing strategy help us?
- Would a notification strategy pay off?
- Could we personalize the content we offer you?
When we have the growth driver, we will move on to the execution of experiments. The experiments are all those tactics by which we will carry out the strategy; In addition, we will be continuously doing tests to find out which action works best for us.
If, for example, we have decided to activate the notification driver:
- How can we carry it out?
- Could we send you messages about the latest content that has come out and that matches your tastes?
- Could we let you know what´s new for the week?
- Could we do a test where he or she can customize the type of content that he or she wants us to recommend?
- Could we suggest other similar content each time you consume one?
- Could we create an expectation?
- Could we make you an offer where we will give you points every time you consume a certain amount of content?
Once we run an experiment, we come to the most important phase: The registration. Every time we carry out an experiment, it must be recorded together with the results obtained, the data extracted and the lessons we have done.
This will allow us to create a database that we can later analyze and begin to detect patterns, thanks to which we will find out which strategies and actions work for us and those that do not.
To learn more about growing an online media business, all you need to do is sign up with Hypertry. There, the most effective drivers and experiments in the sector are updated and you can also request personalized consulting.