What is Growth Hacking? How It Actually Works for a Business?
A growth hacker is a hacker whose objective is to grow the number of users for a specific product. A growth hacker is a person whose true moto is growth. Everything they do is scrutinized by its potential impact on scalable growth. Real growth comes from somewhere deeper than growth hacking.
What is growth hacking? It’s an innovative approach to the growth of a business.
Using different marketing and product approaches to growing business rapidly.
While ‘traditional’ digital marketing is focused on gaining steady growth. Organic traffic is one of the most powerful acquisition channels.
To start growth hacking efforts we need to hire a T-shaped marketer, a web developer and have a proper mindset. T-shaped marketer? a person that has knowledge covering a wide range of digital marketing topics.
Without knowing what is SEO(Search Engine Optimization) and Web Analytics growth hacking can't be lead. SEO is one channel that can be used for acquisition, like PPC, Email or Communities whereas analytics is the one channel that puts all intact.
Growth Hacking Process in Steps:
- Generating ideas that help to increase growth.
- Estimating potential impact and resources required
- Work in quick iterations, testing everything they can
- Analyze and compare results to hypothesis and asking “why”
- Optimize using learnings to correct processes
- Acquisition(How do users find you?)
- Activation,(Do users have a great first experience?)
- Retention,(Do users come back?)
- Revenue.(How do you make money?)
- Referrals,(Do users tell others?)
- Project’s name/working title.
- What is its purpose?
- What are its business objects?
- Do we have any data behind it?
- Designing the flow (personas, user goals, user flow),
- Goals and analytics.
Airbnb is an example of growth hacking by coupling technology and ingenuity.
Another example was the offer of more storage by Dropbox to users who referred their friends.