3 Reasons Why Growth Hacking Works
Growth hacking: Hype or the holy grail for startups? For the believers, here're three reasons why growth hacking works.
Author: DBS BusinessClass, Administrator of DBS
Mention growth hacking and marketers would share common methods that include content marketing, viral acquisition, search engine optimization and A/B testing. Jon Yongfook wrote on 21 Actionable Growth Hacking Tactics, based on his experience as a tech startup founder.
But the real question is – why do growth hacking tactics work, and what makes them so different from traditional marketing?
A good product will speak for itself
Fundamentally, growth hacking can't happen until you've developed a product-market fit. It should be tested with early users, and designed with a specific target audience in mind. So what does this mean for you? It means growth hackers are building a momentum for growth for a validated product. And that's why people are drawn – because they want something that works, too.
Growth hackers aren't just marketers
You've probably seen the term ‘growth-hacker' on a list of buzzwords for marketers. But a growth hacker is more than a marketer. Growth hacking throws out all the rules we know about marketing and advertising, and combines the skill sets of a salesman, social media marketer, data analyst and programmer with the sole purpose of customer acquisition. Possessing these skills means it's easier to set sights on rapid growth, and take concrete actions to reach it.
We're tired of the traditional marketing tactics
Look no further than Dropbox, where the referral program gave users a chance to introduce a good product to their friends and get rewarded for it. Customer acquisition was organic; driven by word-of-mouth reviews. The truth is, we're all looking for that next big thing. The growth campaigns that break the rules and make us sit up and listen are the ones that generate the most tweets and conversations on Facebook – and in a digitalized world where social media is everything, that can mean a lot.
At the same time, growth hacking doesn't work for every company. Before you start looking for a growth hacker to fill this role, make sure your product works, and you've got a basic idea of the your target market.
Was this information useful?
Subscribe to DBS BusinessClass
Stay updated with the latest market trends and industry insights, connect with a network of entrepreneurs, and gain access to exclusive event invitations. Join Asia's fastest growing business community – get your complimentary membership here.
That's great to hear. Anything you'd like to add?
We're sorry to hear that. How can we do better?