Growth hacking is becoming an increasingly common digital marketing buzzword but it’s far from a new concept. At Orange Pegs, growth hacking is built into everything we do — and it always has been.
Growth hacking uses resource-light, cost-effective digital marketing strategies to expand and retain a customer base, boost engagement, and ultimately increase ROI. Growth hacking is crucial in today’s competitive business environment because it allows businesses to consider unique avenues for growth that may otherwise be overlooked.
Data analysis is an important step in any successful growth hacking and growth marketing strategy. Analysis gives insight, not only into what’s working but also into why it’s working. By examining the WHY, a growth marketer can build experiments that can more effectively test outcomes. Rather than blindly guessing at a solution, growth hacking provides insightful data so you can get better quality results at greater volume the first time around.
And who doesn’t love to improve results and earn more money?
Examining your data and using that analysis to create a well-rounded, data-driven, and dynamic growth marketing strategy will help you drive sustainable, scalable revenue.
Don’t buy it? We’ve broken it down further for you.
The Power Data-Driven Growth Hacking
Data can mean a number of things. In marketing, data typically refers to:
- Conversion rates and performance metrics of various existing campaigns
- Cost to achieve a conversion
- Target audience demographics include:
- Gender
- Age
- Geographical location
- Profession
- Interests
- Which platforms your audience typically engages with and HOW they engage
- Trends in data, including increases on a certain day or decreases during a certain hour of the day
Using data to drive growth hacking decisions means that a growth hacker looks at all of these factors and determines the next best strategy to test depending on the reviewed information. Because growth hacking is a way of creating a marketing strategy that is affordable and provides measurable results for the long term, using data that is already known avoids the trial-and-error period entirely.
Data Can Give You Insight Into Your Competition
Data can also include results of examining what your competition is doing. By looking at this data you can ask:
- How is what you are doing different from your competitors? How is it similar?
- Are your results impacted by your competitors' actions in any way?
- Is the data telling you a story about your competition’s next moves?
Growth hacking driven by data gathered from competitor analysis allows you to identify opportunities and optimize processes effectively. In other words, data-driven growth hacking goes beyond traditional marketing strategies to take your growth process to the next level.
Data Analytics and Revenue Growth
No matter how different your process, your intentions, or the resources at your disposal, all businesses have the same goal — to drive revenue and scale sustainably.
In order to reach that goal, data analysis is crucial.
It’s simple really: By determining exactly what is and isn’t working, growth hackers can more effectively put money where it will make the difference, adding fuel to your opportunities for growth!
The good news is that, for the most part, data analytics is an affordable asset to add to your everyday business strategy. Sure, there are for-purchase tools and software (at OP, we love Hubspot!) to help, but the ROI on properly analyzing that data is the ultimate level-up.
How to: Implement Data-Driven Growth Hacking
Implementing data-driven growth hacking to your digital marketing strategy starts with digging into where that data lives.
Learn how your data is gathered and get organized about managing all of the information.
Then, ANALYZE. You may need a growth professional to do this but trust us — it’s worth it.
Once you have all of your data analysis in one place, you can ask yourself the following simple questions:
- What is working? What do we need to do more of?
- What isn’t working? Where can we reduce or eliminate money spent?
- With what is working, what tests can we run to try to increase those positive results?
- With what isn’t working — WHY didn’t it work? There may be things you can test to turn your negative results into positives. At the very least, you won’t make the same mistakes in future campaigns
Answering all of these questions will get your strategic mindset in the right place to make decisions that have a positive impact on your overall ROI.
Here is another way to break down the process:
- Start HERE — Data Collection and Consolidation
- THEN Identify Revenue Opportunities
- Create Targeted Strategies based on the opportunities you have identified
- Finally, Monitor and Iterate!
This final step of monitoring and iterating is the number one way to keep that revenue growth sustainable. Once you have identified opportunities for growth and put those opportunities into action, monitoring the results of those campaigns takes things to the next level.
If you realize when monitoring these campaigns that there are further ways to optimize, improve, and grow more — TAKE THEM. If you realize there may be additional things to test, TEST THEM.
Analyzing the data as it comes in is as crucial as analyzing when first beginning the process — in this way, you can help shore up continuous growth!
Orange Pegs Uses Data-Driven Solutions for Growth
No growth hacking bandwagoners here; Orange Pegs has been driving client marketing strategies with data analytics long before the growth hacking trend took off. We believe that this step is immeasurably important to build lasting, scalable, and even affordable growth opportunities within any kind of business.
Data provides the secret ingredient that takes a marketing strategy to new heights. Data provides the PROOF you need to put money behind ideas and hunches. Data bridges the gap between “maybe” and “definitely” and offers valuable insight to all organizational departments.
Trust us when we say — trust the data. Schedule a discovery call with Orange Pegs to learn more about data-driven growth hacking solutions.
