It’s a form of marketing that relies on data analysis and experimentation. Analysts (a.k.a. growth hackers) study your business and come up with a strategy for optimizing your funnel – for example, through acquisition on select channels (such as search engine optimization, Facebook ads, remarketing, email marketing, content marketing, affiliate marketing, viral marketing, etc.). The channels they recommend will be the ones that have the greatest potential to work for your business. How do they know? Because they have analyzed the competition and evaluated the state of your business. At Hackabu, for example,
we study your competition's traffic sources and pinpoint under-utilized channels that are most relevant for your market. Then, based on your budget and goals, we create a plan for acquiring customers through those channels and through unique growth hacks. Next, we run experiments to determine which channels yield the highest returns. Then we run multivariate testing to determine which messages best boost those returns. We focus not only on acquiring new customers but also on generating revenue growth among existing users or customers.