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What Is Growth Hacking?

  • Written By Livie
  • Posted November 26, 2013
  • 2 minutes Read Time

Have you heard the term growth hacking? As with all hacks, it’s about taking a more creative, unconventional look at what you have at hand in order to make inventive use of it. When you’re growth hacking, you’re looking for new ways to grow your business by investing your creative inspirations rather than large sums of money.

Let’s take your eCommerce store. Whatever it is you sell, you’ll be looking to increase your customer base, get the word around and stir up higher levels of engagement between the public and your brand. And you’ll want sustainable growth and increased sales, not just a flash in the pan approach that gives heavy traffic one week and then reverts to normal thereafter, without any increase in your conversion rate.

So take a step back and think about how you could achieve this with your Magento business. Don’t just think about the product or service itself. What about the technology you offer, and the content of your site. Clever growth hacks exploit everything they have to attract more sales. Look at Dropbox for example, where users gain extra storage space in return for referring a friend, or connecting with their social networking accounts, resulting in mutual gains for both the user and Dropbox. By incentivising, they’ve become a household name in cloud storage.

Know your customers. Find out where they hang out, and hang out there too, like DodoCase, who got college students to work on commission, handing out coupon codes in Apple stores to spread the word about their stylish iPad cases. Using people who were crazy about the products themselves, and of the same demographic as their customers, made for a more persuasive sales message.

It’s worth taking a look at your website content. What free content are you offering to encourage return visitors? Could you be putting up video tutorials or downloadable cheat sheets to solve simple customer problems without them having to pay a penny? If you do you’ll be demonstrating goodwill and trustworthiness that will ultimately lead to an increase in eCommerce conversions. Could your customers pay for something onsite by tweeting about it rather than using money?

Whatever you do, be creative. Any points of interaction with your Magento customers have the potential for growth hacking.