Growth is an essential metric for any business, regardless of whether you’ve just launched or been operating for years. Growing your business is one of the key metrics of a business’s success, alongside revenue and a few other factors. However, growing a business can be difficult in this ever-evolving marketing landscape filled with 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 take a 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 useful 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 businesses and other marketers to change their approach to marketing goals. The traditional marketing approaches at the time placed a large focus on the product. However, as the digital battleground changes, so do our approach to digital marketing tactics.
This is a marketing strategy businesses can use to grow their businesses quickly with a reduced budget. The growth hacking strategy is built around one single goal – growing your business. While working out your marketing strategy, considering which tools to use and all the techniques you develop should be rooted in a 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 in 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 comes in with the scope of each principle. Digital marketing looks at the picture as a whole, whereas 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)
- Lifetime Value (LTF)
- Churn rate
- Active users (either daily or monthly)
- Lead velocity rate
- Customer involvement score
- Renewal rate
- Viral coefficient
- Quick ratio
- Recurring monthly revenue (MRR)
How Does Growth Hacking Work, and Where Does Scraping Come In?
Growth hacking is a technique mainly 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 businesses to set aside secondary aspects and focus on growing the business with defined and measurable goals in place.
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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 alike. To be successful at growth marketing, you need to study your audience in-depth and collect as much information about them as possible. You also need to understand what type of digital marketing your audience prefers and also gather a deep understanding of how consumers interact with your brand.
Web scraping can be a useful tool here as it enables users to quickly collect a lot of data. You can use a TikTok scraper or other platforms scraper to collect data about your target audience from the social media platform.
Another important part of growth marketing is to define a sales funnel. Having this funnel in place will be a great guide to how you should support consumers along their journey. Each step in the funnel should have its own goals and key performance indicators (KPIs) that you can use to monitor the success of your strategy.
Growth hacking typically uses the pirate funnel (or AAARRR funnel), which is divided into the following phases and a few ideas of measurable growth metrics for each:
- Awareness: website visits and CTR
- Acquisition: growth of the user base and conversion rates
- Activation: number of registration and active user rates
- Retention: retention rate and customer lifetime value (CLV)
- Referral: product reviews and social media mentions
- Revenue: recurring monthly revenue (MRR) and recurring annual revenue (ARR)
Once you’ve set up your funnel, you must set measurable yet achievable goals for each phase. You should also decide how you’re going to collect data, analyze it and monitor your growth. Once again, this is where web scraping can assist. For example, you can use a TikTok scraper to gain information about your audience, analyze growth potential based on your industry’s baseline information, and use it to monitor social media presence and mentions.
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.