Growth hacking is a buzzword that has been trending for a few years now. In 2022, a lot of people have been asking about it.
According to marketers, consultants, and entrepreneurs, growth hacking helps to grow your business. By some experts, it is also being described as ‘the future of marketing’.
In this article, you can get an idea about growth marketing and how it can improve your business growth.
Growth Hacking focuses on the business expansion that is experienced-based and data-driven. Growth hacker tries to find opportunities systematically. Sean Ellis has invented the term in 2010 and it has been used mostly by the start-ups due to their limited budget. Companies like Shopify, TikTok, and Uber have introduced the position of Head of Growth and a dedicated team. Therefore, the popularity of growth hacking has enhanced further.
Difference between Growth Hacking and Traditional Marketing
Most people believe that growth hacking and marketing are the same. However, there are some subtle differences. Similar to traditional marketing, growth hacking is all about customer acquisition or customer encouragement for using your product or service. The Start-up community still relies on this strategy as they cannot invest a massive budget for marketing.
Growth hackers prioritize and test ideas. Later on, they analyze the strategies to know which can be the best growth driver for the business. They usually go for a strategy that is faster and easy to replicate. In this way, it becomes easy to scale the growth properly.
According to Sean Ellis, the founder of GrowthHackers.com, there is an intimate connection between growth hacking, A/B testing, and optimization. Data is the core of growth hacking. Hacks are tested to see whether it is useful or not.
Benefits of Using Growth Hacking
If you make every decision based on data and track the hack performance precisely, you can know which of the growth hacking techniques are working according to your expectation. It is better to use those to assure customer acquisition and eliminate those which do not give results.
Growth Hacking is developed in a way that you can get results with the available resources which makes it economic. It means that you are using strategies that give you optimum benefits through your landing page. Best practices of SEO are utilized for ensuring a high rank on the search engine result page with effective keywords. For case studies, you should write impactful content. The same content can be shared through social media. Using interactive and extensive A/B testing, you can collect user data. However, the testing process is quite lengthy and a wait is necessary to get results. The traditional cost of marketing does not apply in the case of growth hacking.
Growth hacks are created and implemented by a person to be applied to a product. Therefore, you do not have to hire a marketing team to execute these strategies.