Growth hacking is a term used for strategies that solely focus on the sustainable growth of a company.
And a growth hacker is someone whose main aim is achieving growth. Growth hackers are also called growth marketers.
In other words, if you would like to apply growth hacking strategies to your company, it means that you should acquire as many customers as possible while spending as little as possible.
The term “growth hacking” was first used by Sean Ellis, who is the founder and CEO of Growth Hackers, in 2010.
Develop your product well so that people are willing to pay for it.
Test your product before launching it to make sure there is enough demand.
Target growth marketing strategies according to your target customers' buying habits.
Invest generously in product development and research.
Set measurable goals for your team and frequently refine your approach.
Regularly take reviews and feedbacks from your customers about your products.
Market your products online; always track and measure the results of your digital efforts like social media marketing, content marketing, advertising, and so on.
Furthermore, you may apply conversion optimization strategies to your growth hacking plan to achieve success faster and more efficiently.
Examples of Growth Hacks
Hotmail – ‘Get your free email at Hotmail’
LinkedIn – One-click endorsements for existing connections
YouTube – Making it easy for people to share YouTube videos by providing embed codes
Twitter – Automated notification emails
DropBox – Incentivised ‘refer-a-friend’ scheme to get new users