What Is Growth Hacking And How Can Business Benefit From It?

Digital aggressiveness has however turned out to be a boon for the start-ups who arehowever trying to reach their audience.The purpose of this article is to make the reader aware of the fact as to what is growthhacking and how can the business benefit from it.Growth Hacking’ is however a very popular term /jargon which is thus used in the start-upworld.If we however break down this heavily loaded and a very cryptic sounding term in tosomething which is simpler to understand and also as to from where it all started. It however seems that the first person in order to have coined this phrase was by Sean Ellis, who in hisblog post had thus defined ‘growth hacker’ as a person who is thus dedicated fully which isthus to the cause of growth or to also create impact for the business scale.However , a simpler definition of ‘growth hacking’ is thus Identifying the most efficient andalso a cost-effective channel in order to grow the business exponentially.”Marketers who however consider themselves as growth hackers thus often place higherimportance on the marketing channels that thus offer real-time and also deep analytics likesocial media, SEO, email marketing, and also a similar targeted advertising methods – whilethus also thinking differently about the unique ways in order to generate buzz and word-of-mouth, onboard new subscribers, and also to continually improve. Traditional (and higher-cost) mass media such as radio, print, and also the television ads are thus also not typicallyseen in this type of marketing approach. But also thus even more important than only simplyfocusing on the tactics, growth hacking also thus involves adopting a creativemindset—which is about thinking differently about the strategies that thus fuel growth,disregarding pre-established rules of the road, and also thus generally just doing a whole lotmore with a whole lot less, purposely.However some of the benefits of growth hacking are:1. Digital ImpressivenessIf we however dive a little deeper into the definition as to what the above definition means isthat , “how can the small businesses or the start-ups find ways in order to advertise or also toreach their potential customers without thus also resulting in burning a big hole in theirpockets.”Typically, the businesses however have had limited ways in order to reach their targetedaudience or also a broad array of the consumer segment, which is thus based on what theydid, which was however typically Newspaper ad, television, hoardings, billboards, radio, givealways etc. These methods are thus extremely consuming in the terms of cost and time whichis thus taken in order to reach the intended audience and thus hence the impact on thebusiness scaling.Today, if given the digital impressiveness and also almost everyone who is howeverhooked onto some or thus most of the social media channels — Facebook, Twitter, LinkedIn,Instagram, Pinterest, YouTube, Yelp and others — it thus has turned out to the better oreither almost the first choice for many of the start-ups and also enterprises in order to reachtheir audience.2. Native Mediums Have Also Not Faded AwayThe native mediums have thus also not faded away, but they also have tried in order tomaintain their position and also thus not yield any of their portions. But what has however happened is that , more money is thus being allocated to the digital and the social platformsat a much brisker pace. It’s however also interesting in order to note that the newspapershave however still not gone away, per most of the predictions, but have also continued inorder to give us a company with our morning coffee. The stats also thus show phenomenalgrowth of the corporate, wanting to target the mobile users or the social media platformsthat however seem to be the most favorite hot-spots.3. Growth Hacking by DropBoxThe two things that is special about DropBox was that – Giveaway storage is when onefollows them on social media and when one refers a friend. These are thus so simple andalso basic stuff that most of the companies generally miss out on this.The first one is however just using the power of social media, get the users in order to followeither your channel/ handle or to also have them put it out on their handle, both are however pretty good. The second one is also using a direct referral model, which has however beenproven to be the most effective from a conversion standpoint because the people however typically tend to use/ buy when it is thus referred by someone whom they either know ortrust.The rise in growth hacking can however be linked to the rise in startups, especially which iswithin the technology industry. During the early stages of the product development and alsoof launch within a startup environment, rapid growth is considered as critical. The growthhackers also thus rapidly test and also refine their product and marketing in order to drive upthe conversion rates and also create user engagement while however also staying focused onkeeping the subscriber acquisition costs low while they are scaling their business.Even for the growth hackers who are also focused on the subscriber acquisition, customerretention is thus also considered as critical for the sustained growth. As a self-proclaimedgrowth hacker, The goal of any marketing should however be a long-term sustainablegrowth, thus not just a short-term gain. One must however imagine that his business is abucket and the leads are water. One however doesn’t want to pour water into a leaky bucket;it’s thus a waste of money. Thus that’s why a true growth hacker would also thus care aboutcustomer retention.Growth hacking doesn’t however have to be limited to the startups, however. Even largeenterprises can also benefit greatly by working lean and also fast when it however comes tolaunching the new products, refining, and testing, and also rethinking in the traditionalapproach in favor of a new creative approaches thus in order to stand out in a fiercelycompetitive marketplace. That is, thus of course, if they are however willing in order toforgo the pre-established rules and also try something new.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.