Growth Hacking is defined on Wikipedia as “a process of rapid experimentation across a range of marketing channels to identify the most effective ways to grow a business.” A few word choices here are important to pay attention to: ‘Rapid Experimentation’, ‘Range’ & ‘Business’. We’ll get into more detail on these words.
- Rapid Experimentation The idea within growth hacking is to find the most effective ways by testing and experimenting with everything. Come up with ideas that, and test them, as quickly as possible. If something works, keep it. If it fails, learn from it and go on with the next thing.
- Range In an ideal scenario a growth hacker isn’t limited by the range of channels he or she can use for the experiments. One thing that is very different from, say a digital marketer, is that also the product itself can be involved to grow the business. A great example of a growth hack in this area comes from Dropbox in their early days: if you refer a friend that signs up, you get 500MB of extra storage.
- Business A traditional marketeer focusses on a few things; growing brand awareness, generate demand and suppling sales with leads. In growth hacking the focus is on the growth of the business, so a lot of attention can also be spent on preventing customer churn or increasing loyalty; whatever will be most beneficial for the growth of the company.