The growth hack concept mainly focuses on increasing the number of customers and users of your project. Therefore, it uses unconventional out-of-the-box tools that help startups quickly market their services and products at the lowest possible cost. In 2010, Sean Ellis, one of Silicon Valley’s growth giants, was looking for someone to take on the task of scaling up an entrepreneurial project by increasing the number of users. Furthermore, he was looking for the best name for what this person would do. It was then that he wrote in his blog that he was looking for someone to Hack Growth. Since then, the term Growth Hacking has been used to refer to “marketing for entrepreneurial ventures.
Growth hacking meaning
Growth hacking meaning is a marketing technique developed by startup companies, technology that depends on creativity, critical thinking and societal data to sell products and improve popularity. It is an unconventional marketing strategy that relies on the creative and innovative methods of marketing for brands and businesses. Growth acceleration techniques focus more on data analysis to understand target audiences and customers, and the most important thing about the concept of growth penetration is business development and growth rather than focusing on achieving quick instant profits. This is the opposite of what other marketing methods aim at, and growth hacking is one of the low-cost marketing methods.
Growth hacking examples
There are many examples of the growth hacking, the most famous of which are
- Hotmail has adopted the PS I Love Your logo with a link to invite new users to get their free email service.
- Dropbox was offering free storage in exchange for the customer inviting their friends.
- This feature helped improve YouTube subscribers by 400%.
What are the four growth strategies?
- Market penetration
- Market development
- Product development
Growth hacking is in one way or another nothing but a marketing process, the aim of which is to grow and achieve great results within short periods, by focusing on innovative technologies that are effective, efficient and speedy to reach the target groups and arouse their interest in the products and services provided by the project, and this is what we conclude from Stories of companies that have used growth accelerator techniques in their marketing activities, focusing on innovative, cost-effective methods instead of traditional marketing methods.