What is Growth Hacking?
Growth Hacking is about achieving compound growth rates down the funnel which means iterative gains in the product and marketing channels.
It grew up in the world of startups where young businesses had to find ways to get above the noise with little budgets and put the product at the center of their world.
The process of GH ought to be focused on identifying the bottleneck within the sales and product funnel and then moving to run experiments to remove the bottleneck.
It’s a process of iterative growth leveraging empirical data and aggressive experimentation from the top to the bottom of the sales and product funnel. Perhaps better described as Agile Marketing leveraging a more holistic set of tools.
Growth hackers as mentioned are very inventive. People who always see outside of the box. They experiment and are not afraid to make mistakes.
They set new limits they change the game and see things where others think it is empty.
Aim of Growth Hacking
The aim is to find all of the tactics that provide incremental or occasionally explosive growth and breakthrough the identified bottlenecks. This is the process similar to the one we use at Rebel Hack.
To be a successful growth marketer you will probably have some experience working in the digital marketing arena but development and or data science skills make you a cut above the rest.
Many experiments you run will never have been tried before you should be able to think on your feet not be scared of coming up with new ideas be dependent on finding growth using your area of experience.
Many of those who call themselves Growth Marketers find a distinctive difference between what’s traditionally defined as “Growth Hacking” and what’s evolved into “Growth Marketing”.
Growth hacking teams can be made up of more traditional marketers and growth marketers with varying skill sets from software development to content marketers and UI/UX designers to data engineers.
After identifying bottlenecks experiments will be run over a series of weeks or days with teams working within the SCRUM methodology taken straight from software development.
This is what you might call an experiment sprint. The aim is to find all of the tactics that provide incremental growth and breakthrough the identified bottlenecks.
Besides being just another buzzword growth hacking is a really simple concept that happens to sound very intangible.
A growth hacker is an inventor. A person who sees opportunities where not many people do.
Growth hacking is a process involving:
Defining metrics to focus on
Having Key performance indicators (KPI) is the key to growth hacking. It needs to be clear which metrics need to be growth hacked before even starting the growth hacking process.
Define the target market and competition choose which marketing channels to use depending on the KPI selected above.
It’s important to always be testing in order to see what works and what doesn’t.
Data analysis + Feedback
Growth Hacking is nothing without data. If you cannot track your actions and measure your results this is not growth hacking.
It’s important to respect this order and automation comes at last. You don’t want to automate your actions if you aren’t sure they work and give results.
This is where a lot of people don’t understand growth hacking and believe this is just a new way to call marketing.
Growth hacking is related to marketing and it for sure implies a process of both thinking and acting towards efficient ways of growing your business. Therefore, where others see obstacles or dead-end growth hackers see chances.
Also Read: What is Lead Generation?