What is Growth Hacking in the marketing world?
It's about leveraging different channels for continued growth of your brand with customers. Growth hacking is not really new. Any time another business owner has increased sales using their own methods, that's growth hacking at its best.
There are no rules here except one: growth. What is the best way to do this? test, learn and apply what works. The work of a growth hacker goes far beyond social media and marketing campaigns. They are coming up with creative ways to integrate their product/service with business goals; they reduce time and money while maximising returns.
Why do Growth Hacking?
As this process is based on improvements based on data, experimentation and actions; presents a safer solution for businesses as it involves conducting low-cost/high-impact experiments, typically in the form of minimal viable products that seek to validate a key business hypothesis as quickly as possible; and analyse data before applying strategies.
Growth hacking success stories
Many successful companies have used marketing experimentation techniques to increase profitability, here is a list of some that you will surely recognize:
Facebook : Much of its success is due to the growth hacking mentality that the company has always had. From creating profiles for everyone, not just college students, acquiring new users became a huge challenge. When it allowed people to add badges and widgets to their websites (the evolution of these widgets is the current Page Plugin).
LinkedIn: By creating public profiles, visible to people who weren't on LinkedIn.
These profiles were fully optimised for SEO. When someone searched for someone's name on Google, one of the first results that came up was their LinkedIn profile.
Hotmail: 'Get your free email on Hotmail' option that links to the registration page with user signatures.
DropBox: In its "recommend a friend" option to get new users.
(Disclaimer: This content is for the sole purpose of teaching and learning at Edith Cowan University and has not been endorsed or otherwise approved by the organisation it promotes.).