The start-up trend is a revolution; nobody has ever thought that the 21st century will bring out so many unicorn startups. These startups not only helped the economy to grow, but the customer’s buying pattern even changed a lot.
The brick and mortar trend got replaced by online shopping, and according to a study, it’s claimed that by the end of the 22nd century, there will be a whole lot of different customer trends and demands. Now, what makes all these incredible startups, a unicorn startup. All the best startups have one thing in common ‘Growth Hacking.’
By understanding, this term business can do a lot, because;
Growth hacking not only gives a competitive advantage but even it provides a business with a robust framework.
There is nothing to fear about this buzz word because growth hacking was used by founders as well as highly skilled entrepreneurs. If you haven’t used it yet, it’s the best time to move for it because the future is all about those individuals who adapt to changes.
What is Growth Hacking?
To be more familiar with this word, growth hacking is simply trying hacks to grow! It’s a newly emerged field with a broad combination of data, marketing, and technology. It’s all about experimentation by applying all the marketing tactics by using updated technology for the business.
Growth Hacking is a process-based methodology, wherein the main aim is to grow the number of customers.
Initially originated from the silicon valley, there are n numbers of growth hackers seen in every corner of the world. While many marketers get confused that it’s just another type of marketing technique but ain’t really that way!
This subject is obviously polarizing, but when applied to a business, it can do wonders because the major motto of every founder or startup or local business is just Growth.
What do Growth Hackers do?
A growth hacker is not a marketer, and it can never be because both are important for a business. The main aim of the growth hacker is to use all the data optimally and come up with definite results for growth.
Every decision made by a growth hacker is inclined to grow!
Sean Ellis was the very first growth hacker back in 2011; he was a marketing manager in Paypal, and we all know where Paypal stands now.
The absolute focus of him was growth, and he just worked against the traditional market by different methods, tools, and practices, and just got the achievement. Following the conventional market is one of the significant barriers to growth.
Growth Hacking, Future, and success:
Speaking of the current Covid19 condition, growth hackers are essential for any startup. As the market trend has changed drastically, and people in the future will be more concerned about their investments rather than spending, it will be tough for a business to sustain in the rat race.
All the existing strategies of business got fluctuations because of this undergoing Pandemic, but growth hacking will always be about growth. And its strategies keep on changing.
Usually, growth hacking is a one-person game, because in every business, there is just a growth hacker, who builds the strategy and everyone works accordingly.
But what are the strategies of a growth hacker?
- A growth hacker keeps an eye on the entire pirate funnel, that is, awareness, acquisition, activation, retention, revenue, and referral.
- A growth hacker runs different experiments to know or understand which one will work more effectively
- All the experiments done by a growth hacker is data-driven
- A growth hacker has sound technical skills, analytical skills, and marketing skills
- A growth hacker just focuses on a single product line or an only service
So is there any future in growth hacking?
Absolutely, growth hacking will be the newer trend after this pandemic because the working here is all future and technology-driven. Although there will be a lot of significant barriers, it will surely give a push.
Growth hackers learn what API is, what is programming, and the customer trends as well. So a growth hacker will ultimately become the powerhouse of the business.
As for now, growth hacking is used by a lot of startups, and it’s even possible that in the future, the fortune 500 lists will be all about growth hackers!
At a time, growth hacking can’t be implied on more giant corporations because there are lots of complications, but if worked on properly, it can act as a resource.
What will Growth Hacking do to the traditional market?
As far as the traditional market is concerned, a growth hacker can easily replace a marketer, because a marketer is an opponent of a growth hacker. A marketer has some restrictions, but a growth hacker has some relaxation.
But if a marketer chooses to become a growth hacker, then they can do exceptionally well in it. As Sean Ellis was at first a marketer itself and now is considered as the godfather of growth hacking, he has done wonders.
Unethical or ethical – what is a growth hacker’s approach?
A person can’t just impose their view on a growth hacker about its working pattern, but in some way, growth hackers do work unethically, and it’s quite obvious for them too. Because they consider growth as their only goal, they tend to do unethical practices.
The focus of the growth hacker is narrow, and they are the biggest risk-taker in any organization. Their paths are aggressive, and they have lots of obstacles too on their way.
Most of the growth hackers don’t even think about being ethical or unethical because what they are going to do is something out of the box.
And the knowledge which they are seeking is sometimes not apparent by regular lawmakers.
It surely takes lots of time to learn a skill like growth hacking, but once mastered, it can do wonders for the whole business world. You can be a game-changer, and sometimes there will be failures.
It’s a rare skill, but not impossible because all it takes is lots of practice and dedication.
A person learning this skill will inevitably face lots of failures, but what makes a person skilled is how he tackles himself with the failures. Growth Hacking is still the key to success, both personal and professional, too, if learned and mastered well.