The internet has not only enabled new disruptive businesses, but it has also produced some new interesting operating practices, primarily from the tech based start-up world: including those for customer acquisition and retention. One of those new phenomena is called Growth Hacking.
Our hypothesis is that conventional businesses and brands can use some of this thinking.
But first let us explain briefly what Growth Hacking is, thanks to Neil Patel and Bronson Taylor. They provide following:
“Traditional marketers are skilled at understanding traditional products, but the internet created a radical redefinition of the word product.
For thousands of years a product has been a physical good, but now they are invisible bits and bytes in the form of software products. Products used to only be things like cars, shampoo, couches, and guns. Now Twitter is a product. Your online accounting software is a product. Things you can’t hold, per se, are products. This transition is most responsible for the new age of growth hackers. The internet has given the world a new kind of product, and it demands a new kind of thinking.
Now a product can help itself with its adoption. A product like Facebook allows you to share their product with other friends to make your own experience on their platform better.
The phrase “growth hacker” was coined by Sean Ellis in 2010.”
You can find Neil Patel and Bronson Taylor’s guide at the link below.