Growth hacking is one of those phrases that everyone uses, but no one can fully describe. Many people still do not trust e-commerce growth hacking.
You can stop reading this piece if your marketing department has no budget issues. However, if your budget is limited and strained to its utmost, keep reading because we’ll discuss how to make your money go further.
Growth hacking is exempt from significant investments but not from arduous effort and determination. With severe and persistent effort, the first results will quickly appear. This will encourage you to continue working to gain the maximum benefits with the least amount of financial resources.
Let’s take a look at what growth hacking is and how its use in the e-commerce sector.
What is Growth Hacking?
Sean Ellis coined the term “growth hacker” in 2010 to better explain what he did for startups. Early-stage firms, including e-commerce, do not require traditional marketing; instead, they must grow (in client base) and grow quickly.
As a result, growth hacking leverages less obvious and frequently unconventional approaches to achieve rapid expansion. They involve marketing activities, product development/engineering, UX, sales, HR, and even finance.
Growth hacking employs a variety of marketing tactics to increase the company’s visibility by utilizing creativity and maximizing the utilization of internet media. How? Through social networking, web metrics, SEO placement, SEM advertising, and A/B testing.
In essence, growth hacking is focused on achieving exponential growth. It is the entire strategy designed to bring you more and more clients over time.
What is the Significance of Growth Hacking for Online Stores?
On the Internet, there are approximately 12 million e-commerce sites. However, just 5% of them make more than $1,000 in sales annually.
You want to be one of the 5%, right? And how are you going to get there? More sales.
How can you increase your sales? Increase your customer base. It may appear stupid, but it is the foundation for everything else, including retention, reactivation, loyalty, and higher average order value.
You are probably wondering, “are Facebook advertisements and magic words in text (which both enhance conversions), not growth hacks”?
E-commerce growth hacking necessitates a comprehensive approach in which your product, distribution channels, sales process, customer service, and so on all center around the idea of long-term and recurring growth. It’s not just a collection of marketing gimmicks.
The Use of Growth Hacking E-commerce
There are other approaches, but we will present five tactics that have been shown to produce positive results.
1. Maximize your target customer’s potential
You should have a good idea of your major target by now. We advocate segmenting the client profile into many other profiles based on various characteristics (gender, age, location, preferences about your different types of products …)
When it comes to sportswear, it can be classified according to genre, sport choice (tennis, running, soccer, cycling), product kind (tennis, running, soccer, cycling), and brand (Nike, Adidas, Reebok, your white label, etc.).
With this new set of goals distilled from your main one, you should begin network or internet advertising campaigns, analyze the outcomes, and evaluate which target should receive more attention or what efforts should be made for each target, based on your company plan.
2. Run parallel campaigns
If you are working on a creative web advertising campaign, consider establishing two or more parallel campaigns with distinct messaging and graphics that you promote. Compared to the useful information that can be collected from these comparative campaigns, the overhead cost of preparing alternative possibilities will be small.
You’ll need to track the source of visitors to your e-commerce system to determine which campaign is more successful. Another option is to provide a unique discount code for each campaign, allowing you to distinguish the source of the visit while also encouraging more purchases with the incentive discount.
3. Monitor your online statistics
The visitor statistics to your website or e-commerce provide information you may use to take your business to new heights.
Incorporate this analytical analysis into your marketing department’s routine. Not only is the geographic origin of the hits vital, but so is the date, the dropout rate, the path they travel from arrival on your site to exit, the time spent on the page, or the point when a purchase is lost.
Analyze the reasons for each behavior and strive to eliminate what causes prospective client loss.
Don’t be afraid to do a user survey on the purchasing process; was it easy? What drew them to your e-commerce? Would they buy again? Would they recommend it to their friends?
This knowledge is gold, but you must collect it correctly. Prepare a short series of questions for the user to answer and text space for them to express their ideas and comments. If you want to encourage people to fill out this form, you could give a discount code for future purchases or the chance to obtain a free product sample.
4. Positioning is crucial
We’ve already discussed the importance of positioning your e-commerce and the relevance of SEO to obtain good results in another piece. Finally, if we want to make a transaction, we need customers to be able to locate us, and SEO opens the door to our e-commerce.
Aside from programming-level SEO efforts, there are significant concerns that can be addressed with our product sheets. Ensure to include keywords in the file names, alt tags for pictures, and product descriptions.
If your online strategy comprises many sales channels, such as your shop and numerous other marketplaces, we recommend that you use a PIM to deal with all channels from a single platform.
As a result, you’ll save time maintaining and updating your product listings and increase collaboration among your company’s many departments.
Another Growth Hacking method that some firms have recently employed is to offer presents in exchange for driving traffic to their e-commerce or web page.
It’s best to maintain a database with your customers’ email addresses and, through email marketing, ask them to share your information with their networks via mail or social networking.
Encourage them to share because the more they distribute, the more free things they will receive. The goal is to drive more traffic to your website and acquire more contact information for future online marketing. The cost of this is usually manageable for business users, and it expands your contact network.
To Wrap Up
Growth Hacking is a highly practical and innovative technique to boost visitors and sales in your e-commerce channel.
It is leaving traditional advertising campaigns in print, radio, and television, as well as the enormous investment they require, behind.
It’s about making the most of social media and its power to spread ideas viral and combining it with creative skill and ongoing experimentation.
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