What is Growth Hacking in Marketing?
It is one of the most fashionable trends in the world of Marketing, with human resources managers wanting to find the ultimate growth hacker who can increase their companies’ sales. What is Growth Hacking in Marketing?
In this article, we enter the world of Growth Hacking Marketing as a means to generate visibility and get new clients for companies.
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What is Growth Hacking?
Growth Hacking Marketing consists of obtaining new clients for a company using unconventional promotional techniques and generally reducing costs.
Growth Hacking Marketing implies having a high degree of creativity and knowing digital media very well to find these new ways to get customers.
This was the case of Airbnb in its first days of activity, which looked for alternative ways instead of trying to grow its business by publishing ads on Google (a medium with a high cost for companies).
Also Read: What is Marketing Automation
Like any startup with a small budget in its early days, Airbnb saw a much better opportunity than advertising on Google to get new users:
He accessed the Craigslist listing portal and automatically sent a message to the thousands of people who had their homes posted there to offer them a test on Airbnb, which is much more complete and easy to use than Craigslist itself.
The result? Thousands of new potential customers with little effort thanks to a different way of thinking, outside the usual standards.
The Keys to Growth Hacking Marketing
If we go to the purpose of Marketing, the differences between Growth Hacking Marketing and Marketing are not so vast. In any case, it is about planning actions that allow companies to gain ground within their market by getting new customers, retaining current customers or any other growth objective.
Looking for the nuances between Growth Hacking Marketing, we would find some differences to consider concerning conventional Marketing:
One of the Growth Hacker’s strengths is experimenting with new ways to generate visibility for the company. He is not afraid to try out new methods of generating user interest using existing media at the time.
Data analysis is essential within Growth Hacking Marketing. Although in Marketing, it is often said that if it cannot be measured, it is useless, this becomes more important if it fits in this type of Marketing.
The level of technical knowledge of the Growth Hacker is an integral part of the equation. Given that they will rely on digital media to develop their Marketing actions, understanding the technologies that revolve around them is a considerable advantage.
His high knowledge of new technologies allows the Growth Hacker to anticipate new ways of generating notoriety for the company, resulting in a high level of innovation in his proposals.
Success Stories in Growth Hacking Marketing
Successful examples of Growth Hacking Marketing are found in parts among many of the world’s leading multinational companies.
Apart from the case of Airbnb -one of the most common examples of this type of creative and analytical Marketing-there are many other good examples of companies that have managed to boost their sales thanks to this type of action:
Its great success came when it gave away 250 megabytes of storage space to every customer who brought a friend to the platform. With a meagre cost for the company -a bit of space on their powerful servers- they multiplied many times the number of new clients.
Dollar Shave Club :
The fledgling razor brand managed to unseat big Gillette thanks to the release of a single viral video. With millions of views within days of its release, the video garnered 12,000 new orders in just two days.
Sponsoring events in some of the world’s leading cities and giving away trips, the company presented a groundbreaking product the moment it was born as an alternative to traditional taxis.
As you can see, Growth Hacking Marketing does not have so much hacking as it does technical knowledge, analytical thinking and a lot, and creativity to propose Marketing actions out of the box.