Growth Hacking has been a buzzword for startups. But also it had been a most confusing word as well. There have been many misconceptions regarding this term.
I won’t go into when the growth hack started or bore you with long paragraphs of useless information.
Let’s understand it here & now itself in a very short & detailed manner.
What is Growth Hacking?
Growth Hacking has been defined differently by many people. But to be simple & short, It is about finding Growth in any segment of the company with little investment, creative thinking & analytics.
What are the Features of Growth Hacking?
Low Cost & Low Resources
Like Hotmail using the phrase “P.S.: Get Your Free Email at Hotmail” at the bottom of every email that users sent, with a link to a landing page to set up an account. This led to a growth of 12 million followers.
Getting High ROI
This is something new where start-ups & companies use growth marketing tools like Prospectss.
Suppose you are having a product of $100 & investing around $50 to generate leads in 10000 & expecting a sales even of 5%.
You will be earning $50000 by just investing $50—an ROI of whooping 1000%. Feels unreal but an actual growth hack.
Effectively reaching the right people
The thing with this is not to reach all the people but to reach people of your niche. Therefore you will find some very successful start-ups whose names are not popular but are having sales & customers of millions.
Retention & Active customers
Just a growing number of customers is not enough but having the loyalty of customers is important. According to Market Metrics, the probability of selling to an existing customer is 60–70 percent, while to a new prospect it’s just 5–20 percent.
- And obviously Growth in demand, sales & subscriptions.
So these were some things about Growth Hacking. But still, there are some myths to busted for a better understanding of it. Let’s look at them.
Busting Myths of Growth Hacking
You need a Certified Growth Hacker for Growth Hacking.
Many established firms hire a growth hacker or team of Growth Hackers. But startups can’t afford those.
It will be smart to subscribe to a Growth Marketing tool something like Prospectss with whom you can get new leads, data & outreach. Or use Lemlist to get cold emails.
Being smart in using resources can make you a Growth Hacker. So, you might not need a Growth Hacker but you can yourself be a growth hacker.
Hacking Growth is similar to Marketing.
Both Growth Hack & Marketing has a familiar target. But hacking has a broader connotation than marketing as the former touches on product making & design to selling & various things.
Growth Hacking makes you reach all people.
As said by Sean Ellis, It is about reaching the relevant audience in an efficient manner. So, it is not about getting famous but it is about reaching maximum potential customers.
Growth Hacking needs luck.
It takes lots of strategy & data to understand the leads & customers’ responses. So, it is not about luck but lots of research & creativity involved.
Growth Hacking strategy can also be illegal.
Though some growth hacks like Airbnb could be termed wrong but growth hacks have to be legal like scraping Google Maps, Verifying emails, etc.
So these were some basic things about Growth Hacking. Meanwhile, you can also read about What is Growth Hackers, Top Growth Hacking Books & Best Growth Hacking Conference one must go to enhance your knowledge.
Hope you find it informative.
Check out Prospectss for many user-friendly & helpful growth marketing tools for getting leads & outreach.
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