Growth Hacking is an extensive process of testing multiple marketing strategies or campaigns and finding the best working strategies to supercharge your results. Growth hacking term is a relatively new term which came into existence about 1-2 decades ago. In simple terms, growth hacking means finding different strategies and formulas which will eventually help your business drive growth.
A Growth Hacker is a person who does all these rapid testing and experimentation based on data and takes data-driven decisions eventually to drive growth in the company.
What is Growth hacking?
Growth Marketing/hacking is data-driven full-funnel marketing based on data-driven decisions. Didn’t Get it? Let’s start by finding out the difference between Growth marketing and regular marketing. One of the main differences between traditional and growth marketing is that marketer’s primary focus is just driving traffic to the business. On the other hand growth hackers focuses on the whole customer journey. Growth hacker has to know when the user engages with the website, will the user have a great first experience while going through are product, will the customer come back and use your product again increasing the customer retention rate, will the users become loyal to the brand will they promote the product with the good word of mouth.
It does not end here, it goes further what pricing strategy to use, what can we upsell with the product. Whether we can develop a referral program to attract more customers or not these all things come under the spectrum of growth hacking.
You can notice that most of the steps in growth hacking are product-oriented and not only focused on the marketing side of the business. A good growth hacker will focus on every aspect of business and try to include as much automation possible to find new and creative ways to drive traffic. What’s happening here is growth marketing is slowly removing the line between marketing and product. Marketers now focus on the overall customer journey of a user.
Simple Steps To Growth Hack Your Funnel
- The first step in doing growth hacking is to ensure a steady flow of customers. This can be achieved by creative marketing which means driving traffic using creative methods such as organizing quizzes or interactive videos etc.
- Once we have enough flow of customers a growth marketer’s job is to perform data-driven experiments and testing on how to improve the conversion rate rapidly. To do this thing write, you need to understand customer behavior and digital psychology. Growth marketers use persuasion techniques, human biases from the subject of behavioral economics to get more conversions
- Finally, when you get the winning experiments and strategies, a growth hacker uses coding + automaton to establish reliable and efficient systems or by making formidable products.
A growth hacker cannot randomly use all the steps randomly and decides which tools and automation to use for the strategy. Therefore you need experiments which are done by marketing campaigns.
Marketing campaigns which are guts based decision is replaced by data-backed marketing decisions and rapid experimentation. Growth hackers find scalable and adaptable and easy to run the process on how to run experiments faster.
Wanna start your growth hacker journey? Here is the most recommended book for growth hacker – Hacking Growth: How Today’s Fastest-Growing Companies Drive Breakout Success Paperback
Growth Hacking or Growth Marketing or data-driven marketing or performance marketings are one and the same thing. In the end, they all focus on one thing on how to achieve growth and results rapidly while achieving the scalability for a business. So, in the end, growth hacking means Growth Marketing/hacking is data-driven full-funnel marketing based on data-driven decisions. I hope now you have a good explanation on what do you mean by growth hacking