Importance of Growth Hacking and Why It is Essential for Businesses
Every business is eagerly looking for Growth which means expansion; it could be online growth or offline growth. In this competitive environment, Marketers need to think in some innovative way, be it for your product production, advertising your business or designing strategy for improving growth of your business.
Many marketers are now turning to Growth hacking. Growth hacking includes the approach of marketing with a focus on innovation, scalability and user connectivity. It is implemented with an aim of improving customer base, lead generation and product’s potential growth.
Growth hackers could be considered as creative problem solvers. All strategy, tactics and initiatives adopted by Growth hackers are in the hope of growing. Objective of growth hacking is to grow number of users for a specific product.
What is Growth Hacking?
Growth hacking is broad term that encompass experimenting techniques for different Marketing channels and Product Development procedures, and helps in identifying the most efficient and effective way for business growth.
Growth Hacking includes untraditional methods for gaining new users and re-gaining interest of old customers.
It is pervasive for Start-up where the goal is rapid and extensive growth at an early stage. Startups are the main followers of growth hacking, with its innovative marketing techniques for grabbing wider customers reach.
When it was First Coined?
The term “Growth Hacking” was first coined by Sean Ellis in 2010. In a blog post he defines the term as “a person whose true north is growing”. The term become more popular when Andrew Chen, gave a new insight to the term in a blog post as “Growth hacking is a new VP Marketing”.
Who exactly is the Growth Hacker?
The term “Hacker”, defines as someone who is more concern about achieving an objective or goal, irrespective of what procedure is adapted.
I.E it is focused on what to do instead of How to do, so hackers come up with innovative ideas to achieve something.
Andrew Chen defines the term Growth Hackers- “are a hybrid of marketers and coders, one who looks at the traditional question of 'How do I get customers for my product?”
Growth hackers constantly keep on experimenting, and testing new techniques with a major focus on growth. Instead of testing the product after completing the entire development life cycle, growth hackers keep on validating the product at every stage as per the user’s perspective.
Growth hackers could be Marketers, engineers or product managers, who put major emphasis on increasing the customer base for a business.
Online Growth Hacking Techniques
Growth Hackers implement varied marketing techniques iteratively and with rapid testing, with an aim to improve the conversion rate and attain rapid growth, by using following techniques:
Approach of Growth Hacking
Growth hacking looks for the low-cost techniques for advertising your business, instead of spending high bucks on advertising with traditional mediums like radio, newspaper and television.
It implements the approaches which gives in return the long term sustainable growth instead of short term results.
Growth hacking is all about redefining a production and distribution techniques for improved growth!
Growth hacking includes the process of experimenting with production mythologies and adopting different techniques for advertising it globally It’s all about how innovatively and differently one could think for promoting growth of the business. Just like in 1950’s, a new highway was about to built in America. McDonald’s take it as an opportunity to grab new customers from the interstate road channel by opening McDonald there. This was an example of Off- line Growth hacking
Counterpart to above is the On-Line growth hacking techniques like:
- Use of search engines for providing a path to your business, where Search Engine Optimization plays a crucial role.
- Opt to use Social Media, and inject your agenda to increase the conversation rate for your business
Growth Hacking is all about inventing new ideas or strategy or taking up an existing idea and implementing it in a more powerful way. That will Benefit a Business in A short mean of time.