You are a founder of a new business and keen on finding strategies on how to scale up your business. Ever heard about growth hacking? Or maybe you were having a casual discussion with your group of business friends and wondered about the never-heard-before term; growth hacking.
The name may sound like it is something super hard to understand but worry not. You chose to be here to understand what it is all about. So, let’s go!
Growth Hacking – The Definition
Easiest way to understand the fundamentals of growth hacking is, first, by knowing the definition. Growth hacking (or also known as “growth marketing”) is the use of low-cost, low-resource digital marketing techniques to help develop and maintain an active user base, sell goods, and gain visibility.
In simple words, growth hacking is done solely for “growth” and “hacking” (those little shortcuts that make your life easier) here refers to maximising the amount of growth in the minimum amount of time using the minimum amount of budget.
Why Is It Important To Know Growth Hacking?
In recent times where most businesses have transferred to digital platforms to adjust with the current situation, it will be a great advantage to know exactly how growth hacking works in digital marketing. Application of growth hacking in your digital marketing strategy gives you the opportunity to experiment with new ideas to see what works best for your business, instead of just limiting yourself with “traditional” digital marketing techniques such as search engine optimization, pay-per-click ads, social media marketing, content marketing, and more.
However, this does not imply that you should drop all other digital marketing tactics and concentrate solely on growth hacking. Not all you try, including “traditional” digital marketing approaches, will succeed.
As a startup company or small business, traditionally it takes years to develop your business but by recognising “what” are the ways and “how” to make it happen can easily bring your business to the next level – this is where growth hacking comes in. Growth hacking is most often associated with start-ups and small companies, for example, businesses that don’t have a lot of money but need to get results quickly. It is, however, a scalable concept that can be applied to any online business looking to expand and retain an active user base.
The key element with growth hacking is that you don’t have to reinvent the wheel, you just have to be creative by using it in a different way.