When is the last time you heard this word? Recently, right? Oh yes, a lot of people on your Facebook friend list must have this on their “work” section as well. You must now be wondering what the heck it is.
Well, if I try to define it, Growth hacking is a term used for techniques that give an exponential growth to your startups. While it is not completely exclusive from marketing, it is not even exactly similar to conventional marketing.
How old is IBM? And how old is Apple? There’s a huge difference in the years of operation of these companies, but they are equally popular and desirable for the world (maybe, Apple is more!). When Steve Jobs and his partner were struggling in his garage to make their first computer, IBM was already a multi national corporation. The questions is, then how did Apple outgrow IBM fans?
The start-up attitude, the product engineering and the exceptional advertising made Apple different from those centuries-old computer corporations. This is growth hacking at its best!
So, who’s a growth hacker?
A growth hacker is anyone who has figured out the recipe to achieve exponential growth for his startup. (can also be someone who is in the process of figuring out). Growth hacking and “viral marketing” are not the same, but the latter is a subset of the former.
Growth hacking starts with the product! You must understand your audience, learn what they want, improve improve and improve till your users don’t start referring it to their friends, and friends of friends! Using your product engineering and analytical abilities to know what to do, and doing it at the right time is what makes your product worthy.
Marketing techniques that can get your product to your audience in the shortest time possible, comprise growth hacking. It could be the usual SEM, SEO, SMO but how you use them makes all the difference.
India is witnessing growth hacking through various success stories such as that of Flipkart, Snapdeal, Housing and many such ecommerce/non ecommerce ventures which have been successful in getting hold of millions of consumers within few years and getting valued at billion dollars. They’ve used all kinds of techniques, of which social media and viral marketing have obviously played a vital role.
Growth hacking requires one to essentially put their product engineering skill, analytical skills and marketing skills, all at work at the same time. It requires you to “hack” the 20 year growth code and implement it within 2 years.
Growth hacking is here to stay in India with budding entrepreneurs using their grey cells to get maximum traction and valuation in the minimum time.