Growth hacking is the relatively new buzzword for doing more with less usually framed within digital marketing. The phrase covers a lot of territories; growth hacking is a creative way of generating leads, increasing online traffic and optimizing marketing processes in the shortest period of time with the least amount of resources.
This definition is partially right. At the same time, it is a completely ethical, widely used, creative method that was utilized by small and large players alike.
What is Growth Hacking in Digital Marketing?
There is so much mystery out there about the term” Growth Hacking.” Many think that it’s entirely black-hat, shady and sneaky tactics aimed at short term wins. Others just swap it out to describe “marketing.”
The best growth hackers are using the phrase to describe unconventional ways of getting new customers, generating growth and beating the competition via automation.
Many industry-leading companies are referring to this marketing mindset as a core focus behind their success.
Airbnb, PayPal, Dropbox, and numerous big corporations and rising start-ups continue to throw the phrase “growth hacking” around in their approach to product, customer acquisition, and building their brand.
Growth Hacking Techniques
- Website optimization
- Video optimization
- A/B testing
- Email Marketing
- Sign up forms
It is happening. Companies have been using growth hacking only for a few years, but it is on fire.
In the following article, we will reveal the advantages of this creative method and present mind-blowing statistics. It will give you a hint about the relevance of growth hacking to increase revenues, cut marketing costs and efforts.
SEO Statistics For 2020
Google receives 100 billion searches every month that is an average of 40,000 searches every second.
In addition, half of these researches come from mobile devices. People tend to research businesses to get deeper insights into their products and services. Especially keyword-related growth hacking can leverage the potential of this phenomenon.
61% of companies reported that one of their biggest priorities is improving their SEO activities in 2019.
Today the SEO industry has a worth of $80 billion, and with reason. Strong online presence, optimized website, and content have become basic criteria to beat the competition in all the industries.
By using SEO, the average conversion rate is 14.6%, while using the traditional outbound marketing strategy results in an average of 1,7%.
By using SEO, your product will show up only to people who are looking for similar topics already. This ensures effective lead generation and conversion rates that your business can benefit from.
An average company allocates 41% of its total marketing spending for SEO, content marketing and PPC campaigns. Small, medium and big size companies evenly implement growth hacking and SEO into their business processes as customers prefer more and more to purchase online, be entertained and informed from the digital world.
72% of potential customers who run a local online search will visit a store within 5 miles of their location.
After Google rolled out the Pigeon update, local stores got bigger chances to compete for local traffic. Nowadays, potential customers can just type “Growth hackers near me” or “Marketing agency near me” and they can instantly find the best offers within a short distance.
Search Engine Marketing Statistics For 2020
From 2018 to 2019, the total number of devices around the world with ad blockers has grown from 142 million to 615 million.
Information and advertising overload have left their mark and nowadays people try to reduce the number of digital impressions they get. This makes it even more difficult to measure key metrics and to analyze your audience effectively.
Linkedin and Facebook are the two most efficient social media platforms when it comes to paid ads. Twitter takes the third place and Youtube is four times less effective compared to LinkedIn when marketers take into consideration ROI.
SEO is getting more and more popular among marketers but SEM is still generating a decent amount of revenue within a relatively short time. Being able to target a narrow group of people is one of the major reasons why SEM is still a widely used digital marketing technique.
It is a surprising fact, taking into consideration that the number of internet users has been growing for many years and they have gotten more educated about the online world as well. At the same time, not being able to distinguish organic and paid results gives a small advantage to businesses that use SEM.
The research published by Google gives a good indication of the efficiency of PPC campaigns. It is a great way of targeting the right people, educating them about your product and eventually converting them into your customers.
Lead Generation Statistics For 2020
Optimizing landing pages have a huge effect upon converting visitors into leads. The more information that you convince your audience with about your product the more likely they will consider buying from you.
Lead generation is the biggest issue followed by converting leads into customers and creating meaningful content. It can have various reasons starting from not directing visitors into specific landing pages or not having a call-to-action button, to being unspecific with your message towards your audience.
Growth hacking is all about getting the maximum result with the least amount of invested effort and resources. Tools just as HubSpot, OptinMonster or Clearbit are some of the potential tools the marketing department can benefit from.
It’s not a secret that in most of cases the social media platform for B2B lead generation is LinkedIn. With LinkedIn growth hacks you can target an audience that consists of C level employees and funders, that are on the platform for partnerships, closing deals and gain information to grow their businesses.
Sometimes it is better to be in the right place at the right time and in other cases, it is better to snatch at the chance right on time. In the case of lead generation, it seems like the latter option works and it is worth giving it a try as the efficiency can vary based on the industry.
