Today, let’s talk about growth hacking.
Every business owner will do whatever to grow their business. Today, we have at our disposal more information, tools, resources, and skillsets than ever before. How do you take advantage of all of these assets to grow your business?
Finding innovative ways to get things done in order to achieve a definite result is the job of a hacker. Growth hacking was first used by startups to achieve significant growth rates for their businesses.
In 1996, co-workers Sabeer Bhatia and Jack Smith built a web-based email system (Hotmail). And within 6 months, they had their first 1 million users. By the time they sold it to Microsoft 17 months later, they had clocked 12 million users.
How did they achieve this significant growth within a short time? That’s growth hacking at work. And you’ll learn all about it in this article.
Step #1: Getting Started with Growth Hacking
In today’s competitive environment, successful business owners must constantly adopt and adapt strategic methods for getting the results they want. When that goal is business growth, owners can look to highly creative and analytical strategies and tactics, all in the service of growing the business.
That’s what the term “growth hacking” means, at its most basic level.
There is a growing community for growth-focused marketers. A special growth hacking conference held in October 2014 proves that growth hacking is no longer a phenomenon you can ignore.
Introduction: The term “growth hacker” was initially coined by Sean Ellis, founder of Startups-Marketing. He explained the concept using this startup growth pyramid.
In order to achieve a growth rate above the industry average, a growth-hacking business combines effective marketing with engineering.
Some people believe that growth hacking is just a new buzzword to replace the term “inbound marketing.”
But I think there’s a difference.
Inbound marketing takes an internet marketing strategy and aligns it to the target audience.
On the other hand, growth hacking may not involve any of the internet marketing strategies that you already know. A growth hacker could invent a new idea or strategy, or just take an existing idea and create something more powerful out of it.
What do you think: Is growth hacking the new inbound marketing?
In many ways, being a growth hacker is totally different from being a “typical” Internet marketer.
What is Growth Hacking? The word “growth” means increase and expansion. If your online business earned $100,000 in 2013, and then you earned $150,000 in 2014 — that’s growth.
The word “hack” traditionally means to cut away through obstruction — as in, “I had to hack my way through the crowd at the shopping mall to check out new arrivals.”