Growth hacking has become a hot topic in the business world. This is because it has proven to be a very effective way for companies to increase their revenue and profitability without having to invest heavily into traditional marketing strategies.
ALTO invited Zohe Mustafa Founder of London based agency GrowthHakka to take a look at how growth hacking can be used in the Education Travel industry and why it’s so important for the future of our industry.
Definition of Growth Hacking
Growth hacking is a marketing technique used to grow a business faster. It was first coined by Sean Ellis in 2010 and has since evolved into a new way of thinking about how businesses can grow. Growth hackers are people who use data, creativity, and technology to allow their companies to grow rapidly.
Growth Hacking is an iterative process that focuses on testing and learning from experiment results in order to develop the best possible strategy for each individual situation. The main goal of growth hacking is not just about increasing your reach or building up your subscriber list; it’s about understanding what customers want from you and finding ways to give them what they need, when they need it most – in other words: “making yourself indispensable” (to quote Brian Halligan).
It’s also worth mentioning that growth hacking doesn’t necessarily require access to large budgets—a good example of this would be Airbnb’s innovative approach when growing its user base through Craigslist ads.
Learn how growth hacking can support your business’s growth
Growth hacking is a process that helps you grow your business. It’s also a mindset, which means that you approach every aspect of your business with the goal of growth in mind. Growth hackers identify opportunities to increase sales or signups through small experiments, then use data and analysis to determine what worked best. The result is often a repeatable process for achieving real results—and not just when it comes to getting more users on your website or app, but also driving them towards specific actions like making purchases or sharing their information with friends (a process known as viral growth).
Growth Hacking in the Education Travel Industry
Growth hacking is an art and a science. It’s the marriage of marketing, customer acquisition and product development. The goal of growth hacking is to create a viable business model that can grow organically over time. A repeatable sales process is at the core of any successful business model.
Growth hackers are creative problem solvers who focus on generating rapid, measurable results for startups that are looking for ways to accelerate their growth as fast as possible.
Growth Hacking, Lead Generation and its role in the Education Travel Industry
Growth hacking is a process of rapid experimentation. It’s a way to test different growth channels and determine what works best for your business. Growth hacking is all about getting your business in front of potential customers, which can be done through lead generation.
Lead generation by way of driving top of funnel [TOFU] traffic using search, email, social and other inbound marketing is a crucial step. Creating awareness of your brand and service which makes them much easier to reach out to later when they’re ready to make a purchase decision (which happens once they’ve been nurtured through an effective sales funnel).
Growth Hacking Today, Education Travel Tomorrow
Growth hacking is a concept that has been around for some time now. However, it’s becoming more and more popular as the ‘normal’ business world learns from the world of startups and watches with great interest at rapid exponential growth rates.
Growth hackers are people who use marketing, communication and other business development skills to find new ways to grow their businesses. They leverage technology in order to get customers’ attention, create loyalty and increase sales or engagement with their products or services.
In recent years, many companies have had success using this method of doing business—so much so that some refer to it as “hacking growth” rather than simply “growth hacking”! It’s no surprise then that education travel companies should consider how they can apply these principles when growing their businesses as well– especially considering how fast-paced education travel has become over the last decade or so!
7 Key Principles of a Successful Growth Hacker
- Be data-driven
- Be a growth hacker, not a marketer
- Have a growth mindset
- Focus on the user (and keep them engaged)
- Iterate and measure, test and learn
- Leverage Technology, Automate and Listen!
- Build growth and marketing functionality into the product or service, for example automating review generation emails to be sent to customers as soon as they have finished their course.
We invited Zohe to show ALTO members the possibilities how they can reach exponential growth and they were not disappointed. Growth hacking is an exciting world and we’re look forward to seeing what happens next!
Association members, please contact Reka for a copy of Zohe’s slides.