What is Growth Hacking?

What is Growth Hacking?

You might not think of your insurance agency as a group of hackers but it is possible. Positive hacking for growth and efficiency has come to the forefront in the last few years. What is growth hacking, and how can you use it in your insurance marketing?

What is Growth Hacking? 

According to Forbes, in recent years "By rapidly experimenting across product development and marketing channels, companies are able to identify the most efficient ways to grow."  While the concept of hacking is all about efficiency, growth hacking combines growth and efficiency to achieve rapidly accelerating growth. 

Growth hackers often work for startups, helping them achieve greatness in a short time. They have to use data analysis combined with wild creativity to grow their customer base.

How Does Growth Hacking Relate to the Insurance Industry? 

You might be happy with the way that your business is growing. Then again, offering a new product or reaching out to a new client base could drive the growth of your business. You can achieve quick growth through growth hacking. 

When you run a small business, you don't have a huge budget for mega ads that will run on prime time television. You're always trying to make the most of your insurance marketing budget. Growth hacking techniques help you make the most of your marketing by pinpointing areas of success and focusing on their growth.

How Do You Hack Your Company's Growth? 

According to Neil Patel, a growth hacker is a person whose compass is focused solely on growth. Their single-minded focus can yield impressive results. Growth hackers think about: 

  • Making sure that people actually want your new product. For instance, if you're thinking of creating workshops about insurance for people who are moving into an apartment after downsizing from their larger home, is there actually a desire for these workshops, or do you just think the insurance is a great idea? You can use free products such as workshops to see if people actually want products in your new niche. 

  • Positioning yourself in the right place at the right time. Neil Patel uses the example of McDonalds – they positioned their restaurants at interstate highway exits in the 1950s because that was the dawn of fast food and the personal automobile, and people who were going places wanted something to eat. 

  • Generating regular feedback from your clients that allows you to tweak your product and how you promote it. If people aren't at all excited about your product, then it can fall flat quickly. For instance, if you're thinking of offering a new insurance discount, signing people up to hear about the discount will let you know that there's keen interest in the product. Do A/B testing on your marketing materials to choose the ones that inspire your audience, and keep on improving them.  

  • Creating visual content. Visuals such as infographics are highly shareable and inspire readers of your content to send people your way.

  • Determining what parts of your website people are most interested in. Tools such as Crazy Egg will help you see exactly where people spent the most time, so you can focus your engagement efforts there.

Where could your insurance business grow? By using growth hacking techniques, you can improve your marketing and increase your reach. Do you need to build your network? Connect with American Agents Alliance:  contact us today to learn more about the ways we can help your business.

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