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What is Growth Hacking?

What is Growth Hacking in 2024?

Contents

Introduction

Emerging in 2010 thanks to Sean Ellis and his success with startups such as Dropbox, Growth Hacking has become essential for increasing the market presence of a product or company. It’s a set of marketing methods that focus on rapid, cost-effective experimentation with innovative ideas across channels such as social networks and mobile applications, with the aim of optimizing customer acquisition, activation, retention and monetization. This is known as the AARRR model.

Much more than a simple marketing tactic, Growth requires the integration of data and user feedback to perfect the product itself. It requires synergy between developers, designers, engineers and marketers, united by the common goal of explosive product growth. Growth Hacking is a cross-functional approach that optimizes low-value-added tasks and integrates digital tools to maximize ROI and avoid human error.

This guide will immerse you in 2024’s most cutting-edge tactics, taking into account contemporary ethical and practical challenges, and will conclude with practical tips for excelling as a Growth Hacker in today’s digital ecosystem.

Exploring Growth Hacking in 2024

This business is booming, exploiting cutting-edge technologies and integrating with innovative digital platforms. In 2024, it’s crucial for Growth Hackers to remain agile to seize new opportunities in this ever-changing landscape. We’ll be highlighting key current trends in the business.

One thing that’s essential to understand about the business is that it’s a constantly evolving subject BUT you have to stop at a stack of tools and add to it. Often, and even more so with the advent of AI, specialists bet on new tools that promise great things with ChatGPT but never give it all up for another stack. The aim is to iterate and evolve the kit, without changing everything.

Adapting to new technologies and platforms

We need to stay one step ahead, adapting to the latest technological tools to reach and retain users. Virtual reality, augmented reality, chatbots, voice assistants and connected objects are paving the way for more captivating, personalized and interactive user experiences, enhancing engagement and satisfaction. In addition, a presence on up-and-coming platforms such as TikTok, Clubhouse and Discord is essential for creating compelling, viral content, nurturing close relationships with communities and encouraging word-of-mouth.

But as I said in my preamble, there are fundamentals. For example, before you create a Tiktok, make sure you already have a presence on Linkedin. By definition, the growh hacker has to anticipate and be at the forefront of the next trends in terms of acquisition. However, if you keep the customer acquisition curve in mind, the majority of your customers will be on “traditional” channels like Linkedin. It’s a channel that every growth specialist needs to master and innovate.

Integrating artificial intelligence into growth hacking strategies

Artificial intelligence (AI) is proving to be a major asset, automating and refining growth tactics. AI enables the creation of targeted advertising, precise audience segmentation, tailored recommendations and behavior prediction. It also offers invaluable help in analyzing customer sentiment and generating quality content ranging from blog posts to podcasts. In short, AI is a source of creative inspiration, drawing on data analysis to innovate.

For example, we actively use it on MirrorProfiles and MirrorChat. For MirrorProfiles, when warming up our Linkedin accounts we publish Linkedin posts provided by ChatGPT. For MirrorChat, we’re currently developing a feature so that the AI can prompt you with an idea for an answer following a response obtained by one of your prospecting sequences.

Our view of Growth Hacking in 2024

We’ve been in this business for over 7 years now, and in the last 2 years or so, it’s been diluted into several jobs. In other words, salespeople have now become business developers who have mastered automation tools such as Waalaxy, Lemlist, Hey Reach or La Growth Machine. Marketers have automated their sequencing and reporting via more advanced CRMs such as Hubspot or SalesForce. New professions have also emerged, such as SalesOps, whose role is to maximize ROI and support the business developers, who are major users of MirrorProfiles, for example. This allows them to prevent their teams from using their personal Linkedin and thus avoid all the risks associated with automation.

In conclusion, we see Growth Hacking in 2024 as increasingly standardized, leaving less room for real hacks. Growth hackers are becoming more professional, and their job is increasingly based on analyzing data to improve performance.

Increased role for advanced data analysis

Data analysis is essential for evaluating the performance of Growth initiatives, and for testing new ideas while optimizing costs. We need to master the harvesting, processing and interpretation of data from a variety of sources in order to identify effective growth indicators, as well as problems and opportunities. We also need to exploit advanced analysis techniques such as machine learning, deep learning, big data and data mining to reveal trends and correlations, thus informing strategic decision-making.

The most innovative growth hacking strategies in 2024

In 2024, Growth Hacking continues to evolve, offering experts in the field new ways to get ahead of the competition and generate value for their customers. Let’s find out which methods are causing a stir this year.

Large-scale automation and customization

Combining automation with advanced personalization is essential to significantly improve user experience and loyalty. Innovative tools now make it possible to personalize interactions on a massive scale, without losing the human touch that makes all the difference. Take solutions like Plerdy, which customizes pop-ups, forms and notifications based on user behavior, or Udemy, which offers online training tailored to the specific needs of each learner to boost engagement. Or MirrorProfiles, which lets you rent 1 dedicated Linkedin account for 1 of your targets. You specialize a Linkedin account for just 1 of your targets, which allows you to grow the account only for that target, but above all to create content dedicated to that target.

In short, hyper-personalization is the big Growth trend of 2024.

