Growth Hacking and Why It’s Critical for Good Business
Posted on: March 31st, 2017
Growth hacking is the new buzzword among businesses. Growth hacking can be defined as the use of rapid experimentation across marketing channels and product development to identify the best way to scale a business.
Growth hacking refers to a set of both conventional and unconventional marketing experiments.
Used by some of the most successful digital businesses and startups, such as Facebook, Uber and Airbnb, growth hacking involves using a clever combination of marketing and coding techniques to rapidly escalate the growth of your business.
While digital startups have readily taken to growth hacking to improve business performance, most large and medium sized businesses do not use this technique. However, growth hacking is a vital tool that can bring the continuous acceleration that your business needs.
Here are 4 reasons why growth hacking is a critical component for every good business.
1. Growth hacking accelerates the growth process
While most traditional forms of marketing benefit businesses by focusing on long term or continuous growth, growth hacking provides a platform for a quick launch by identifying a business’s area of expertise and saturating its consumer base.
It utilizes coding, quantitative analytics and viralty to provide this quick accelerated growth.
2. Growth hacking relies on past trends to create new growth paths
Growth hacking utilizes past trends and results to arrive at the various hypotheses that unlock consumer acceptance acceleration. A continuous process of growth hacking through conducting experiments to test various hypotheses can bring about successful new growth paths.
Some of the most successful tech companies today such as Twitter and AirBnB, are proponents of this approach.
3. Growth hacking helps effectively implement strategy
Most small and medium sized businesses already have an established strategy. They know who their customer base is, yet their marketing strategy fails to yield results.
Growth hacking is a tactical approach that emphasizes a continuous process of testing and repositioning. This tactical approach can solve such roadblocks.
4. Growth hacking can cause an immediate boost in sales
Unlike SEO which only increases a business’s online presence, growth hacking uses multiple strategies including Paid Acquisition, Viral Acquisition, A/B Testing and Analytics, along with SEO and Content Marketing, to cause an immediate surge in consumer interest and sales.
The above points clearly show that growth hacking is the missing link that is affecting most small and medium sized businesses. Therefore, it is critical that businesses start using growth hacking as an integral part of their business strategy.