Content Amplification + PR Statistics For 2020
Blogging has proved its efficiency during the years of digital marketing. It has an amazing effect on website traffic, keyword targeting, SEO, brand positioning and the customer journey. Growth hacking techniques for blogs can boost the positive effects of content marketing even further.
Having good content is a great start but the digital marketing of the new era requires more. Amplifying content has become a necessity in order to rise in the information overload of our world. Identify the best marketing channels, get to know your audience and amplify your content to get bigger exposure.
Including visual material in your articles is a really important factor. It makes the text more readable, hooks the attention of your audience for a longer time. Furthermore, by sharing your infographic you can receive valuable backlinks to improve your SEO stats.
Do you already have an email list with interested customers within the topic that you wrote about? Share your content with them, ask them to share your article on social and get views and backlinks and discuss potential guest-posting possibilities.
Continuous algorithm updates, low-quality content, no-follow links. Just a few of the possible reasons why your link building strategy does not deliver the expected results. Make your research about the possible issues and make the necessary steps in order to keep up with the competition.
Conversion Rate Optimization (CRO) Statistics For 2020
Only 52% of companies test their landing pages whether they are engaging enough to convert. At the same time, only about 22% of them are satisfied with their CRO metrics.
Low page speed, cluttered design, a lack of call-to-actions. Few of the possible factors that can cause low conversion rates. It is crucial to test how your visitors perceive your landing page, how it motivates them and how it converts.
Videos are great tools for various reasons. It has the potential to educate your visitors about your product, decrease bounce rate and it can convert strangers to your customers. People are more willing to watch videos than reading content and it can be your advantage.
By 2024 the worth of the marketing automation software industry is expected to reach 32.6 Billion USD. These tools for automating email campaigns, social media posts or even content creation are getting widely used and they can accelerate conversion processes exponentially.
It is essential to generate leads, get bigger online exposure and produce engaging content but at the end, businesses do it for one reason. To convert visitors to customers. Finding the right combination of the commonly used growth hacking techniques can be one of the best investments of your time that your company can benefit from.
Growth hacking strives to generate an outstanding return on investment and online tools have an important role in achieving it. Commonly used CRO tools help to decrease the invested effort and resources while generating growth. Metrics to help you analyze conversion rate optimization include cost per conversion, the value per visitor, return visitor conversion rate, interactions per visit and many more. The relevancy of these statistics always depends on the given industry.
Content Creation Statistics 2020
Blogging for beginners can be difficult for the first time, but it is definitely worth the time. It has a huge potential to target keywords organically, provide value to your visitors and increase your website traffic exponentially. Today, building up a well-functioning content creation workflow requires expertise and human resources. On the other hand, AI-generated content is just around the corner and marketers curiously follow its impacts upon the digital marketing world.
The PPC process has been being a standard marketing strategy for a long time because it teases marketers with quick wins. On the other hand, content marketing nurtures your visitors and it drives traffic continuously and these are deal-breakers against PPC campaigns.
Attention and data are becoming the most expensive assets. Marketers with a growth hacking mindset are outstanding in measuring what their audience needs, produce materials to them and distribute it in a personalized way.
Websites with content help search engines to identify platforms as valuable resources of web users. It is one of the most important Google ranking factors. Including a resource section on your webpage can have a similar effect but blogging is definitely recommended to keep up with the competition.
75% use agencies for copywriting to maintain constant brand identity and 45% of the content is created on an ad-hoc basis. Outsourcing content production has its advantages and platforms just as Fiverr, iWriter and Upwork rule the market when it comes to freelance marketplaces and content writing prices.
So how can your business benefit from growth hacking?
Some would say it is an unconventional way of digital marketing, but ready or not, it is happening, and it is going to spread in the future even more. In the past years, a growth hacking mindset has become a synonym with constant experimentation, minimum input, maximum output, and creative thinking.
Small businesses are hungry for bigger web traffic, better conversion rates, lead generation, stronger brand identity, and higher ROI. Growth hacking provides solutions to these expectations perfectly.
At the same time, forward-thinking big corporations constantly innovate their operations as well. They implement growth hacking in order to overcome the growing competition that utilizes traditional ways of marketing.
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Growth hacking techniques offer quick wins, meaning that it results in instant growth regarding your desired metrics.
At the same time, implementing a whole new strategy is not a child’s play and it requires expertise. Search engines can easily penalize your website for something that you did not even know about being a “black hat”.
It’s always advised to do your research and figure out what is the best use of your time.