As a digital marketer, I am constantly looking for ways to improve the results I get from the campaigns and marketing efforts I lead. One of the areas I am very interested in is the concept of “growth hacking.”
Growth Hacking Explained
If you are not familiar with growth hacking, it is an approach to marketing that revolves around first clearly identifying who the customer/user base is for a business, and then running quick, low-cost experiments across different marketing channels, testing and refining after each test.
The goal of each of these tests is to acquire new customers, and retain them for the long run.
What sets Growth Hacking apart is an almost obsessive focus on data and metrics, constantly testing, measuring, interpreting and looking for new ways to grow the customer base for a business in the most efficient way possible.
Because of this emphasis on running “lean” and keeping costs low, Growth Hackers typically shy away from traditional higher cost ads like Television, Print and Radio – and instead opt for social media, SEO, content marketing, email marketing and driving viral marketing wherever possible.
By avoiding running expensive campaigns with longer lead times such as a television, radio or print campaign, Growth Hackers instead are able to run and test multiple campaigns back to back at a much lower cost, gathering data all throughout, which can then be used to grow much more effectively.
The AIM Growth Hacking Formula
Now that we have covered what Growth Hacking is about, I want to share with you one of my preferred ways to keep myself rooted on what Growth Hacking is all about. I call it the “AIM Growth Hacking Formula”
This three letter A.I.M. acronym I developed serves as a reminder that in marketing, each campaign you run presents and opportunity to improve the impact and ROI.
A.I.M. Stands for:
• A. Analyze the results from the tests run.
• I. Improve on the tests that have worked.
• M. Multiply the investment on the tests that have yielded the best results.
AIM hammers home the fact that you need to measure digital marketing ROI in everything you do.
But beyond simply measuring… it is in the analyzing of the results that the real gains are made.
Taking action on those results, and investing accordingly, is what separates a truly effective marketer from someone who just spends money on marketing campaigns.
Successful digital marketing campaigns are not born, they are made.
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Image Credit: Jakub Jirsák | Adobe Stock