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Growth Hacking
What is growth hacking?

Growth hacking is the general term for strategies whose only purpose is growth. Growth hacking is carried out via creative and inexpensive strategies in an attempt to maximize growth in a very short period of time.

In order to gain competitive advantage over the competition, the steps taken or strategies followed by any growth hacker is primarily focused on growth.

  • Why growth hacking?

    Growth hacking is more effectively used in startups, where a new introduction to the market will take place. It focuses on boosting the growth, but at the same time keeping the costs as low as possible. The lower the amount of money spent on gaining new customers, the better it is. 

    Achieving long term sustainable growth should be the priority when it comes to growth hacking. Optimizing the marketing practices followed and a better lead generation is the key factors that must be followed.

  • How to implement growth hacking to your business?
    1. Make sure the products you are offering will directly impact the market. They have to be ‘product-market fit’ .
    2. Make sure your goals and targets are defined and you know where you want to take the business. These targets should be reachable targets and most preferably split up into smaller chunks.
    3. You need a data focussed approach, and need to track results in order to make sure that you are doing the right things to keep the hype going for the product or service that you are promoting.
    4. Testing the products before official launch date, and taking action according to the feedback from users. It will help improve the quality of the product, as well as making it fulfill a bigger demand.
    5. Improving on the product after the initial feedback from the testers and customers, and checking if the product fits the target market. If not, then the target market has to be re-thought. 
  • How to measure growth hacking performance?

    Since growth hacking is mainly about startups, there isn’t much to track in terms of growth hacking performance. There's either a fast growth or a failed attempt. 

    This might sound a bit harsh, but unfortunately this is how business works with startups. That is the sole reason why even the best marketers are having a hard time in their growth hacking attempts. You need to have more than just being a good marketer. Being investigative, coming up with innovative solutions and approaches which won’t cost a lot for the startup is another aspect of this growth hacking concept. Only then can a growth hacker achieve the booming growth in the businesses customers.

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