Growth Hacking - a new marketing concept
Growth hacking is a fairly new concept within the marketing industry. It’s predominantly focused on brand growth, hence the term ‘Growth hacking’. It’s generally used during the early stages of marketing by startups who need to achieve a large amount of growth in the shortest amount of time, often on very tight budgets, but it has become more popular with bigger corporate companies as well.
Growth hacking campaigns aim to accumulate as many clients as possible without spending a huge amount. A growth hacking team generally would consist of marketers, developers, engineers and product managers that specifically focus on building and engaging the client base of that specific business.
So what does a growth hacker do exactly?
A growth hacker will typically focus on finding innovative, low-cost alternatives to traditional marketing campaigns such as using social media, viral marketing or targeted advertising instead of buying advertising through platforms such as radio, newspaper, and television.
They do this by incorporating common techniques such as SEO (search engine optimization) lead generation, product development, website analytics and content marketing into their marketing strategy. Successful growth hackers know where to put the most effective content in the places where they will have the most impact or reach, and in doing so they create customer retention.
Why growth hacking works
By now you are probably wondering why growth hacking works, and what makes it different from the more traditional marketing strategies.
Firstly one needs to understand that growth hacking cannot occur until a product-market fit has been developed. This should then get tested out on early users, so it can be further refined with a
specific target market in mind. Basically it’s building momentum for growth for a validated product/service, which is why companies employ growth hackers - because they want a marketing campaign that actually works.
Growth hacking seemingly goes against all the guidelines we know and follow about marketing and advertising, and then combines sales-skills, social media marketing, analytics and programming with the end goal of acquiring new customers. Skills such as these make it easier to set realistic rapid growth goals as well as pinpoints the most effective actions needed to reach it.
Growth hacking campaigns that break traditional marketing rules are the kind that make online users take notice. They are also often the ones that generate the most engagement on platforms such as Twitter or Facebook and in the digital world where social media is incredibly popular, that can often make a huge impact.
Interested in Growth Hacking?
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