What is Growth Hacking?
Growth hacking is an umbrella term for strategies focused solely on growth. It is usually used in relation to early-stage startups who need massive growth in a short time on small budgets.
The goal of growth hacking strategies is generally to acquire as many users or customers as possible while spending as little as possible. The term “growth hacking” was coined by Sean Ellis, founder and CEO of GrowthHackers, in 2010.
Growth Hacking Strategies
Growth hacking strategies fall into three main areas:
- creative marketing
- Data analytics & testing
- Engeneering & automation
What is a Growth Hacker?
A growth hacker is someone who uses creative, low-cost strategies to help businesses acquire and retain customers. Sometimes growth hackers are also called growth marketers, but growth hackers are not simply marketers. Anyone involved in a product or service, including product managers and engineers, can be a growth hackers.
Growth hackers tend to be obsessive, curious and analytical:
- Growth hackers focus solely on strategies related to growing the business.
- They hypothesize, prioritize and test innovative growth strategies.
- They analyze and test to see what’s working.
The ideal growth hacker knows how to set growth priorities, identify channels for customer acquisition, measure success, and scale growth.