Growth hacking (also known as ‘growth marketing’) is the use of resource-light and cost eﬀective marketing tactics to help grow and retain an active user base, sell products and gain exposure. Growth hacking combines marketing, optimization and developmental know-how to pull oﬀ automated marketing on a small budget. For example, automated notification emails, super-simple sign-up forms or sign-up driven homepages, or making it as easy as possible to find other people you know using that same website/service.
BENEFITS OF GROWTH HACKING
- Probable ROI – By using data to inform every decision you make, and tracking the performance of a hack accurately, you can easily see which hacks are performing as you’d hoped, and which aren’t.
- Low-cost – By its nature, growth hacking is designed to use whatever resources you have in as economical a way as possible.
- Low-resources – Growth hacks are often developed and implemented by a single person on the product or engineering team, and don’t require an entire marketing team to execute.
- Growth hacking is like marketing in that its ultimate aim is to encourage more people to use a particular product or service. However, because of origins within the start-up community, it relies heavily on tactics that don’t involve spending the huge budgets that larger businesses have access to.