As Sean Ellis, the person who defined the term Growth Hacking, explained:
‘’a Growth Hacker is a person whose true north is growth’’.
In addition, the essence of growth for a Growth Hacker is in narrowing down each step that needs to be taken in order to reach growth in a measurable way.
The concept is based on creative marketing, automation and engineering, experiments and data. Furthermore, the trick is to fail fast and often in order to be able to work from a smart and lean method. You will learn to understand your users and how they adopt to your product instead of wasting money on your marketing.
Nowadays the online web is a worldwide market and this means the potential for growth is within own reach and available for everyone. Especially with the currently existing tools, you are able to breach geographical borders.
In addition, exponential growth is possible when exploring opportunities in a smart manner. Therefore the digital mindset of marketers needs to be developed, as being creative might not be enough nowadays.
When creating (online) campaigns an open-mind is needed whereas metrics and measurable tests need to be taken into account. As a Growth Hacker you could set a goal of increasing awareness by means of a measurable goal, in comparison to a traditional marketer that would only create an idea to increase awareness. By setting up a goal that is measurable it is possible to test different ideas (online) and see how and what tools most awareness is actually obtained. Next, based on this data it becomes clear when and what tools or ads need to be used in order to create more awareness. This will, as a result, makes marketing automation easier. Therefore, as an example, startups can grow rapidly.
However, also large and long-existing companies can benefit from growth hacking processes. Nowadays, great businesses collapse and people who learn the fastest win. Ever growing competition does not require more spending, it requires smarter thinking. Experimenting and trying out new things is therefore key. Apart from being an addition to current marketing theories, growth hacking is also a great addition to development in other parts of a company; by understanding your user better you know where to invest in when developing your product and markets by always keeping the end game in mind.
Also when analyzing data other aspects that need improvement won’t be overseen. Your company will create a good position within the market or maintain your position by constantly exploring the demands of your customers and explore potential opportunities. To conclude, by developing the concepts of creative marketing, automation and engineering, experiments and data into a constant process within a company growth hacking becomes scalable.
Guest blog by Carmen Albert, participant of the Growth Hacking traineeship..
Originally posted on linkedin.com