What is Growth Hacking?
Growth hacking is a relatively new field in the marketing world. The idea behind it was to help companies in their infancy achieve massive growth in a short period of time and small budgets.
It's no longer (only) small companies that use the technique, as it is now also used by medium and large companies. This can involve various non-traditional marketing tests alongside the company's traditional marketing.
The goal of the method is to develop growth hack strategies that enable the company in question to generate as many new users/customers as possible at the lowest possible budget, time etc. As well as retain them.
What is the difference between marketing and growth hacking?
A growth hacker will generally find alternative marketing methods that are both smarter and cheaper than traditional radio, newspaper or expensive TV advertising.
For example, it can be via:
- Social media
- Viral marketing
- Targeted advertising
One of the biggest differences between a growth hacker and a traditional marketer is the technical ability of a growth hacker. For example, a growth hacker also focuses on optimizing the company in terms of customer retention and thus does not only focus on get new customers In.
A growth hacker is someone who looks at the bigger picture, looking at potential smart and cheap ways to optimize your business (based on data) and generate leads for your business.
Most companies work with multiple Growth Hacks at the same time, and even alongside their traditional marketing. It's all about trying out different hacks to finally see which ones work.
