Growth Hacking Strategies is most commonly associated with start-ups and small businesses, i.e. those organizations that don’t have a huge amount of cash to spare but need results quickly. However, it’s a measurable concept that can apply to any online business interested in maintaining the growth and retention of an active user base.
Growth Hacking is the concept of focusing entirely on the growth/rise/scaling of a startup which uses creativity, analytical thinking, and social metrics to sell products and gain exposure. Growth hacking techniques involves comprehensive action where even a coder or a designer works for the growth of the startup business.
The motive of growth hacking strategies is generally to gain as many visitors or customers as possible while spending as less as possible. The phrase “growth hacking” was invented by Sean Ellis, founder and CEO of GrowthHackers, in 2010.
The main difference is that Growth Hacking is a start-up thing because startups are looking for “hockey-stick” growth which is a sharp increase occurs suddenly after a short period of inactive. They simply don’t have budgets like huge companies. On the other hand, Digital Marketing is for big companies, because they have to make sure their brands remain at high levels. And because they need to acquire new generations of consumers.
Digital marketing focuses on the overall goal of building brand awareness, whereas growth hacking is more focused on highly defined and short-term achievable goals
Growth hacking techniques includes testing and experimenting new ideas and techniques, performing them quickly, and measuring the result.
Usually professional growth hackers are being called upon during the pre-launch phase to make sure that the product/brand is pre-optimized for the customers it is being organized for.
Therefore, the first step in a growth hacker’s job is to observe which features and adjustments would make the product more attractive to give the campaign a higher probability of getting desirable results.
Once the content or features of the product or services have been already optimized, the next step is to find an actionable way to start the word of mouth.
It is important to differentiate a growth hacker’s approach from the traditional marketer’s in this regard.
Once a growth hacker has started optimizing the product or services content and has found a sustainable growth hack that will provides as a source of potential users, the next step is to look for methods to grab viral boosts wherever possible.
During this stage, the growth hacker asks themselves, “Other than from improving the product itself, how can I get our existing users to bring in more users?”
Implementing their creativity to engage the initial users is only the first half of the battle. To make sure that the whole effort isn’t nil, growth hackers also need to be scientific and thorough when observing user behavior, traffic analytics, conversion rates, and other metrics that can provide useful insight.
One of the most amazing parts about growth hacking is the opportunity to repeatedly find new approaches to generate additional growth.
The hacking doesn’t stop after the first stage of success. In fact, after gaining some strength you’ll have even more financial and industry grip, as well as more measures on which to base your next move.
A growth hacker is a hybrid between a marketer and a coder whose main focus is increasing an organization’s reach, brand recognition or revenues.
Things that a professional growth hacker works on:
Growing up a startup business can be both thrilling & challenging.
With limited & low budgets and resources, growth hacking becomes a critical asset for startups to develop.
If you are into blogging, influencing or a freelancing, growth hacking is one skill that can make you stand out of the crowd and achieve your goals.
There’s nothing about growth hacking that cannot be implemented in a large organizational business. Big brands need to hold the power of growth hacking and generate separate job roles for people responsible for a single thing- growth.
Persist with those that show promise, remove those that don’t.
It means that there is no one-size-fits-all approach to the issue. Nevertheless, the upside of this is that growth hacking can mold itself to any business, regardless of size or industry.
The flexibility of growth hacking strategies makes it a viable and valuable process.
Be it a single-man operation or a multinational enterprise; growth hacking works equally as well in all situations. The reason for this is that the process is, fundamentally, nothing more than a growth-oriented mindset.