Why Growth Hacking isn't just for start-ups
When most people hear the words growth hacking they generally think of two types of businesses; tech companies or start-ups. Not many people will think of established businesses.
This is generally because many of the success stories to do with growth hacking have come from a number of well known companies including; Airbnb and hotmail who utilised growth hacking tactics and received a huge amount of success in their start-up days.
Does this mean that growth hacking is just for start-ups?
No...Not at all!
A huge number of established businesses use growth hacking techniques and regularly gain positive results.
Start-ups often use growth hacking techniques because they have little to no other options. They don't have a never ending pot of money, the press aren’t interested (yet), and they don’t have customers queuing up outside the door. Startups are happy to try just about anything to get customers, but those with an established customer base have to be more careful. That being said, the right growth hacking techniques can help established business find even more customers.
If you have an established businesses, it likely means you have a big user base. You could be seen as being a little over-zealous to make across-the-board changes which impact thousands or potentially millions of customers. However, you can make changes to a small selection. By making a few small changes you may see conversion rates or other metrics improve. Growth Hacking is all about experiments and testing.
An example of an established business taking advantage of growth hacking techniques is Amazon. They will target small portion of its user base and test different features out on those customers to see how they can improve their site. Low risk with potential high rewards. Once they find something which works they scale it up.
Another reason why so many established businesses should consider growth hacking is because it can help save money. Any growth hacker out there will tell you that you shouldn’t waste any time or money on activities that are not measurable. Growth hacking techniques can provide copious amounts of data and analytics allowing you to better evaluate your current marketing strategies.
Finally, a huge percentage of established companies introduce new products or services at some point. Growth hacking tactics should be used in the build up and launch to ensure the product or service is a huge success.
Its not just small businesses, tech companies and start-ups who use Growth Hacking techniques to attract more customers. At DGH we can provide solutions for start-ups and bigger brands tailored to your budget and business goals. It all starts with a detailed understanding of exactly who your target audience are.