Growth Hacking has only been around for a few years, but it’s already trending and catching fire. Now and then everywhere startups are searching for growth hackers.
It’s the most annoying word for those who have heard about it a thousand times, and it’s confusing people who are not familiar with this term. It’s a Buzzword for startups.
You like it or not Growth Hacking is happening and will happen in the future. There is a reason that we see only a few successful startups with a high growth rate.
There is a reason and it’s obvious: everyone wants to grow fast and acquire millions of users and dollars.
So, you might be thinking what exactly growth hacking is.
The term was first coined by Sean Ellis, founder and current chief executive of GrowthHackers.com, who, among a wealth of other positions, was head of growth at image storage service Dropbox.com.
Growth Hacking is about spreading something to the right people as quickly as possible also it grows out of the Silicon Valley mindset. They are true makers in the north. They need to be generalist cause they need to have the ability to be both creative and tech-savvy.
They have the Ability to detach themselves from the individual’s tactics they are trying and act base on the data. They use data to track creation, distribution and then make an impact.
The “hacking” in growth hacking is about the smart and creative use of technology.
Think of it as a practice, it’s a skill that you develop over time.
It’s a job that can’t be done by pure marketers because modern software products are entirely different from traditional products, and so their distribution.
Who is a Growth Hacker?
“A growth hacker is a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth…”
“An effective growth hacker also needs to be disciplined to follow a growth hacking process of prioritizing ideas (their own and others in the company), testing the ideas, and being analytical enough to know which tested growth drivers to keep and which ones to cut. The faster this process can be repeated, the more likely they’ll find scalable, repeatable ways to grow the business.”
From this, we know that Growth hacker is someone who uses creative, low-cost strategies to help businesses acquire and retain customers. Sometimes growth hackers are also known as growth marketers but keep in mind they are not pure marketers I will discuss this in detail in another post for the time you should know these things.
Marketer considers budgets, expenses, conversions, etc. but a Growth Hacker doesn’t consider these he does not care about these things. A growth hacker is “a person whose true north is growth.” As growth is a maker or a breaker for startups (either they grow or die), that’s the only thing growth hacker cares about.
Now, who can become a growth hacker he can be an engineer or a marketer. What matters is their focus. Due to the startup culture, they often have to use analytical, economical, automated, creative, and innovative methods to grow their company’s customer base.
That’s the only thing that a growth hacker does.
Benefits of Growth Hacking
Low-resources – Every startup usually requires a single person who develops hacks and implements them on product or engineering team, and don’t require an entire marketing team to execute.
Low-cost – Growth Hacking doesn’t have the traditional costs associated with it that other methodologies such as content marketing or advertising do. Instead, it is designed to use whatever resources you have in as economical a way as possible. Through the process is long and may take time before hitting upon the golden nugget.
ROI – Growth Hackers use data to make every decision and tracking the performance of a hack accurately, you can easily see which hacks are performing as you’d hoped, and which aren’t persevere with those that show promise.
Criticisms of Growth Hacking
In recent years, the practice of Growth Hacking has been criticized by many because of focusing on quick hacks and shortcuts rather than developing an in-depth marketing strategy. Many have argued on this term and said that it’s just a fancy name for traditional marketing.
Due to these things many Growth Professionals have started calling themselves “growth marketers” in order to distance themselves from the term “hacking”
The recipe for Growth
You might be thinking how Growth hacking work? For each company, it’s about figuring out why you grow and looking for ways to make that happen on a purpose.
The recipe for growth that many startups use is “pirate funnel”. The funnel has AAARRR (Awareness, Acquisition, Activation, Retention, Referral, and Revenue) elements. Others include raising awareness as a key part of Growth Hacking. Either way, the point is to get traffic and visitors into users and retain those users as happy customers
How to start Growth Hacking for your Company!
To start Growth Hacking for your company, follow this. Firstly, create a product which is needed in the market research on it. Ask a question from yourself would you pay for this product and why? This will help you in gathering data and understanding your key buyer personas and can target growth marketing tactics accordingly.
Update your creation regularly and focus on what your customers think about it by this you will know if you’re on the right track. Market your product to produce faster results and continued growth, track success of those results. A/B testing and other conversion optimization techniques are crucial for effective growth.
How does Growth Hacking look like in practice?
Now as we have discussed Growth Hacking you might be knowing what it is all about and how it works but you want is an example.
One of the concrete example we can take is of Airbnb
As many of you know, they allow anyone to convert their spare bedrooms into a hotel room that can be rented by perfect strangers. It’s an amazing idea, the execution is incredible, but growth hacking is what possibly put them on the map.
There are many other examples like.
Dropbox – They introduced ‘refer a friend’ scheme and gave some amount of storage for free
Twitter – Automated emails notification.
LinkedIn – One click endorsements for existing connections.
There are many other companies that have produced amazing results. But all this was possible through consistent testing and refining the hacks and drive a business growth economically.
Growth Hacking isn’t a fixed strategy it’s a mindset.
It only took Facebook 8 years to reach a $50 billion valuation. But Uber reached the same valuation in 5 years.
So stop making excuses.
It’s all about mindset.
I hope my post helps you in making you familiar with the term “Growth Hacking”.
If you have any query, contact me.
Eazl.com, Google search, Growthhackers.com