Risks in growth hacking are quite prevalent in the industry today. A lot of people love the terms “growth hacker” and a lot of them seem to hate it but that’s not the point. More and more people are realizing that the traditional marketing techniques don’t appear to be more promising and effective, particularly when it comes to picking them up for the purpose of driving growth into any online business. The scope for growth hacking is not limited in the current scenario and hence there’s no denying that the demand for the growth hackers has increased over the time.
You will be surprised to know that in the current scenario, the fastest growing companies that exist today, focus on the growth more than focusing on the marketing. Let us first understand what is actually meant by growth hacking. We shall then explore the other related factors.
Defining the term “growth hacking”
Growth hacking requires creation of scalable growth which is done by manipulation and measurement of each of the aspect of the customer funnel. It is possible for the growth hackers to be marketers but that’s still not usual. It is one of the skills set that most of the marketers don’t really posses and it can be said that the growth hackers are comparatively more creative and they are constantly looking for ways that would help them increase the revenue, adoption, acquisition, referral, etc. Growth hacking is a process that requires the growth hackers to be much more disciplined; they are also required to determine what actually works and what really doesn’t.
One of the biggest differences between traditional marketing and growth hacking is empirical creativity. Rather than creating a “big idea” and building all the possibilities around that idea, growth hackers focus on coming up with multiple strategies that may be possible for implementation in that particular situation. They are responsible for testing the strategies on the smaller scale in order to see what really resonates well and what things don’t go well with the current scenario.
Growth hackers must ensure that they come up with innovative ways that will help them move the customers or the prospects through the funnel. However, it can’t be denied that their responsibility is to explore or locate strategies that would work at scale and not the ones that are authentically “clever”. All the ideas must be pointing to the sustainable improvement that would suggest growth which is important for survival.
Growth hackers, in order to ensure sustainable growth, must see to it that they have a special focus on velocity of learning.
Understanding of varied platforms will make a difference!
Social media has offered an immensely useful platform for businesses that are willing to reach billions of their prospects within time and in one of the most highly targeted ways. It is true that focussing on the strategies working on social media platforms are extremely important but the growth hackers must also pay special attention to different ways of tapping these exclusive platforms.
Growth hackers should also be aware of the fact that the efficacies of these platforms is also destined to decrease over a period of time and with more and more companies leveraging them. They must try to implement novel strategies in the new channels or social media platforms and trust us, they can make a huge difference.
So what are the common myths about growth hacking. Let’s take a look:
Myth 1: Growth hacking acts as a quick fix for company’s issues
It should be kept in mind that growth hacking is not a technique that can bring success overnight. It is also not the kind of technique that can resolve systematic product issues so do make sure that you lower the expectations, if they tend to grow. Since growth can’t happen overnight, businesses will need to keep in mind that it can’t act as quick fix for the multiple issues of the company.
Myth 2: Growth hacking is a relatively new idea
Growth hacking can’t be termed as a technique that’s completely new but yes, it can’t be denied that the title is new but the concept remains the same, something that has been around for quite a while. There’s now a name for the process defined by growth hacking but it was very much in existence since long. It has been happening over and over! The existence of growth hacking from long can’t be questioned because the businesses have always been focusing on sustainable growth.
Myth 3: Growth hackers are coders
Yes, some of them are but not all! Moreover, your identity can’t be dependent on coding. The very word “hacker” may lead to confusions but certainly, they are not what they sound like! The term “growth hacker” was definitely coined with an altogether different intention; growth hackers are rather responsible for ‘hacking the way/s’ that can help move the metrics. Rather the word ‘hacking’ relates to the concern or the question – ‘How can the issue be solved differently?’
It is true that growth for a business often comes in different flavors, also depending on the stages of development. With the right kind of approach and a little more research, businesses can aim at best results through growth hacking.
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