What is growth hacking?

WHAT IS GROWTH HACKING?

Basic Concepts - Pipefy Communication

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Table of Contents:

1. Concept of Growth Hacking

2. What is a Growth Hacker?

3. Why is Growth Hacking so popular?

4. Growth Hacking Examples

5. Growth Hacking Experiments Template

Concept of Growth Hacking:

Growth hacking is a marketing technique (not a replacement for traditional marketing, though) that’s becoming more and more popular due to its focus on absolute growth without spending much.

It’s focused on the use of the triad creativity + analytical thinking + social metrics to boost products sales and increase your market exposure.

Concept of Growth Hacking:

Growth hacking is frequently seen as a very important part of a company's online marketing strategies.

More often than not, growth hacking bases its initiatives on known online marketing techniques, such as SEO (search engine optimisation), online analytics (your website’s data, social media indicators, etc.), content marketing and A/B testing.

What is a Growth Hacker?

The term “Growth Hacker” was originally brought up by Sean Ellis and defined as “a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth.”.

Aaron Ginn’s definition of a growth hacker is “One whose passion and focus is pushing a metric through use of a testable and scalable methodology.”.

What is a Growth Hacker?

Growth hackers are commonly known for focusing on innovative (and cheaper) alternatives to the traditional marketing approach, such as social media/viral marketing instead of advertising on traditional media (newspaper, magazines, radio or television).

Why is Growth Hacking so popular?

Growth hacking happens to be very popular amongst startups and it’s obviously not a coincidence since it allows products to be launched in a “leaner way”.

As Aaron Ginn put it in his 2012 “Defining a Growth Hacker” article, it focuses on growth first, budgets second.

Quoting Michael Birch, Ginn also noted that giving excessive attention to budgets make people lazy – they tend to think in more traditional terms and forget innovation.

Why is Growth Hacking so popular?

You could ultimately say growth hacking is the process you go through while looking for the best alternative for achieving fast and cumulative growth.

Some companies known for using growth hacking techniques are: Twitter, Facebook, Pinterest, Paypal, LinkedIn, Groupon and Dropbox.

If they’re all using it, it must be good for you, right? Check out a few A/B tested Growth Hacking examples you may have heard of.

Growth Hacking Examples:

Paypal Friend Referral system

Early on its existence, when its difficulty was attracting new costumers, Paypal launched a strategy in which every time you referred a friend to their service, they’d pay both you and the referred friend $10 each.

It achieved astronomical proportions, as they were able to hack their growth to tens of millions of users before the action was over.

Growth Hacking Examples:

Dropbox Referral Incentive program

Roughly inspired on Paypal’s strategy, dropbox incentives referrals by offering more storage space for free whenever a referred user signs up.

Their strategy was also a huge success, since they grew their user database from 100k to more than 4 million in under two years.

Growth Hacking Experiments Template:

Pipefy offers its users a Free Growth Hacking Experiments Template.

It was developed on a partnership with 500startups, inspired by Brian Balfour, Growth VP at Hubspot.

The template tightened growth strategies of over 1200 startups up as a great template ready for you to use and boost your company’s growth.

Growth Hacking Experiments Template:

The template was created with the goal of stimulating innovation.

Experimenting means trying new things on the search for a better result, and that’s how the template will help you.

It’s divided into 6 phases to better structure your experimenting process and help you analyse your results, here’s how it works:

Growth Hacking Experiments Template:

1. Brainstorm: Time for creativity and innovation. This is where you define what you want to experiment with: your goals, desired impact, etc. All this information will be essential for the next phase.

2. Prioritize: In this phase you’ll take a closer look at all the key info you previously input and decide what should be done first, then what comes next, etc.

Growth Hacking Experiments Template:

3. Build it: Time for action! Here’s when your experiment takes a real form and tests will be built. Don’t lose any time, once they’re ready, start running them ASAP.

4. Test : Show time, people! Run your newly developed cool experiment to collect all the data you can and discover more about your market.

Growth Hacking Experiments Template:

5. Analyse: You wouldn’t collect all that data for nothing, right? So get down to analysing it to figure out whether you were successful in achieving your targeted improvement goal.

6. Winners and losers: To wrap up your experiment, separate the successes from the failures and judge the final outcome of your experiment.

Create your Growth Hacking Experiments with Pipefy!Enjoy the 30-day free trial and start boosting your growth.

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