Growth Hacking is a very popular concept in the business world these days. You will be shocked to learn about the staggering growth rates that businesses are achieving these days by following the principles and concept of growth hacking. Growth Hacking happens to be one of the most in demand and challenging aspects that every new startup or company is looking to have a solid footing in. The idea is to attract as many possible visitors to your business as possible, convert them into customers and then retaining these customers through extraordinary service and quality products. Most people believe that Growth Hacking is something purely related to programmers but the truth of the matter is that it involves everyone including your product managers and your marketers.
If you are someone who is soon opening a new startup but still does not understand what Growth Hacking actually is, we are here to help you. As someone who is an entrepreneur and is always seeking for new customers, the phenomenon of Growth Hacking is a must need, it is not just a fancy buzzword but a lot of stuff follows. If you are someone who is interested in reaching to more visitors and convert them into your customers, Growth Hacking might be the most useful tool for you.
Now that we have established the importance of Growth Hacking to a new startup, let us discuss the variety of ways in which this phenomenon actually works.
Active experimentation is a concept which revolves around concepts such as processing information through reflective observation and gaining concrete information related to your business. The theory behind the concept is to use this particular information to make knowledgeable decisions and help a business solve problems that matter. Active Experimentation in Growth Hacking can be termed as an experiment tracking tool where the business can regularly measure the set objectives, identify problems at hand and make knowledgeable decisions accordingly. Active Experimentation is a key concept, one that needs extensive research and continuous development in order to understand why your visitors are not being turned to customers or why your business is unable to retain the customers.
Return On Investment (ROI)
Typically Return on Investment is a calculation to measure how much return you are getting on your monetary investments but this concept takes a huge shifting when it is talked about in the context of Growth Marketing or Growth Hacking. Growth hacking is usually regarded as the most cost-effective process for startups to gain recognition and attract customers to your business.
Fail Fasting is a concept which values extensive testing and incremental development to check whether an idea's implementation is actually good or not. This concept in growth hacking is important because it actually tells you what practices are important for you business and what practices are doing more harm than good. In Growth Hacking, Fail Fasting is another important experimental tracking tool which needs special attention.
Another important factor of Growth Hacking methodology is Feedback Loops. It helps us with a simple model following three steps of Build/Measure/ Learn loop. Basically if we would want to differentiate between the good ideas and the bad ones, we would want to continuously test prototypes and know what idea is going to work and which one will ultimately let you down.
The effectiveness and importance growth hacking cannot be denied. It is a well tested phenomenon that is known to yield positive results. It is crucial for businesses to incorporate growth hacking techniques in order to achieve high levels of success.