Growth Hacking consists in following a strategy to accelerate the growth of a company. Most of the time, this strategy is based on Big Data. Find out how you can use megadata analysis to drive your business growth.
All companies are looking for growth through increased sales or more customers. However.., there are methods to accelerate this growth. It’s called Growth Hacking.
Growth Hacking definition: what is it and what is it for?
The term Growth Hacking refers to strategies, so the objective is to cause a company to grow abnormally fast. In general, these strategies are employed by nascent startups in need of massive growth in the short term and on a limited budget.
Growth Hacking can also be defined as a lean manufacturing on different marketing channels to quickly identify the most effective ways to grow a business. The term was coined in 2010 by Sean Ellis, founder and CEO of GrowthHackers.
The objective of Growth Hacking strategies is generally to to acquire as many users or customers as possible while spending as little as possible. Growth Hackers can be marketers, but also engineers or product managers who focus on building and engaging a user base.
Regardless of the definition chosen, it should be stressed that Growth Hacking is systematically based on information and analysis. For this reason this concept is inextricably linked to the Big Data….
Growth Hacking and Big Data
The fastest and safest way for a company to meet growth is to Analyze the data in order to understand the client. Until recently, understanding customers required laborious and not necessarily reliable market research.
Tools such as social networks, the Internet of Things, point of sale systems or websites now make it possible to connect more directly with consumers. These tools make it possible to generate data that can be analysed to find the path to growth more quickly.
For example, it is possible to evaluate the data for Understand the factors that will drive a consumer to buy. Admittedly, there are so many factors to consider that it is impossible to find a magic formula that will encourage people to buy. Indeed, such a decision depends, for example, on the environment, the mood or the available funds of the customer.
Nevertheless, data analysis allows to better understand the behaviour of individuals. For example, a bank can use the data to develop a typical profile of its most profitable customers and thus detect similar profiles that will serve as primary targets for future marketing campaigns.
How to use Big Data for Growth Hacking?
To take advantage of the potential of data analysis for your growth, you need to follow a didactic process. The first step is to monitor activities that contribute or will contribute to increased sales of your product. For example, visits to your website or positive tweets about your product can be beneficial even if they are not systematically so.
Once the factors that can lead to increased sales, and thus growth, have been identified, it is necessary to create measures to evaluate them. In general, in order to make a purchase, a consumer must know the product, be interested in it, want it, and finally take action.
Thus, for e.g. measuring consumer knowledge of the productYou will be able to analyze social networks, organic search results, or advertising. Try to determine where you stand on each of these elements, and set yourself goals to achieve.
Then it is a question of Understand the contribution each element makes to the conversion.. This will allow you to define the marketing channels to be used to boost your growth. If you sell online, you can rely on Google Analytics. If you sell in a physical store, try to analyze the evolution of sales from one year to the next according to your marketing activities.
Now that you know what contributes to your growth, all that remains is to create a dashboard of metrics essential to your growth. It is possible to use a tool like IBM Cognos, but there are many different solutions on the market.
Based on data analysis, you will be able to develop new strategies. However, don’t forget to continue to monitor the impact of these changes in tactics on your results.