Growth Hacking is a new field related to marketing and a combination of marketing, automation, data, and tech. Growth hackers pursue sustainable growth and run many experiments in a process-based manner to grow and retain the userbase.
Growth hacking is the use of cost-effective digital marketing strategies to achieve users' growth and retain active users, gain brand awareness, and increase your sales. Growth hacking is a data-driven approach and collection of smart digital marketing strategies.
The digital ecosystem is a battlefield on which businesses are fighting to achieve a competitive advantage. There can be high-set targets, constraining budgets, very limited resources and a huge amount of competitors with advanced advancing tools and platforms. A conventional approach to digital marketing, user acquisition, and retention is no longer enough. The only way to survive is to be flexible, adapt and use Growth Hacking principles.
Traditional digital marketers’ goal is usually to lift brand awareness, get audience engagement (likes, comments) and get some vanity metrics (clicks, views, app installs). Growth Hacking involves lean experimentation across lots of marketing channels in a short span of time to try and find the most efficient ways to grow business as cost-effective as possible.
Growth hackers take every aspect of user sales funnel to find the best direction. They create new ways to acquire users and retain them at low-cost.
Behind any successful growth hacking activity is a structured and well-organized process that is focused on ongoing experimentation and learning. Whether you’re a startup or large organization, B2B or B2C, this process can be customized and adapted into an effective growth strategy.
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