Growth is a key metric for any business, whether you’re a startup or have been in business for years. The growth of your business is one of the key metrics of a company’s success, along with revenue and several other factors. However, growing a business can be difficult in this ever-evolving and competitive marketing landscape. So how can you grow your business smartly without investing in expensive marketing tactics?
This article discusses growth hacking and why this marketing tactic is becoming increasingly popular. We’ll also look at what growth marketing can do for your business. Finally, we’ll briefly explain why growth hacking and data scraping go hand in hand and how tools like TikTok Scraper can be useful in gathering data from the platform to promote your growth marketing tactics.
What is Growth Hacking?
The term ‘growth hacking’ was first coined by marketer Sean Ellis in 2010. He then used the concept to get companies and other marketers to change their approach to marketing goals. Traditional marketing approaches at that time put a lot of focus on the product. 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 business quickly on a shoestring budget. A growth hacking strategy is built around one single goal – growing your business. As you develop your marketing strategy, the consideration of the tools you will use and any techniques you develop should be rooted in the single goal of growing your business.
Growth hacking should not replace your current marketing strategies. Instead, growth marketing is a way to improve the efforts of your current marketing strategy by setting highly defined and achievable goals to promote growth at any stage of the customer 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 tracked as part of your digital marketing strategy. These metrics include increased user engagement, conversions and retention, among others. The difference comes with the scope of each principle. Digital marketing looks at the picture as a whole, while growth marketing looks at specific goals within these metrics.
A few popular metrics used to measure growth hacking include the following:
- Cost per acquisition (CPA)
- Lasting Value (LTF)
- Churn rate
- Active users (either daily or monthly)
- Leading speed rate
- Evaluation of customer involvement
- Renewal rate
- Viral coefficient
- Quick ratio
- Monthly Recurring Revenue (MRR)
How does Growth Hacking work and where does scraping come in?
Growth hacking is a technique mostly used by startups and small businesses that want to grow but don’t 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 business growth with defined and measurable goals.
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There is no one-size-fits-all approach to growing hacking. Every business is different and therefore no two strategies are the same. To be successful in growth marketing, you need to thoroughly study your audience and gather as much information about them as possible. You also need to understand what type of digital marketing your audience prefers and gain a deep understanding of how consumers interact with your brand.
Web scraping can be a useful tool here as it allows users to gather a lot of data quickly. 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 the sales funnel. Setting up this funnel will be a great guide on how to support consumers along their journey. Each step in the flow should have its own goals and key performance indicators (KPIs) that you can use to track the success of your strategy.
Growth hacking typically uses a pirate funnel (or AAARRR funnel), which is broken down into the following stages and a few ideas of measurable growth metrics for each:
- Awareness: Website visits and CTR
- Acquisition: User base growth and conversion rates
- Activation: number of registrations and rate of active users
- Retention: retention rate and customer lifetime value (CLV)
- Recommendation: product reviews and social media mentions
- Revenue: Monthly Recurring Revenue (MRR) and Annual Recurring Revenue (ARR)
Once you’ve set up your flow, you need to set measurable but achievable goals for each stage. You should also decide how you will collect data, analyze it and track your growth. Once again, this is where web scraping can help. For example, you can use a TikTok scraper to get information about your audience, analyze growth potential based on basic information about your industry, and use it to track social media presence and mentions.
Final thoughts
Growth hacking is a great technique to apply with 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 By: Billy Willson, Software, Apps and Gadgets Expert
Categories: How to
Source: HIS Education