What is growth hacking and how to do it
Traditional marketing vs. Growth hacking
In my opinion growth hacking should be called smart marketing. Why ? Because growth hacking isn’t random, you can track, test and improve your marketing whereas traditional marketing even if successful no one can explain why it was successful, what worked and what didn’t.
Sometimes I see ads that are so bad; I wonder how someone let the director of marketing spend this money on such bad advertising. That’s a waste of money. $35.9 million is the average cost of marketing a film according to Los Angeles Times. That’s for a movie; some companies spend way more than this figure.
Traditional methods of marketing typically involve advertising through newspapers, magazines, radio, billboards and TV ads. How are you supposed to market your product when you’re a startup if you don’t have this budget? Moreover, even if you had the funds for that kind of marketing, would you rather know what worked in your marketing techniques, track and improve your marketing or rather spend those millions on TV ads and billboards without having a clue on what worked and what failed? Leave the randomness of traditional marketing to people who can afford to fail; you cannot afford to fail; you don’t have a portfolio of startup.
What is growth hacking?
“A tech startup doesn’t want awareness. It wants users, customers, clients. A growth hackers job is to hack that growth together, through any means possible: “A/B tests, landing pages, viral factor, email and open graph.” — Andrew Chen
Growth hacking is a mindset when someone has no or too few resources and must find new customers or users without spending millions of dollars on them. The growth hacker wants to have the greatest impact with the lowest investment possible; he wants to get viral by being creative with unique marketing techniques. Companies like Airbnb, Dropbox, Groupon, Uber have used growth hacking to make their business successful.
We live now in the era of internet and social media, there are plenty of opportunities and challenges. That’s where growth hacking happens, you use these tools to create interest in customers, it’s a simple process you follow to leave your brand in your clients’ minds.
Below you can see how Dropbox encourage their users to invite their friends by providing free space. That worked, and it’s obvious why it didn’t fail, they delivered value to the customer for free! All they had to do is invite friends. This strategy did so well that they went from 100,000 to 4,000,000 users in just 15 months!
This post was originally published on Thenextcrush, to continue this post and get examples of the most popular growth hack, check my blog! You’ll also get an explanation on how the process work.