Growth hacking is not simply a new field in marketing. It is not simply some Silicon Valley catchword for modern marketers. It is not related to hacking websites either. It is the marketing groundbreaker. Businesses are today hungry for cold, hard figures that translate into revenue, which, in the long run, is the goal of any marketing campaign.
But what really is growth hacking and who is a growth hacker? How do you choose the best growth hacker agency?
This guide answers all the above questions comprehensively!
What is Growth Hacking?
Before getting into the textbook description, pay attention to these figures.
In 2008, Facebook had around 100 million active users. Presently, it boasts over 2.3 billion monthly active users. Airbnb snowballed from having around 21000 guest arrivals in 2009 to a colossal 200 million guest stays cumulatively to date. Nevertheless, what do these two organizations have in common?
Both were startups that saw enormous exponential growth within a decade of existence. This is a dream of every startup. To grow unusually fast while acquiring millions of dollars in revenue. Growth hacking contributed to their success.
Growth hacking means using marketing strategies that single-mindedly focus on the singular goal – Growth. It ignores nearly everything else at that early point. It brings in several tools, methods and best practices that are not present in the traditional marketing realm.
Who is a Growth Hacker?
You’ve possibly come across the word “hacker” in varied contexts. Generally, when you first come across the word ‘hacker’ you think about “software hacker.” This is a common name given to a software engineer – a person who provides technology-based solutions to solve a host of problems for businesses.
While growth hackers may have programming skills, it is not necessary. They do, however, use software, databases, and application programming interfaces (APIs) to ignite company growth. Anyways, having a thorough understanding of technology is the cornerstone of growth hacking.
Growth hacking is not illegal. However, it does push the boundaries of what is believed to be the convention in marketing. Growth hacker agency looks for weakness in the system and exploits them to drive growth.
A growth hacker works with a team that encompasses the hacker, a front-end developer, and a back-end developer. The growth hacker (who may or may not be a software designer) navigates the ship. They use a series of tools to come up with event-based analytics.
A good growth hacking agency should have the ability to whip up a clear metrics model dependent on five main funnel stages such as:
Acquisition – Which are the most functional methods to get people to know your brand by name?
Activation – How can you assure that consumers get a memorable first-time experience?
Retention – What can you do to assure customers keep coming back for more of what you are offering?
Revenue – How do you adeptly monetize your traffic?
Referral – What can you do to induce customers to mention your brand to other prospective users?
The Nutshell
A growth hacker agency should be able to use all conceivable tools close at hand to promote your business.
