Growth is an essential metric for any business, no matter if you’re just launching or have been around for years. Growing your business is one of the key metrics for your business success, alongside revenue and a few other factors. However, growing a business can be difficult in this ever-evolving marketing landscape rife with competitors. So how can you grow your business intelligently without investing in expensive marketing tactics?
This article looks at growth hacking and why this marketing tactic is gaining popularity. We’ll also see what growth marketing can do for your business. Finally, we’ll briefly cover why growth hacking and data collection go hand in hand, and how tools like the TikTok scraper can be helpful in gathering 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. At the time, he used the term to get other businesses and marketers to change their approach to goals. their marketing. Traditional marketing methods at the time focused heavily on the product. However, as the digital battlefield changes, so does our approach to digital marketing tactics.
This is a marketing strategy that businesses can use to grow their business quickly with a reduced budget. Growth hacking strategies are built around a single goal – growing your business. While formulating a marketing strategy, consideration of which tools to use and all the techniques you develop should stem from a single goal of growing your business.
Growth hacking shouldn’t replace your current marketing strategies. Instead, growth marketing is a way to improve the efforts of your existing marketing strategy by setting achievable and well-defined goals to drive growth anywhere. 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 tracked as part of your digital marketing strategy. These metrics include increased user engagement, conversions, and retention, among others. The difference comes down to the scope of each principle. Digital marketing looks at the big picture, while growth marketing looks at specific goals within these metrics.
Some common metrics used to measure growth hacking include:
- Cost per purchase (CPA)
- Lifetime Value (LTF)
- leave rate
- Active users (daily or monthly)
- Lead speed
- Customer Participation Points
- renewal rate
- virus coefficient
- fast payout rate
- Monthly recurring revenue (MRR)
How Does Growth Hacking Work and Where Does Scraping Happen?
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 put the extra aspects aside and focus on growing the business with defined and measurable goals.
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There is no one-size-fits-all approach to growth hacking. Every business is different, and therefore no two strategies will be the same. To be successful in growth marketing, you need to research your audience deeply and gather as much information about them as possible. You also need to understand what types of digital marketing your audience prefers and also need to gain insights into how consumers interact with your brand.
Web scraping can be a useful tool here as it allows users to quickly gather a lot of data. You can use a TikTok scanner or another platform scanner to collect data about your target audience from a social media platform.
Another important part of growth marketing is defining the sales funnel. Having this channel in place will be a great guide on how you should support consumers throughout their journey. Each step in the funnel 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 piracy funnel (or AAARRR funnel), which is broken down into the following stages, and a few ideas of measurable growth metrics for each stage:
- Awareness: website visits and CTR
- Conversions: user base growth and conversion rates
- Activation: number of subscriptions and percentage of active users
- Retention: retention rate and customer lifetime value (CLV)
- About: product reviews and social mentions
- Revenue: monthly recurring revenue (MRR) and annual recurring revenue (ARR)
Once you have your funnel set up, you must set measurable but achievable goals for each stage. You should also decide how you will collect data, analyze it, and track your growth. Again, this is where web scraping can help. For example, you can use TikTok scanning to gather information about your audience, analyze growth potential based on industry fundamentals, and use that information to track presence and mentioned on social media.
Final thoughts
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.
Categories: Technology
Source: SCHOOL TRANG DAI
