Growth Hacking

What is meant by Growth Hacking?

Growth hacking is a marketing technique used to rapidly accelerate a product or service through word-of-mouth, social network, and digital network results.

 It is often used as a way to validate an idea for a product or service, or as a way to increase sales.

 It is commonly used by startups and high-growth companies.

Growth hackers are more than marketers. They can be data-driven and value-creators at the same time

Growth hackers focus on experimenting with the latest marketing and product-development trends so they can steal customers from their competitors and become more of the authority online.

What is an example of Growth Hacking?

PayPal now a giant in online payment, also began its exponential growth journey using a referral system. By doing so, they achieved 10% daily growth and acquired a user base reaching over 100 million people. Instead of handing out free storage, PayPal used a mind-blowing hack.

  • LinkedIn – One-click endorsements for existing connections
  • YouTube – Making it as easy as possible for people to share YouTube videos on their own sites by providing embed codes
  • Twitter – Automated notification emails
  • DropBox – Incentivised ‘refer-a-friend’ tactic to get new users
  • Airbnb – cross-posting all new listings on Craigslist for free

Growth hacking is an innovative strategy that has proven successful for business owners who are looking to reach a wider customer base with little startup cash.

Growth hacking keeps your costs low and helps validate your business idea quickly so you can focus on increasing the value of the product and improving the growth curve.
 
If done right, your growth efforts should pay for themselves.

 

Growthhacking