The new kid on the block is Growth Hacking, which is the art of growing a platform or web service organization with little to no marketing budget. In essence, it is finding the extreme growth drivers based on insights from marketing, software engineering, data analysis and behavioral sciences to create momentum and to achieve viral growth.
Growth Hacking is a new buzz word for internet marketing. It’s indisputable about marketing, but the mindset of a growth hacker is totally different. To start a growth hacker is obsessed with growth. He or she experiments to find visitors, users and customers. And more importantly, they fit the product to make sure they fit the customers’ needs.
An excellent marketer spends a million euro of marketing budget in the most optimally way, in other words he buys the customers. A growth hacker tries to achieve a turnover of one million euro without any budget, so he finds the customers. It’s a bit short-sighted, but this quip leads us back to the main feature of a growth hacker, they have an obsession for growth. An obsession fueled by data, experimenting and the ability to serve a motto of “killing your darlings”.
Growth Hacking differs from the regular ways to get a product to the man and to grow the business. Using these kind of ways fresh solutions come forward. Growth hackers, unlike the stereotypical hacker, are very social. They want to know how people react and interact so they can adjust their systems and product. A good growth hacker has difficulty with authority, an unique type of humor, hates stereotypes, has a creative brain, no filters and has never heard of the line; “it isn’t possible”.
An excellent example of Growth Hacking applied into practice is for example Dropbox. The main application they used while growing was the fact that you were rewarded if you shared their product as a user. So you got 125MB when posting a message on Twitter or Facebook and with every application through email. Dropbox now has 50 million users worldwide and the company is worth more than 3 billion euro.
As a growth hacker you are constantly experimenting. You make assumptions which you test after the implementation. By looking at the results you can see the effect and draw lessons from it. If changes are requested, you implement them and you retest them. The outcome provides you with new information and lessons learned. This allows an excellent way of improving your product, service and marketing perspective.
Being a growth hacker may sound cool, but what does a day of a growth hacker look like. A growth hacker should always be aware of the latest developments in the field of SEO (search engine optimization) and social media. Most of the time he or she is gathering the latest information and feedback on these subjects to find new and smarter ways to grow rapidly. As a growth hacker it is important to continue to experiment, interpret the results and learn from them continuously.