Growth hacking is a term that is used to describe strategies that are focused mainly on growth. It is typically associated with startup companies who need serious growth in the early stages of their company with limited budgets
The goal of growth hacking for startups is to acquire as many user as possible within the short period of time. The term “growth hacking” was first coined by Sean Ellis founder of Growth Hackers in 2010.
What is a Growth Hacker?
A growth hacker is an individual who uses innovative, and low-cost marketing strategies in order to help a business get more customers.
Growth hackers are also commonly referred to as growth marketers. Growth hackers tend to focus on data and strategies that can bring them immediate results to their bottom line.
- They analyze marketing strategies that can put them ahead of the competition
- They test growth strategies and analyze their performance
- Growth hackers also spy on the competition to see what they are doing
A growth hacker knows how to be resourceful and find strategies that can help the business acquire customers, stay competitive and scale their operations.
How Does Growth Hacking Work?
Growth hacking is unique to each company and it’s about finding the best ways to make it work for your company.
Many companies try to find unique ways to acquire, retain and refer customers so they make more money. Some companies try to do this by getting huge brand awareness with minimum capital.
The end goal is the same, get more customers.
Recommended Reading: 7 Growth Hacking Strategies for Startups in 2020
How to Get Started with Growth Hacking?
Before you get started with growth hacking it’s important to create your product and make sure it’s properly tested. You need to validate your audience and ensure they will actually pay for your product before you start to push it to the marketplace.
You also need to get familiar with you competition and see what they are doing that works. See how they are marketing, take a look into their products and services and figure out a way to positions yours in order to beat them.
One way you can do this is by getting familiar with popular growth hacking tools that can help you come up with a strategy that you can implement and scale.