There are so many myths about growth hacking and they are affecting the business life at a large scale. The term growth hacking is coined frequently among digital marketers and it has become synonymous with viral marketing because of digital marketers’ influence over it.
But, what do growth hacking really mean?
Growth hacking is a mindset rather than being a technique or a set of techniques. In growth hacking we try to achieve more with less. We try to arrange our resources such as time, money and human capital so that we can achieve more in less.
The growth hacking was still pretty prominent but the term “growth hacking” caught eyes of people in recent past. This happened due to sudden boost in technology and corresponding increase in the number of choices that people had.
The industry which had majorly revolutionized software development industry is marketing industry. Internet has made it possible to reach end number of people at once using existing traffic sources.
But with all this there are few misconceptions and myths that have sprouted in people’s mind and here our objective is to address them and show you the real picture.
Myths about growth hacking your marketing:
It’s a magic pill:
We live in a world of instant gratification where people want things to happen past and now this one pill for every ill mind set sets and real expectation for most of the things.
Whereas growth hacking is more like cooking a soap.
It is a process and it have various elements involved as it is with a soup, you can never have perfect soup in a row if you don’t follow a recipe for a process.
This process involves trial and error lots of hard work and introspection.
Other component involves thinking out of the box as it needs you to break the linear pattern of growth.
This can only be done by accessing your position and position of your competitor in your industry and then try to do something radically different without coming off as unrelatable.
It is free:
Often growth hacking is considered free and so do viral marketing.
However, the truth can’t be further away.
Growth hacking in general works on the concept of shareability where such a piece of content is created which is highly shareable and it starts to spread as a wildfire.
Yes, this element of shareability makes content viral but you still need to push it from time to time.
Creating shareable content need research, time and resources and hence the whole concept can’t be labelled as free.
Moreover there is requirement to give your content a suitable platform so that it can be accessible for your targeted audience.
Today when print media is losing its grip over people’s attention and new marketing methods are coming forward and trying out all these platforms need trial and error which in itself can be a costly affair.
However the sad part is that people develop emotions for things that they have invested the time in.
It will happen on its own:
To make growth hacking work proactive and smart approach is required to compliment your hard work and thus one push start button for packing is nothing more than an illusion.
Growth hacking need deep understanding of your business and industry.
This understanding helps you to improve your return on investment.
To achieve better returns over your investment you need to study and deploy various strategies such as influencer marketing, PPC, affiliate marketing and more so, that you can bring down the cost and increase the profit.
Other way of improving your ROI is by working on the LTV of your customers.
This can be done by going from selling to the reordering business and leveraging your existing customer base to sell high end products and services to them which will result in mutual benefits.
It is an overnight success:
As we discussed that to achieve growth hacking you need to go through the process of trial and error.
Trial and error is a costly affair not only in terms of money but in terms of time too.
After a long trail of failures and vocational success you will be able to reach your destination. Sometimes this can take months.
Additionally, you need to understand the basic of marketing so that you can resonate with my next point. Marketing is all about getting the attention and keeping the attention of your ideal customer.
Viral content and growth hacking can help you to get the attention of your potential customers but it takes much more to retain their attention.
To retain the attention you need to constantly provide them value in form of content. To create such extensive amount of content time and efforts are required.
It will solve every issue:
The internet have exponential increase the number of possible alternatives to choose when it comes to growth hacking and viral marketing.
However, now with the same boom we should try that we don’t become just another trend that everyone forgets about after few days. We need to work on sustainability.
Sometimes things take time and hard work. You need to work on other areas of your business as well.
Building great team, acting different strategies, having clear vision of your business have become more important than ever before.