Growth Hacking is a new concept used mainly by startups to help their business expand and Grow. Growth hackers use marketing techniques that use creativity and analytic thinking to come up with strategies to grow a business. Growth hacking should not be confused with marketing. Marketers concentrate on coming up with strategies to increase sales and satisfy customers profitably. However, growth hackers only concentrate on the growth aspect of the company, every decision they make is made with growth and expansion in mind.
Some of the techniques used in growth hacking are search engine optimization, website analytics, content marketing and A/B testing and they sometimes overlap with online marketing. Growth hacking may be more cost effective compared to traditional marketing as growth hacking uses a lot of organic
viral content on different social media platforms as compared to expensive elaborate marketing campaigns and channels like outdoor or indoor marketing.
One of the most popular method used by growth hacking is customer referrals where a customer can recommend the product or service to a friend and the first customer would get some kind of incentive. This helps the company create awareness at an early stage in the business. Once the company has grown they may stop this practice and adapt more traditional marketing techniques. Some of the companies that succeeded in doing this are Dropbox and Airbnb. The mobile company OnePlus did something similar where a customer needed an invite by another customer who already had a OnePlus One phone in order to purchase a new one. This created a lot of word-of-mouth marketing and the
company is now pretty well known thanks to the growth hack.
Some of the strategies entrepreneurs can use to growth their business are:
Creating content that users can relate to and that they can share on social media platforms
Collecting as much data on customers as possible to understand their preferences and cater to them in a better way
Make all decisions in the company, be it in the finance department, marketing or technology, keeping in mind the goal of growing. Growth hacking should be treated different from marketing and companies should hire growth hackers to fulfill their goal quicker
In conclusion, growth hacking is now becoming popular among entrepreneurs and they are hiring growth hackers in the early stages of their businesses to help them make their name in the industry in a more efficient and effective way.