What do you mean by growth hacking?
Growth hacking is an umbrella term for strategies focused only on growth. The term Growth hacking is usually used for early-stage startups who need massive growth in a short time on small budgets.
The main aim of growth hacking is generally to get as many users or customers as possible while spending as little as possible in a short time period. The term “growth hacking” was coined in the year 2010 by Sean Ellis, founder and CEO of GrowthHackers.
How to Start Growth Hacking
This is how a growth marketing agency can start with growth hacking. The first step is to create your product and test to make sure people have the desire for it, and are willing to pay for it. This step will help you to gather data so that you can understand your buyer personas and can target growth marketing tactics in accordance with it.
Updating your product at regular intervals, and focusing on getting customer feedback so you always know if you are on the right track. Market your product at the same time to Stimulate continued growth, and then track the success of those results. For effective growth hacking, you should try A/B testing and other conversion optimization techniques.
Some of the famous Growth Hacking Examples
Some of the successful growth hacking campaigns include:
- Dropbox- rewards existing users for inviting new ones with additional storage for free
- Hotmail – tried to reach out with each outgoing email encouraging people to sign up for a new account
- AirBnB, – used Craigslist that helps people looking for affordable accommodation.