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.