Viral growth: new acquisition levers

Viral expansion is based on a product’s ability to be promoted by users themselves. Identify new acquisition channels to trigger this snowball effect. For example, platforms like TikTok, Clubhouse, or Discord can be springboards for viral content and the creation of a strong community. Newsjacking, the technique of using current events to highlight your offer, is also an effective way of capturing the public’s interest. For example, as I write this article, the TV show “Qui veut devenir mon associé?” is on French television. As a result, many companies use Linkedin to announce their presence OR their lack of presence. These are usually extremely interesting posts, as they fall somewhere between hot and cold content. They are often humorous, so they attract a lot of reactions and comments, and at the same time they talk directly about their product.

What’s more, by 2024, it wouldn’t be surprising to see the advent of B2B influencers on Linkedin. It’s becoming less and less rare to see sponsored posts on Linkedin by celebrities. Influence used to be largely reserved for B2C, but by 2024 I’m sure there will be a B2B market for it.

Cross-domain collaboration as a growth driver

Establishing partnerships with players from different sectors can catalyze your company’s evolution. Whether with influencers, specialists or organizations sharing similar values or audiences, these alliances can prove highly beneficial. Platforms such as GrowthRocks can also make it easier to find and set up fruitful collaborations with other Growth Hackers across different fields. But above all, the 2024 market trend for growth tools is “All in one”. In other words, end-customers no longer want to have a technical stack of twenty or so tools, preferring to centralize management in tools that offer several functionalities. For example, MirrorProfiles has a strong partnership with Hey Reach. These two tools enable customers to cover all and even more of what growth has to offer in terms of Linkedin prospecting.

The ethical and practical challenges of Growth Hacking in the age of the informed consumer

As a fast-growth strategy, Growth Hacking presents significant ethical and practical challenges. In 2024, Growth Hackers must navigate carefully to preserve their reputation and efficiency, in the face of increasingly complex challenges.

Privacy and regulation in 2024

Collecting and exploiting personal data is at the heart of Growth Hacking. This approach raises inevitable questions about privacy and compliance with regulations such as RGPD and CCPA. It’s all about keeping data secure, honoring users’ rights and complying with data protection laws. It is essential to be transparent about how data is used, and to seek clear consent from consumers. In the event of a data leak, rapid reaction and open communication with affected parties are imperative.

For example, volumetric email prospecting techniques required colossal databases to run. However, because of their size, the ways of obtaining these databases were sometimes unethical. Today, almost all automation tools advocate quality over quantity. However, if we remove the volume from emailing, we remove a large part of its effectiveness… On average, the response rate to a cold emailing campaign is 3%, whereas on Linkedin it’s 25%. I’ll leave the calculations to you, but it’s more ethical and cost-effective to use Linkedin. More ethical because to send a message on Linkedin, you first have to send a connection request, and if the person accepts then that’s when you can send them messages.

Balancing rapid growth and sustainable development

While Growth Hacking aims to generate accelerated development, this ambition can sometimes run counter to the principles of sustainable development. In fact, the strategies adopted may lead to unsustainable peaks in activity. It’s easy for an expert to contact tens of thousands of people in 1 week, but keeping up this pace throughout the year is either extremely costly or ineffective. It’s more interesting to build up quality databases in order to contact thousands of people a week. This pace is more sustainable and, above all, suits the company’s production capacity. A company needs to learn from the mistakes it makes with previous customers, the aim being to constantly improve for the end customer.

For example, at MirrorProfiles we chose to take our time before really accelerating, to see all the holes in the racket we could.

Conclusion

Growth Hacking is the art of boosting the development of a product or company through innovative marketing tactics. In the year 2024, with the relentless evolution of technologies and online platforms, Growth Hacking opens the door to unprecedented possibilities. However, it also brings with it ethical considerations and practical challenges that should not be underestimated. To excel in this field, creativity, innovation, agility, analytical skills, teamwork, transparency and responsibility are essential. As far as Linkedin is concerned, Growth in 2024 will have to rely on Linkedin MirrorProfiles accounts to ensure both volume, make up for the drop in emailing, ensure prospecting specialization and also ethically speaking, to avoid using employees’ personal Linkedin accounts.

FAQ

What are the 3 pillars of Growth Hacking?

The three essential foundations include:

  • Acquiring new users: this is done by selecting and testing web channels precisely tailored to your target audience.
  • Customer retention: the aim is to retain existing users through continuous improvement of the user experience, building loyalty and reinforcing their commitment.
  • Increasing frequency of use: we encourage users to reuse the product or service frequently, offering them additional value and strengthening their loyalty.

How does Growth Hacking work?

It’s a set of marketing strategies focused on accelerating a company’s growth in an innovative and cost-effective way. This approach is based on meticulous data analysis, rapid experimentation and the ability to identify and exploit growth opportunities.

Why become a growth hacker?

Becoming a Growth Hacker gives you the opportunity to develop both your technical and creative skills. This role is crucial to catalyze rapid company growth by deploying original marketing strategies with viral potential. However, to have a significant impact on an organization’s performance, solid training and in-depth experience are required.

Who invented Growth Hacking?

Sean Ellis, an American entrepreneur and investor, and founder of “growthhackers”, created the concept in 2010. This method aims to boost the growth of a company, especially a start-up, through innovative marketing strategies based on data analysis.

Picture of Tristan Bance
Tristan Bance

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