What is the real meaning of growth hacking, and what advantage does it give your business?
Hack your business growth.
BY Nariman Azzam – Content Dream Team
Growth hacking is a strategy that originates from the entrepreneur, Sean Ellis who came up with this idea in 2010 when he tried to develop a new job description. This marketing concept exploded the internet marketing scene and became one of the most exciting techniques. It is for everyone. To apply growth hacking in a business, it is crucial to know its meaning.
In 2010, Sean Ellis coined the term “growth hacker” as someone who carries growth and improvement as a business commitment. Later, the time was expanded by Andrew Chen, who wrote the first article on growth hacking titled “Growth Hacker is the new VP Marketing,” Later, the term was delivered and used by a wider audience. Later in 2012, Aaron Ginn explained that a growth hacker has unlimited data, creativity, and curiosity, all bottled up in one mindset and ready for publication. In 2013, a growth hacker conference was held in San Francisco. Individuals explained the techniques used on social media such as Twitter, Facebook, Linked In, and Youtube, making growth hacking a mainstream marketing tactic that helps companies spread on the internet. It wasn’t a surprise that Sean Ellis started questing for growth hackers instead of traditional marketers. His success at making several internet companies and helping others to reach remarkable growth in a short time earned him a high reputation.
Therefore, growth marketing was not a form of marketing, but it required a unique skill set. Standard and traditional marketers could not expertize growth hacking, so setting up the right systems and changing mindsets to a growth mentality is crucial for a successful growth hack.
So, what is “Growth Hacking”?
Growth hacking is a term for strategy that focuses mostly on growth. It can be applied to a new product or service that new startup businesses can use. It focuses on engaging the user base of a business. Growth hacking is not only for marketers, but it can also apply to new products that require innovation, continuous improvement, and growth. It is useful for everyone, from product developers to designers, to salespersons, managers, and engineers. It is the answer to the need for speed experienced businesses. Finding solutions for fast growth is essential in the most competitive and continually evolving online world today. The need for speedy development is a crucial feature of continually growing companies with a vital competitive twist by making fair customer data use. Technology makes it easier to gather.
Unlike traditional marketing methods that separate the product’s effectiveness from the design, growth hacking employs them to full potential. It is mostly focused on growing the business as rapidly as possible. It also redefines the term “products,” which means physical items like cars, air conditioners, and shampoo. Through the internet, Twitter, Instagram, and Facebook are now considered products. Meaning, intellectual materials like software programs are now categorized as products that are promoted like physical counterparts.
The main goal of growth hacking is acquiring as many online users as possible when spending as little as possible. Furthermore, a growth hacker is someone creative who uses low-cost strategies to purchase a business and maintain customers. Growth hackers are also called growth marketers, but they are not labeled merely as marketers. Anyone who is involved in a service or a product is a growth hacker.
Growth hackers are subjected to be analytical, curious, and obsessive:
· They focus on strategies related to growing and expanding businesses.
· Test and prioritize growth strategies.
· Test and analyze to see what is working and what is not working.
How to start Growth Hacking?
For a business to start growth hacking, you should create a product or service and test if people want it and willing to pay for it. It will guide you in gathering data to understand the key buyer personas and target the growth tactics. The product or service should be updated regularly to keep getting feedback from customers to know if your business is on the right track or not. Market your product to continue growing, and track the success that you have made. Conversion optimization techniques are essential for excellent growth hacking.
Growth Hacking fall in three major areas:
1. Content Marketing
2. Product Marketing
According to the tactics you chose to use, content marketing can be a low-cost way to get your product’s voice. Content marketing activities include:
· Learning to blog, creating, and sharing interesting content.
· Creating and repurposing social media content.
· Running webinars.
· Creating podcasts.
· Creating blogs to review your product.
· Running giveaways and contests.
· Influencer marketing.
· Improving content visibility through SEO.
· Getting listed in marketplaces and websites.
Some great examples of successful growth hackers are:
· Hotmail: it appended in line to outgoing emails that encourage users to sign up for new accounts.
· AirBnB: finding and marketing to people looking for affordable accommodation.
· Dropbox: rewards existing users with additional storage.
Lastly, it is crucial for business owners to keep in mind that growth hacking is not made to only target one product or service. Using different products and services will push the business to its maximum potential. Getting the most out of growth hacking will make huge businesses from small ones or entirely from one idea that can branch into big concepts.