The truth is that “growth” can mean a whole lot of things to a whole lot of people. In our case (read – people building digital products), it means acquiring new users, getting them activated, and making sure they keep coming back, as result of which we end up making a lot of money.
Before I actually begin, let’s answer a simple question first:
What is growth?
The truth is that “growth” can mean a whole lot of things to a whole lot of people. In our case (read – people building digital products), it means acquiring new users, getting them activated, and making sure they keep coming back, as result of which we end up making a lot of money (duh!)
Now that we have a basic understanding of growth, let’s take a look at a newly coined term that has taken the industry by storm – growth hacking. The term “growth hacker” was coined by Sean Ellis in 2010 in his blog post “Find a Growth Hacker for your startup.” Growth hacking is essentially a process that has been designed to acquire, engage and retain users at relatively lower costs than traditional marketing techniques. It focuses on the utilization of convincing copy, engaging design, search engine optimization, search engine marketing, viral strategies, content marketing, analytics, etc. to rapidly increase a product’s conversion rates.