At present, marketing is a vital business function that is important for almost all kinds of businesses ranging from start-ups to well-established organizations. But, when we talk about growth hacker marketing, we can say it is start-ups’ sweetheart. It is the most talked-about term in the world of marketing and start-ups. Some organizations see it as a ground-breaking way of accelerating the growth of start-ups, while others consider it just a décor term for marketing. Growth hacker marketing is the intersection between marketing and technology. In simple terms, it is a kind of person whose true north is growth and is disciplined in testing marketing ideas, and analyzing such results in order to see which worked the best and should be scaled out further.
Unlike marketers, growth hackers have one objective, i.e. To grow the company. Here’s an array of tactics, dubbed hacks. These hacks are generally affordable and are aimed at augmenting the viral coefficient.
Customer Lifecycle:
- Acquisition
- Engagement
- Purchase
- Retention
- Referral
At each step within the aforementioned customer lifecycle process, you have to figure out the key data points to be managed and optimized. Many companies are streamlining and presenting data in ways that feed the growth hacking engine. Data is information. You need content performance information, customer acquisition data, customer information, and other actionable information. Google Analytics alone just doesn’t cut it anymore.
Growth Hacking is just a good way to describe how marketing is done at the beginning. It’s not a new magical technique, it’s just a term to depict tactics that many start-up marketers have been using for years. Critically, though growth hacking is no longer limited to small start-ups. The strong combination of marketing experimentation, data-driven analysis, and automation has blazed a path for a whole new gain of effective, measurable marketing strategies.
Most importantly, growth hacking, especially in the SaaS, has a primary goal and that is to grow revenue as swiftly as possible. At the same time, marketers in large organizations are often content to eke out a few percentage points of growth each year, whereas growth hackers strive to realize much higher levels of growth.
In order to achieve rapid growth in revenue, it’s crucial for growth hackers to break down their goals into smaller, more manageable targets. Revenue growth requires a business to attract visitors to its website, engage and educate them with helpful resources, collect essential lead insight, and nurture them to a point of sales qualification – all before closing a sale.
“Growth hacking recognizes that when you focus on understanding your users and how they discover and adapt your products, you can build features that help you acquire and retain more users, rather than just spending marketing dollars” said by Josh Elman.
Terms like “growth hacking” and “inbound marketing” have gained raves because they offer a new powerful way to market your business in order to achieve rapid growth. In today’s economy, growth hacking is practically the only way a start-up can use to rise to the top. Growth hackers are marketers that aren’t limited by the status quo. They set out to achieve their growth goals using any tools, techniques, and processes. Their options are not limited.
