Growth Hacking is a process of rapid testing across the marketing funnel, product development, sales segments, and other areas of the business to identify the most efficient ways to grow a business.
A Growth Hacker is often bestowed with the task to optimize marketing activities for conversions. This means Growth Hacking includes the entire marketing funnel - from lead generation to retention and customer winback.
The main purpose of Growth Hacking is to attract more customers, engage existing customers, and finally, upsell products.
Some marketers refer to Growth Marketing in particular as the practice of focusing all business efforts on growing an audience (or community) as fast as possible in an environment of extreme uncertainty, on a limited budget. This approach is grounded in a bootstrapping mentality.
Benefits of Growth Hacking your Marketing:
- Gather data through testing to help you optimize not just your product, but also the user experience
- Lower customer acquisition costs
- Growth Hacking often results in automating marketing tasks which can save time
- Can accelarte growth and result in higher ROI