1. Definition and Introduction
Growth hacking is an umbrella term used for all the business formula and marketing strategies, which are adopted and practiced for business growth or development in today’s digital world. It is mainly exercised in young startups and IT businesses because of their limited budgetary resources. These early-stage tech businesses seek massive growth while facing a number of competitive challenges, like time and financial constraints. The term “Growth Hacking” was introduced by Sean Ellis in 2010. He is the CEO of Growth Hackers. The term is also known as growth marketing, experimental driven marketing, full-funnel marketing, data-driven growth, and creative iterated growth.
2. Scope and Model of Growth Hacking
In growth hacking, experts use low-cost strategies like cheap SEO services, data collection, experimentation, and the AARRR model.
AARRR Model Involves:
A (Acquisition) Acquiring new users by means of sign-ups and keeping them engaged for up to one or two minutes.
A (Activation) Providing them with curious, obsessive, and analytical services and experience, to grab their attention and keep them engaged.
R (Retention) Conversion of visitors into users and then the ultimate happy customers.
R (Revenue) What price-in strategy can a tech company or any other business entity experiment with.
R (Referral) Initiating practices designed for seeking a chain reaction. In this case, a single happy customer brings multiple happy customers in the future.
3. How to Initiate Growth Hacking Strategies
Experts practice growth hacking in many different ways. However, the core ideas are usually the same. Following are the key steps:
1. Introducing a service or product and initiating a test to measure public acceptance.
2. Acquiring data based on customers’ interests and targeting them as custom audiences (Advance)
Facebook marketing strategy).
3. Keeping the service or product up-dated to contain the competitive forces in the market.
4. Keeping a close eye on the customer’s feedback by advanced mode of communication, and correcting the errors.
5. Keep advertising the product and service.
6. Measuring success.
4. Best Examples of Growth Hacking Strategies.
An online course’s advertisement via videos showing contact number is launched. Management of the course receives random phone calls of the interested people. Phone call data collection reveals that majority of the respondents are students and businessmen. The growth hacking formula of data collection helps them target specifically the students and businessmen for business activities.
Delivery free Pizza is one of the best examples of growth hacking. Free delivery sharply increased the sales.
5. Benefits of Growth Hacking Growth Hacking is a new technique to boost business utilizing data collection, experimentation, funnel marketing, scientific research, and testing. Its benefits are:
• Business development.
• Attracting new visitors, customers, and happy consumers employing customer lifetime value technique.
• Branding and customer loyalty.
• Low-cost and less financing techniques for business promotion.
• For growth hacking, one can promote one’s business without any formal understanding of marketing
• Growth hacking provides time efficiency in business activities. Experts practice it when their early staged startups flutter for massive growth in very limited time in a competitive environment.