Growth hacking is the buzzword for startups. Forget “pivoting” and “iterating.” It’s all about growth hacking. That’s the thing.
It’s almost annoying for those who have heard about it thousands of times, and it’s confusing for those who don’t know what it is.
Like it or not, growth hacking is happening.
And it’s the reason we get to see a few new startups each year with absolutely ridiculous growth rates. Growth hacking has only been around for a few years, but it’s already catching fire. Every startup is looking for growth hackers.
The reason is obvious: everyone wants to grow ridiculously fast and acquire millions of users and dollars in revenue.
Benefits Of Growth Hacking
Provable ROI – By using data to inform every decision you make, and tracking the performance of a hack accurately, you can easily see which of your growth hacking strategies are performing as you’d hoped, and which aren’t. Persevere with those that show promise for customer acquisition, discard those that don’t.
Low-cost – By its nature, growth hacking is designed to use whatever resources you have in as economical a way as possible. This means using tactics like ensuring landing pages are leveraging SEO best practices to rank highly in search engines for important keywords. Also writing impactful content such as case studies and then sharing broadly on key social media channels is a great tactic. Extensive and iterative A/B testing can be powerful as well to quickly gather user data. Although the testing process may be fairly lengthy before hitting upon that golden nugget, growth hacking doesn’t have the traditional costs associated with it that other methodologies such as content marketing or advertising do.
Low-resources – Growth hacks are often developed and implemented by a single person on the product or engineering team, and don’t require an entire marketing team to execute.
