Every sustainable business growth and expansion has to be based on a strategy. There are many approaches a business can use to acquire and retain customers. However, not all of them can be considered a part of the growth hacking methods. But what is growth hacking, then? Why is it still relevant? How can it help a modern business? Why is growth hacking important? These are just some of the questions we will attempt to answer here. There is no better way to do that than to take a deep dive into growth hacking to see what it stands for and how it future-proofs a forward-thinking business.
Sean Ellis, head of growth at Dropbox.com and now CEO of GrowthHackers.com, is responsible for coining the term growth hacker. If you want to understand why is growth hacking important, read his articles and books. The term refers to a person focused on identifying strategies to enable the cost-efficient, scalable, and rapid growth of a business organization.
Sean Ellis became the first successful growth hacking strategy while working at Dropbox. He showcased that to excel while holding this position, one has to have an analytical mindset and be able to test and prioritize ideas. Generally speaking, growth hacking is first and foremost a mindset and only second a set of techniques and strategies.
A creative mindset and ability to test fast, measure, and weed out what doesn’t work can benefit brands of all sizes and lead to growth. It mainly refers to processes in the marketing and sales departments. Let’s see how in more detail. Growth hacking mindset can be insuflated in marketing team by changing how ideas are listed, tested and industrialised fast when successful.
At the center of any growth hacking strategy, we have analytics. Gathering data and giving it a sense is paramount for any businesses’ success, especially regarding market research. Given that markets are volatile and saturated, it’s important to know what you are getting into before you invest heavily into an expansion.
A growth hacker’s mindset can help you better understand your market, get traction, and establish your goals. It can help you assess profitability, product-market fit, and ideal customer to advertise your products and services to.
If you expand your research into growth hacking, you’ll probably find out that many people associate it with creativity. Why? Because growth hacking is done on a limited budget. One has to get creative with analytics and strategies to remain on the cost-effective side of operations.
Staying focused on achieving goals while being budget-friendly is paramount for most modern businesses as it enables them to increase ROI and limit expenses.
The business world is becoming more data-driven by the day. If you want to run a modern establishment, you need to acknowledge and use your data to fuel your business decisions. That’s what growth hacking is all about. It employs analytics to pinpoint the best strategy for achieving your business goals. It will help you adopt a data-based approach to business development and ensure you leverage data every time you need to decide on a potentially impactful move.
While we are at business processes, you need to know that growth hacking encompasses strategies that affect both internal and external business processes. It becomes significantly prominent when you adapt to a data-driven approach andrapidly start taking faster, data driven decisions.
How come? Why is growth hacking important? Growth hacking refers to constantly testing strategies and choosing only those that help you achieve you goals while remaining as cost-efficient as possible. Over time, growth hacking will help you optimize your business processes and bring your operation to the next level.
A modern business needs as much space to maneuver as possible. There are too many factors to choose one strategy and stick to it. Growth hacking mindset adds much-needed flexibility to businesses despite their sizes.
When you can assess different strategies and choose the best one for the current situation, you’ve basically future-proofed your establishment. Your mindset enables you to find the best solution for any upcoming scenario.
Finally, we come to the characteristic of growth hacking that made it so popular, especially in the startup industry — achieving unparalleled business growth in a limited time. If you are running a modern operation focused on growth and expansion, growth hacking might hold all the answers to your questions.
With an agile setup and the ability to leverage data, test, and carefully select the best strategies, you will ensure rapid business growth and maximize ROI.
Faster, agile, disruption…all this can be infused by having a strong growth hacking strategy in place. Actually its always strategies, and that very specific, risk taking, always trying thing mindset. A modern business needs a new paradigm to answer to modern market demands and stay ahead of the competition. A growth hacking mindset can unlock the full potential of a business. With that growth hacking mindset insuflated at all levels of the company, your sales and marketing teams will be able to embrace innovation, test ideas faster, and accelerate growth and expansion.