What is Growth Hacking: Definition and Examples

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Regardless of if
it’s a startup or an established company – growth is the only valid metric that
dictates the company’s success.

A startup must
grow quickly – acquire more users and revenue, to circumvent the risk
of failing (90% failure rate!).

On the other
hand, larger, more established companies are at the risk
of becoming irrelevant ($1 trillion at risk in U.S. based companies
alone!).

They must focus
on pulling in more customers and
retaining them as users.

This is where
growth hacking comes in.

What is Growth Hacking?

Growth hacking pertains to using low-cost techniques to bring about growth – typically by pulling in new users.

Growth in this context can also mean selling more products or retaining existing customers by intensifying brand exposure and interaction.

The term ‘Growth
Hacking’ first emerged in 2010. Sean Ellis coined it, and its ideology brought
about a fast track marketing culture that is booming away.

Loads of
companies, most notably tech-oriented startups began to employ these
strategies. The growth tactics generated more leads, boasted higher conversion
rates, and significantly increased both brand awareness and perception.

Source: https://www.marketingcharts.com/customer-centric/analytics-automated-and-martech-29037/attachment/ifbyphone-growth-hackers-and-marketing-metrics-apr2013

According to the State of Inbound, generating leads and
traffic are two of the most challenging goals that marketers struggle with.

What is Growth Hacking: Definition and Examples 3

Source: https://cdn2.hubspot.net/hubfs/3476323/State%20of%20Inbound%202018%20Global%20Results.pdf

Not only does
growth hacking enable marketing teams to overcome these challenges, but it also
allows them to track their progress and will enable them to make amends along
the way.

The marketing
industry changes its focus every
few years as a response to change in trends.

Growth hacking is
an in-demand skill, and the trillion-dollar
industry has morphed to

[…]

 



This article was written by Kulwant Nagi and originally published on Blog – Blogging Cage.

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