By now you’ve heard of it, if not actually used its principles to skyrocket your business success.
It’s called growth hacking, and it’s changing everything. From startup culture to business valuation, growth hacking has taken the 21st century by storm. Growth hacking has reinvented business as we know it, and provided quantum leaps forward in strategy and business success.
If you’re skeptical, just look at the success of a startup like Airbnb, valued at $25 billion, or Uber, valued at $68 billion. Keep in mind that neither of these unicorns are in the “tech industry,” as it were. They are offering short-term lodging and ride-sharing, respectively.
The principles that have catapulted these businesses to success aren’t based on the particular industry, their deep-pocketed investors, or even their disruption-ready niches. The principles that have caused these startups to accomplish global domination are the principles of growth hacking.
The reasons why growth hacking is changing almost everything are varied and vast. To simplify it, consider the following growth hacking facts. Find out how growth hacking may be able to revolutionize your own business.
Growth hacking allows us to reject conventional marketing methods.
Marketers have a crucial job–getting potential customers to notice and purchase a product or service. The particular tactics we use change from year to year. Growth hacking gives us fresh vision, allowing us to discard the tactics and techniques that used to work.
With a growth hacking vision, marketers begin to notice massive misfires in their marketing. Culture and technology have changed to such a remarkable degree that yesterday’s successful technique is today’s outmoded method.
Growth hacking runs the risk of ignoring basic marketing principles.
This rejection of conventional marketing methods creates a problem, however. Many marketers, in their free-for-all of old-school rejection, are tossing the very principles that keep marketing moored to reality.
Some marketing principles don’t change. Customer psychology,identifying target personas, and identifying a unique selling proposition are some of the tactics that marketers should not neglect.
Growth hacking doesn’t replace these foundational elements. In fact, if anything, it reinforces the need for them.
Growth hacking lets little startups rule the world.
Why is it that a few tiny startups, launched in dorm rooms or garages, now form some of the most powerful business entities in the world?
The answer, in part, is due to growth hacking. Growth hacking is, first and foremost, a mindset. By adopting the growth mindset, these businesses realized that they had the potential and means of effecting massive change and sparking major market domination.
I define a hack as
An effective, creative solution to a problem.
With this mental approach, growth hackers are identifying ways to eliminate the challenges that prevent massive growth.
This kind of market volatility is native to the growth hacker’s mindset. Growth hacking has changed everything by giving the little guy a chance at big success.
Growth hacking puts strategists in charge of marketing.
One of the most astonishing changes that growth hacking has achieved pertains to people’s roles.
For a long time, marketing was the domain of creatives (writers, artists), nerds (bean counters and data crunchers), or executives. Think Mad Men. As technology rose to the forefront, marketing became the domain of programmers, coders, and developers.
Growth hacking has forged a middle way. Now, the best marketers might not be able to code a single line or create an image in photoshop, but they can think strategically. Strategic thinking is the most valuable asset of a growth hacker. It is precisely this type of thinking that allows growth hacking to achieve astonishing results.
Growth hacking prevents marketing budgets from destroying a company’s bottom line.
One of the most exciting developments of growth hacking is that it can eliminate the need for a huge marketing budget.
In order for a startup to succeed, it needs marketing power. Often, this means taking massive losses just to get the word out, in the faint hope that some of the message will earn customers. It’s a big risk, and it often crushes the fledgling startup.
Growth hacking changes all this. Instead of marketing with a hope and a prayer, marketers can use data, reliable methods, and innovative strategies to penetrate the market and grow their customer base.
It may not look traditional, and it may even embrace some level of risk, but the truth is there: Businesses can accomplish huge results with less of a budget.
Growth hacking forces businesses to focus on revenue.
My revenue-focused mindset rejoices at this development. Growth hacking is a fundamental shift away from tactics and methods to the one number that matters most–revenue.
I see many marketers go astray by chasing shiny balls and trying new, exciting tactics. Growth hacking, as the mindset shift it is, allows the entire team to look at revenue goals and reverse engineer the business methods to align with that goal.
A study from Saleschat found that within companies employing growth hackers, 53% tracked increase in revenue, 52% tracked number of new customers, 59% tracked customer acquisition cost, and 53% tracked number of new leads.
These statistics confirm that growth hackers are focused on the numbers that really matter. Tracking new customers, leads, CACs, and revenue is part of the growth hacking methodology that allows marketers to take the actions that make the biggest impact.
Sourced through Scoop.it from: www.inc.com