Benchmarking and growth hacking are the same, but done differently

  Even if I've never used the newest buzzwords, "growth hacking" is a concept that should be understood since its use might be the difference between your company's success and its survival. Looking back in time, "Benchmarking," or the practise of examining your competitors to see if you are capable of learning strategies to improve your market position, would be the concept that would follow Growth Hacking. The purpose of benchmarking, according to businessdictionary.com, is to identify what and where improvements are needed, analyse how other organisations reach their high performance levels, and then use this information to improve performance inside your company.

Growth hacking has some of Benchmarking's characteristics in the digital age, but on a much deeper level. Growth hacking focuses more on achieving market traction via the use of data-driven strategies that are tested, retested, and duplicated across as many platforms as possible.

If your http://wayranks.com/ target audience, for instance, is females between the ages of 11 and 17, you may use software to research Taylor Swift's marketing strategies to see how her marketing team is best able to engage this demographic. This kind of software gives your business insight into the average number of visitors to Taylor Swift's website, the countries from which those visitors are coming, the keywords that are used in SEO campaigns, and examples of advertisements that were shown across several campaigns.

Armed with this information, your company should run A/B tests on several iterations of its website pages, welcome pages, and information downloads to determine which one will result in the desired conversion rate. Make sure to graphically depict the results of every change, but pay close attention to how many changes you make every iteration. To ensure that you don't lose conversions because you're experimenting with something new, try to limit the number of elements you change every session to two and give the test page 40% of the overall presence.

The last stage of growth hacking is amplifying your company's voice as a thought leader in your industry. Write a book, preferably in collaboration with a well-known influencer, submit articles and blogs to local, regional, and national publications, establish relationships with bloggers who can connect with your audience on various topics or products and offer to provide content, and list your company on the experts' lists for regional television and radio programmes. All of these techniques help to direct traffic to your updated website, boost your SEO rankings significantly, and increase conversions and rentability.

Overall, it can be said that benchmarking was a very effective tool for businesses to increase their market share, but growth hacking, which integrates tried-and-true methods and strategies from numerous industries around the world, represents the next stage of competitive analysis and business expansion.