Short Explanation: Growth Hacking is magic that happens when Internet Marketers meet Product managers.
If you have heard the name 'Growth Hacker' through multiple channels in the last couple of years and wanted to understand more about it, then this is the place.
A Growth Hacker is a person who keeps experimenting around with the product and marketing the product on sustainable budget and always looks for unique ways of growing multiple business functions - marketing, sales, engineering, etc.
To Sum up the entirety growth hacker:-
Before you confuse Growth Hacking for some multi-million dollar overnight working idea, it doesn't work that way- GH requires various experimentations and analyzes before concluding whether an idea is working or not.
Now you know what a GH do, let's break down the process:-
Let's create a situation where I'm running an online campaign- First I analyze what an end goal of the campaign (it can be visibility, downloads, likes) is also, little bit of research and going through campaigns done and their result. Then a feedback is created around it to understand an overall conclusion about last work and what were its Highs and lows.
Then I come up with a cloudy idea and keep polishing it toward execution. Prioritize it and get done with an entire campaign which is followed by Testing it and cycle start again when I analyze whether I got what I wanted out of the campaign, if yes, then ideate another one and if not, time to polish and start all over again.
Step-by-step branding takes a lot of time, and online marketing is costly, so Growth Hacking is your middle ground. Don't confuse Growth Hacker as a replacement for Digital Marketer- Growth Hackers primary focus is growth in multiple directions whereas DM focusses mainly on marketing.
There are five goals that GH follows:-
1. Acquisition: Creating brand awareness, brand value, and visibility among a targeted set of audience.
2. Activation: Making sure that customers have a great first experience, and slowly turning them into regular consumers/customers.
3. Retention: Building features, push notifications and better UX/UI for making them come again and again.
4. Revenue: Start focusing on a plan where the idea of monetary benefits is fitting in and try to prioritize it to earn money.
5. Referral: New and innovative ways through which people start marketing apps to other people in their circle.
Messy Desk of a Growth Hacker; It is not an easy job.
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