Today it is without a question of doubt that we live in a highly competitive market. Businesses are constantly thinking of new strategies, methods/techniques to have a competitive edge, generate revenue and satisfy their customers needs. This where growth hacking has come into prominence.
Since the term “growth hacker” was coined in 2010 by entrepreneur Sean Ellis , growth hacking has become synonymous with start-ups. It has truly been a phenomenon for years but what is growth hacking?
Growth hacking is a marketing technique developed by technology start-ups. It looks at ways to infiltrate a market using cost effect techniques to expand a company’s product, gain exposure and ultimately GROWTH. Growth hacking focuses on creating more with less. It is not about creating success but companies being so successful they leave their business footprint on their industry and outshine their competitors. Growth hacking thinks about growth first then budget later.
A triumphant adaptor to growth hacking was file hosting service Dropbox. The hugely successful organisation has used many hacking techniques which has given them substantial growth. One of these techniques including offering more storage to users who referred their friends. Facebook, Twitter and LinkedIn are all companies who also use growth hacking techniques.
It could be argued that growth hacking is like Darwinism and has been the evolution of marketing. It takes more risks than traditional methods of marketing. According to Andrew Chen , growth hacking is the Vice President of Marketing. This is because growth hackers are a hybrid of a marketer and a coder. Growth hackers ask the question “How do I get customers for my product?” and answer the question by using alternative rather than traditional methods of marketing. Methods such as utilizing social media, viral marketing, email deliverability, landing pages are used instead of buying advertising through traditional media such as television, radio or newspaper.
But what does the future for hold for the world of growth hacking? Well, with the rise platforms like Instagram soaring high , the future looks like it could be a bright one. However, to be a growth hacker it is important have a relentless focus on growth, a keen entrepreneurial spirit and remember a positive mind set is key.