What is “Growth Hacking“?
According to the Wikipedia…Growth hacking is a marketing technique which aims to attract users at a relatively low cost and primarily by means of technological integration. The term is a buzzword and is typically applied to marketing strategies used by newly-formed companies, which don’t have the resources to employ standard corporate marketing strategies. Growth hackers are marketers that are trained to specifically focus on building up the user base of new startups. Growth hackers focus on low-cost alternatives to traditional marketing, e.g. utilizing social media and viral marketing instead of buying advertising through more traditional media such as radio, newspaper, and television.
The marketers who claim to specialize in growth hacking utilize various types of classic marketing — persuasive copy, email marketing, SEO and viral strategies, among others, with a purpose to increase the conversion rate and achieve rapid growth of the user base. It also involves on-line community management and social media outreach, building the brand’s image on social media outlets and performance metrics to sell products and gain exposure. It can be seen as part of the online marketing ecosystem, as in many cases growth hackers are using techniques such as search engine optimization, website analytics, content marketing and A/B testing.
Growth hacking is particularly important for startups, as it allows for at the early-stage launch face, when they focus on lowering cost per customer acquisition, whereas aiming to facilitate word-of-mouth advertising and increase customer life-time value.
Is Growth Hacking For You?
Growth Hacking is famous for startups, small businesses and entrepreneurs. Larger companies have marketing departments. Most Growth Hackers are creative and don’t do well with a traditional structured marketing plan! The Growth Hacking mindset is so big that most maketers cannot comprehend the growth results! The end result is growth!!!
Although born out of the startup world, the growth mindset will and already is integrating with the marketing strategies of established companies. This new era of “growth marketing” will take the techniques and apply them to current campaigns to ensure traditional media spend and digital advertising budgets realize their full potential. Many large brands are a victim of their own success and often overlook the few percent that they could improve each month by advocating the growth mindset into everything they do.
Emerging platforms are the real opportunity in the market and the savvy growth marketer will regularly seek out new ways to exploit traffic and drive users to their brands. Video platforms deliver live video snippets to Twitter) are already seeing massive growth. Brands must be flexible and dynamic enough to adopt these new technologies and be prepared to go beyond the comfort zone of their current marketing plans; always asking how they can improve what they are doing at every step.
If we fast forward another 2-3 years, those companies which do not have growth teams within their marketing departments will be left behind.
Do You Know How to Use Growth Hacking?
You don’t until you start! Go ahead and give it a shot, you will be amazed in the instant results.
How it works!
You contact me for a free consultation!