Growth Hacking

Growth hacking is a systematic approach used to identify and develop creative solutions to solve problems or scale up the user base of a product or service. It is a process used by marketers, product developers and entrepreneurs in order to identify new ways of acquiring, engaging and retaining customers.

Growth Hacking combines strategies and tactics from different disciplines such as marketing, engineering, product management, design and data analysis. By using a combination of tactics, growth hackers can quickly and cost-effectively identify potential solutions to core challenges.

Growth hacking centers on creating viral campaigns, organic growth, metrics-driven product improvement and analytics-driven decision making. This process helps identify where the biggest opportunities for growth are, and how to capitalize on them.

For example, a company that wants to rapidly expand its customer base may use growth hacking to increase the visibility of its products or services. They would do so by creating campaigns that leveraged existing trends and high consumer traffic. These campaigns would be monitored closely, with the data and analytics tracked to maximize the effectiveness and reach of each campaign.

An example of growth hacking is when Uber created a promo code and made it available to specific users, which in turn allowed those users to share the code with their friends and family. This resulted in both increased user base and received viral awareness. By tracking the data that was received from this promo code campaign, Uber was able to understand the effectiveness of this promotion, optimise it to capture further viral growth, and refine it to fit their current strategy.