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Growth Hacking: Meaning, Benefits and Skills (2023)

People who work on PCs by performing growth hacking techniques
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Estimated reading time: 5 minutes

In recent years we have seen a gradual growth in the use of the term 'Growth Hacking'. Many people, however, are still unaware of the meaning of Growth Hacking. In this regard, when we think of the stereotype of a hacker, we often expect someone who attacks a website or tries to fraudulently take possession of sensitive data using sophisticated computer techniques. What has just been said is true. In reality, however, a hacker can also be someone who legitimately develops innovative and revolutionary approaches aimed at solving certain problems that require the use of technological tools. This is also applicable in the field of marketing, especially digital marketing.

The term "Growth Hacker," coined in 2010, is precisely meant to signify a more strategic and analytical growth-focused and product-oriented approach. This presupposes an appropriate methodology specifically designed to address the needs of small and medium-sized enterprises and startups.

Growth Hacking: Introduction

To begin with, 'Growth Hacking' refers to a more modern and innovative approach than the most widely known and used digital marketing techniques. The term 'Hacking' is - in this case - appropriate and innocuous because the 'Growth Hacker' is one who constantly refines and innovates traditional marketing approaches in pursuit of ambitious growth goals. It is common practice to ascribe - to the term 'Growth Hacking' - the following main characteristics and objectives:

  • Developing new techniques to gain customers and retain them over time.
  • Enabling startups to generate sales quickly and on a shoestring budget.
  • Develop techniques to overcome traditional online marketing methods to accelerate growth (ex. viral marketing).

Growth Hacking: 3 Main Benefits

As we have already anticipated, Growth Hacking represents an innovative and modern approach capable of supporting companies in solving complex problems. Here are its main advantages:

Flexibility

The flexibility of Growth Hacking makes it a valuable process when dealing with situations that require the use of digital marketing strategies. Its definition is always evolving and changing. This approach also represents a different way of thinking and problem solving that can be implemented across the entire business organization.

Reputation

Growth Hacking also consists of the content creation in order to improve and optimize the engagement of the audience that interfaces with the company. The adoption of such strategies is aimed at proposing an original and unique corporate image. This innovative approach in the way of presenting the business, products or services is able to positively affect the online reputation.

Profitability

The ultimate goal of growth hacking is to find accessible, efficient and inexpensive channels capable of positively impacting business growth. Growth hacking is always aimed at increasing the level of profitability by means of suitable techniques to reach the maximum number of customers while minimizing costs.

Growth Hacking Marketing: The Skills Required

Would you like to become a successful online marketer? If your answer is yes, you need to be able to demonstrate a solid foundation regarding knowledge of Growth Hacking principles. First of all, you must have an excellent command of analytical skills. In addition, you must be able to think outside the box, be a risk-loving, resourceful person, and obsessed with improving results.

A growth hacker is one who pays attention to each and every stage of the sales funnel. Beginning with the awareness stage and ending with the sales and customer retention stage. This means that Growth Hacking Marketers must know digital marketing all the way through, so that they can tap into those channels and techniques that are most appropriate to ensure ambitious growth results.

Here are what skills are most in demand for marketers in Growth Hacking:

  • Understanding of how all the most commonly used social media platforms work.
  • Knowledge of social media advertising platforms and PPC ads on search engines (SEM).
  • Knowledge and familiarity in using Google Analytics, Bing Webmaster Tools, Google Search Console and other similar tools.
  • Skill in conducting A/B tests and correctly interpreting the results. Ability to identify winning strategies and replace them with non-performing ones.
  • Predisposition for personal initiative, especially in researching techniques, tools and technologies capable of improving results.

Growth Hacking: A Conclusion

To conclude, Growth Hacking is that new discipline that encompasses, within itself, all those digital marketing techniques that are considered innovative, extraordinary, alternatives to the traditional ones commonly used. This aspect confirms that digital marketing is always evolving and rapidly changing. The progress of the subject allows the most enterprising marketers to innovate and improve their approach in solving increasingly complex problems.

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George
George

I am the director of Globaltech Solutions, a digital marketing agency based in Lugano, Canton Ticino (CH). I have a degree in economics and great passion for the internet and technology. I am mainly involved in training, SEO, SEM. I am also the founder and editor of a technology blog. Want to stay up-to-date with the latest videos on digital marketing? Follow us on our YouTube channel!

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