Growth Hacking

Topic Overview

Growth hacking is a marketing strategy that uses creative, low-cost strategies to help businesses acquire and retain customers. Often times these marketing tactics are digital in nature, but they can also include offline activities. The term was coined by Sean Ellis, founder of GrowthHackers, in 2010. It's primarily associated with startups who need massive growth in a short time on small budgets, but it has become more mainstream as larger companies adopt the methodology. Growth hackers are marketers, engineers, product managers who specifically focus on building and engaging the user base of a business. They are not merely traditional marketers. They tend to be obsessive, curious and analytical: only caring about what works and how to optimize it.

Usage Types

Acquisition

Acquisition strategies involve bringing in new customers. This might involve social media marketing, SEO (search engine optimization), or content marketing.

Activation

Activation strategies aim to get people to have an initial experience with the product or service right after they join. This could be a welcome email or an onboarding tutorial.

Retention

Retention strategies aim to keep customers coming back and using the product. This can include email marketing, customer support, and loyalty programs.

Revenue

Revenue strategies involve monetizing those customers who are retained. This could be accomplished through an online store, subscriptions, or advertisements.

Referral

Referral strategies aim to make the customers refer others. This could be through a referral program that offers rewards or discounts.

Conclusion

In a nutshell, growth hacking is all about optimization, experimentation, and leveraging various marketing channels. It’s about creating viral loops, lowering acquisition costs, increasing lifetime value, and improving retention. If done right, it can be a powerful tool for any business, regardless of size or industry.