Growth is an essential metric for any business, regardless of whether you’ve just launched or have been operating for years. Growing your business is one of the key metrics of a company’s success, along with revenue and a few other factors. However, growing a business can be difficult in this ever-evolving marketing landscape full of competitors. So how can you grow your business smartly without investing in expensive marketing tactics?
This article looks at growth hacking and why this marketing tactic is gaining popularity. We’ll also look at what growth marketing can do for your business. Finally, we’ll briefly cover why growth hacking and data scraping go hand in hand and how tools like a TikTok scraper can be helpful in collecting data from the platform to further your growth marketing tactics.
What is Growth Hacking?
The term “growth hacking” was first coined by marketer Sean Ellis in 2010. Back then, he used this concept to get companies and other marketers to change their approach to marketing objectives. Traditional marketing approaches of the time were largely product-focused. However, as the digital battlefield changes, so does our approach to digital marketing tactics.
This is a marketing strategy that companies can use to grow their businesses quickly on a small budget. The Growth Hacking strategy is based on a single objective: to grow your business. As you craft your marketing strategy, consider what tools to use and any techniques you develop should be aimed at growing your business.
Growth hacking should not replace your current marketing strategies. Instead, growth marketing is a way to enhance your current marketing strategy efforts by setting highly defined and achievable goals to promote growth at any stage of the user’s sales funnel.
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Key Metrics Used in Growth Hacking
The key metrics used in growth hacking can be very similar to those monitored as part of your digital marketing strategy. These metrics include increased user engagement, conversions, and retention, among others. The difference lies in the scope of each principle. Digital marketing looks at the big picture, while growth marketing looks at specific goals within these metrics.
Some popular metrics used to measure growth hacking include the following:
- Cost per acquisition (CPA)
- Lifetime value (LTF)
- dropout rate
- Active users (either daily or monthly)
- Lead Velocity Rate
- Customer Engagement Score
- Renewal rate
- Viral coefficient
- Quick reason
- Monthly Recurring Revenue (MRR)
How does growth hacking work and where does scraping come in?
Growth Hacking is a technique used mainly by startups and small businesses that want to grow but do not have the resources or budget for traditional digital marketing. Growth marketing is a technique that allows companies to put aside secondary aspects and focus on growing the business with defined and measurable objectives.
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There is no one-size-fits-all approach to growth hacking. Each business is different, and therefore no two strategies will be the same. To be successful at growth marketing, you need to study your audience in depth and gather as much information about them as possible. You should also understand what type of digital marketing your audience prefers and also have a deep understanding of how consumers interact with your brand.
Web scraping can be a useful tool in this case, as it allows users to quickly collect a large amount of data. You can use a TikTok scraper or other platform scraper to collect data about your target audience from the social media platform.
Another important part of growth marketing is defining a sales funnel. Having this funnel in place will be a great guide for how you should support consumers throughout their journey. Each step of the funnel should have its own objectives and key performance indicators (KPIs) that you can use to monitor the success of your strategy.
Growth Hacking usually uses the pirate funnel (or AAARRR funnel), which is divided into the following phases and some ideas of measurable growth metrics for each:
- Awareness: Website Visits and CTR
- Acquisition: user base growth and conversion rates.
- Activation: number of registrations and active user rates
- Retention: retention rate and customer lifetime value (CLV)
- Reference: product reviews and social media mentions.
- Revenue: Monthly Recurring Revenue (MRR) and Annual Recurring Revenue (ARR)
Once you’ve set up your funnel, you need to set measurable but achievable goals for each phase. You must also decide how you are going to collect data, analyze it, and monitor your growth. Again, this is where web scraping can help. For example, you can use a TikTok scraper to learn about your audience, analyze growth potential based on your industry benchmark information, and use it to monitor social media presence and mentions.
Final thoughts
Growth Hacking is a great technique to implement alongside your digital marketing if you want to grow your business. This technique is especially useful for startups and small businesses that don’t necessarily have the resources or capital to invest in marketing tools.
Read more Author: Billy Willson Software, applications and gadgets expert
Categories: How to
Source: vtt.edu.vn