Growth hacking is a mindset. I like to define growth hacking as an alternate, trackable approach to mainstream methods of marketing that works towards meeting specific goals. After reading through what feels like a million articles on growth hacking tools, methods, and tactics, you realise one thing: you can’t use everything. You need to be sparing in this approach and only use that which can truly benefit you. So do not get overwhelmed by the sheer number of case studies out there.
A lot of people believe growth hacking can be categorised as a subset of marketing or sales and has set methods and practices. This is definitely not the case.
Growth hacks can be deployed at any level of a startup, be it product development, UX or even a minor tweak of the pricing plans. They can, however, also be as big as making fundamental edits to your business model.
Growth hacks that are popular often display an air of notoriety, which usually ends up with them being branded as genius ideas to achieve growth. If you go through enough of these so-called hacks, though, you’ll probably disagree. A lot of them are quite ordinary and you may have even thought of them in passing.
Here are a few reasons why they might be the best path for you as you begin your business.
1. Cost Effectiveness
Growth hacks are not necessarily cheap. Some hacks may need bigger investments until they can sustain themselves, but a good growth hack usually yields well. If executed properly, even the cheaper hacks offer better returns on investment than traditional methods of marketing. As an early stage startup owner, you may be putting a lot of thought into decisions that involve money, so growth hacks would be your weapon of choice.
2. Mostly Easy To Setup
Some marketing techniques take a lot of preparation and need to be monitored on various levels. Growth hacks in general, are simple and setting them up could be as simple as a partnership or a placement. A lot of the times, it’s a simple tweak to the existing operational plan.
Since the essence of growth hack lies in the fact that it can be measured, it’s often easy to gauge the results of such tactics. The derived data facilitates benchmarking and, if you’re willing to look deeper, lets you glean causal links that you can use to optimise better.
Scalable methods are at the very fundamentals of good marketing. Growth hacks can be replicated and expanded once a winning formula emerges. This makes the process of growth more scalable, and in the long run, lets you use the same hacks to create more opportunities.
Growth hacks are only limited to your imagination. There are limitless ways of creating the next big growth hack. Consider that everything in your organization works with the twist of dials or clicking of buttons. Now try every single combination (leave out the blatantly bad ones, obviously) and you might just stumble on a growth hack.