I get this question a lot and when I do workshops and talks about growth hacking, I’m amazed to learn the varied definitions and how people perceive growth hacking. Some see it as a shortcut to acquire users, others feel it’s some kind of black hat marketing while some still think it’s got something to do with hacking.
My approach to growth hacking is not limited to product user acquisition, and not just to the marketing funnel. Growth hacking can be viewed from a broader perspective of repeatable business growth. Here’s my definition of growth hacking:
— Rishabh Dev (@reachrishabh) June 30, 2016
To remove the misconceptions and provide a better understanding, here’s what you need to know:
- Growth Hacking is not a quick fix or stop gap solution
- It is the new marketing which involves both marketing and product side
- The process of growth hacking involves experiments or micro implementations
- The implementations are cost-effective compared to usual marketing with high budgets
- Through based on experiments, growth hacking is very process-oriented
- Though the same growth hacks would not work every time, the framework of growth is scalable and repeatable
- This is similar to how the same marketing campaign will not work each time but the fundamentals remain the same
- Growth hacking can be applied to the entire marketing funnel and not just acquisition
Growth Hacking is the new hot skill and is the future of marketing.