Want to Hack Serious Business Growth? Do a Lean Start Up!
In this post, we’ll just scratch the surface of these exciting ideas and see how the two relate to exponential business growth, and each other.
To many entrepreneurs and businesses, ‘growth hacking’ may be a mystery wrapped in an enigma. And even more of them may be hearing the term ‘lean startup’ for the first time.
If that’s you, read on, because these are game changing concepts that are leading businesses to incredible growth by changing everything about startups and product development.
In this post, we’ll just scratch the surface of these exciting ideas and see how the two relate to exponential business growth, and to each other.
So, What is Growth Hacking?
It might seem like a trending hipster term but it can be very useful.
In part, it can be described as a kind of marketing, though there’s more to marketing than growth hacking.
In marketing you:
- Research the market, identify a need, and come up with a targeted offer that satisfies that need
- Select the ways (or channels) to communicate the offer, attract people, and sell it most profitably
Growth hacking focuses on the second part.
A growth hacker identifies the best channels for communication and customer acquisition in order to seriously boost sales and profits. But this is what a conventional marketer does too, so what’s the difference?
A conventional marketer depends on subjective methods, such as planning and his/her gut feeling to run marketing campaigns, hoping to attract potential customers to the top of sales funnel.
A growth hacker leverages business intelligence or analytics technology to analyse the sales funnels and find the openings for rapid business expansion. In particular, growth hackers exploit digital and social media to make the product go viral — often their solution can be a simple tweak or change.
There are no right and wrong ways to growth hack, just successful and unsuccessful growth hacks. Instagram…