What is Growth Hacking?
Growth hacking is a relatively new field in the marketing world. The idea was to help start-ups achieve massive growth in a short period of time, and small budgets.
It is no longer (exclusively) small companies that are using the technique, as today the method is also used by medium and large companies. Here, various non-traditional marketing tests may be used, 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, for the lowest possible budget, time, etc. As well as retaining them.
What is the difference between marketing and growth hacking?
A growth hacker will usually find alternative marketing methods that are both smarter and cheaper than traditional radio, newspaper or expensive TV advertising.
This could 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 is also focused on optimizing the business in terms of customer retention and thus not solely focused on get new customers ind.
A growth hacker is someone who looks at the bigger picture to find potential smart and cheap ways to optimise your business (from data) and generate leads for your business.
Most companies are working on several Growth Hacks at the same time, and even alongside their traditional marketing. It's always about trying out different hacks to finally see which ones work.