What is Growth hacking?
Growth hacking is a relatively new field in online marketing, mainly focused on the growth of companies. This trend has developed mainly in startups, which needed very fast growth with the smallest possible budget. Over time, they also inspired larger companies. The goal of growth hacking is to gain as many users as possible in the shortest possible time and with the smallest possible investment. The growth hacking team consists of marketing specialists, designers, programmers and product managers who focus on building and engaging the company’s user base.
Growth hacking is built on data, experiments, psychology and automation. Sean Ellis came up with the name in 2010.
In a blog post, he defined a growth hacker as “a man whose real north is growth. Everything they do is examined for its potential impact on scalable growth. Andrew Chen introduced the concept to a wider audience in a blog post entitled” Growth Hacker is the new VP of Marketing”, in which he defined and as an example, he used the integration of Craigslist for the short-term recreational platform Airbnb. He wrote that growth hackers “are a hybrid of marketer and coder that looks at the traditional question” How do I get customers for my product? And answers with A / B tests, landing pages, viral factor, e-mail delivery and open chart. In “Growth Hacking,” Chad Riddersen and Raymond Fong define Growth Hacker as “a highly inventive and creative marketer specifically focused on high leverage growth.”
Growth hackers “are a hybrid of marketer and coder that looks at the traditional question” How do I get customers for my product? And answers with A / B tests, landing pages, viral factor, e-mail delivery and open chart.
How does growth hacking work?
For every company, it’s about finding out why you’re growing and finding ways to do it on purpose. A growth hacker is someone who uses creative and low-cost strategies to help businesses gain and retain customers.
What are the characteristics of a growth hacker?
Growth hackers tend to be obsessed, curious and analytical:
- Growth hacker focuses exclusively on strategies related to business development.
- Creates hypotheses, prioritizes and tests innovative marketing strategies.
- Analyzes and tests to see what works.
- An ideal growth hacker knows how to prioritize growth, identify customer acquisition channels, measure success, and increase sales.
- As a growth hacker, you need to be able to work fast and therefore you need to be as independent as possible. That’s why it’s important for a growth hacker to be able to master the basics of programming, data processing and visualization. He doesn’t have to be an expert at everything, but he has to understand the basics, to be able to do most of it himself.
What technical skills are essential for a growth hacker??
You need a wide range of skills: knowledge of data is essential because that is the only way to find the main problem and its cause. Then creativity comes up with a solution to this problem and finally, the growth hacker needs the basics of behavioural psychology and can make this solution a reality.
- Creates landing pages
- Creates web pages
- Designs and understands colours, fonts, marks, etc.
- Manages campaigns on Facebook, Google.
- Implement tracking tools, codes and pixels such as Google Tag Manager, Google Analytics, Hotjar, Facebook pixel, Smartlook, etc.
- And many other concepts/techniques, such as conversion rate optimization, artificial intelligence in marketing, web scrapping, chatbot, API, etc.
The question “Who is a growth hacker?”
Who is a growth hacker? This can be a difficult question because growth hacking is primarily a way of thinking/working, commonly referred to as the “Growth Hacking Mindset“.
A growth hacker sets a goal, which we call a “polar bear,” that is his main goal, and which channel, technique, or tool is used to do so is secondary. That’s why it’s so important for a growth hacker to have a wide range of knowledge and skills. Thanks to this, he can always show you the best way to your Polaris.
Having growth thinking means:
- Speed > Perfection: It’s better to quickly see if something has potential, compared to building from start to finish, just to find that you’ve misjudged the ideal customer. You see, it came back through experiments and a mentality of less talking and doing more.
- Decisions based on data: By using data, you can positively improve your efficiency. Where to focus your time and resources to have the greatest impact? What improvement would bring the greatest growth based on data from our experiments? Which type of user is the most valuable?
- Keep improving (both business and personal): As your business grows, there is always a new hurdle. And you will personally learn to have a high level of “learning”: If you don’t know how something works, just start searching on Google until you understand it in detail.
How we Growth Hacked our software agency within 1 year
At the beginning of 2020, as we were focusing mainly on hotel & travel industry which were in troubles, our company was largely hit by the COVID pandemy.
Our strategy was to use our software development capacities, and provide software development products for 3rd party companies – i.e. build a software house.
Within one year, we have launched 2 sub-brands and performed over 60 different growth hacking activities which resulted in securing various new big clients and partnerships, and we have successfully scaled the Siesta Codes software house to 25 + team members and millions of profit.