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Growth Hacking - What is it?
Growth hacking is a new term coined by Sean Ellis in 2010. It refers to a process of throwing out what is conventionally known as Business Consulting and aiming to grow a business at a far more rapid but cost-effective way, initially aimed at tech startups. It is now considered to be the best way to develop a business or startup from the get-go.
The best growth hackers will have a combination of skillsets, digital marketing, in particular, Inbound Marketing and product development as well as business development and sales skills. The idea is that I treat your business as a product and develop it in that mindset.
Today’s startups ALWAYS use data driven methods to produce growth. Sure many business coaches work long term to help develop stability and growth, but often their methods are stale and geared up to take x3 or x4 as long as a growth hacker.
“Growth hacking is a process of rapid experimentation across marketing channels and product development to identify the most efficient ways to grow a business. Growth hacking refers to a set of both conventional and unconventional marketing experiments that lead to growth of a business.”
For now growth hacking is relegated to startups, but eventually, growth hacking will be a part of all leading companies.
Startups generally lack resources, and the established relationships, that would allow them to be effective with the tactics of a traditional marketer, so they are somewhat forced to growth hack. However, there is nothing about growth hacking that cannot be applied to larger corporations. If growth hacking can work without resources, imagine what it can accomplish with resources.
If growth really is the lifeblood of an organisation, then why wouldn’t growth be woven into every aspect of the company. Even customer support should be done by people that think about growth because angry customers churn. And designers should design with one eye on growth because beautiful art alone doesn’t always acquire users. The future of digital companies and the teams that build them will not look like they did yesterday.
That’s why you should work with Paul Sullivan Consulting, Growth Hacker, Inbound Marketer and Business Consultant.
Just because your business may be housed in bricks and mortar doesn’t mean it isn’t digital. In fact, if that is your mindset, then you are already in denial and set up for failure.
Google is no longer a search engine, it’s a marketplace. If you’re not competing in the market then, those that are will achieve far more success than your business.