What is growth hacking?

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 Growth hacking enables companies to seize new opportunities and correct for problems fast, with powerful competitive advantage.

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What is growth hacking? I, Jenny Cameron would describe it as; “Growth hacking is a journey towards achieving growth through the process of seizing opportunities, correcting problems, removing barriers and gaining increased engagement of the masses along the way.”
Growth hacking was coined by Sean Ellis, he was the growth hacker from Dropbox, hired by Dropbox founder Drew Houston in 2008. Dropbox is a cloud-based file storage and sharing service, and before its products was completely built, it had already built up an early fan base in just one year of start-up. They focused a pre-launch in order to attract the early fan base, firstly targeting the tech-savvy community of Silicon Valley. Dropbox released a video online of their cloud base file storage whilst in its Prototype stage illustrating how the service would work and this attracted a flood of early followers already on a waiting list of adopters that eventually became users of their product.

When Dropbox release the second video it grew followers even faster, especially when the video was posted on the news aggregator site ‘Digg’ and it went viral.

However they hit a brick wall. How can Dropbox breakout beyond the tech elite of Silicon Valley, and to reach an even bigger market share? They needed to reach more ‘Public following’.

Also with so little time, the competition is out there especially now they are on to potential growth.

Their competitors Microsoft and Google were already gearing to the cloud storage, and Carbonite raised 48 million dollars in funding and Dropbox founder Drew Houston raised 1.2 million dollars in seed capital.

So, Drew Houston called Sean Ellis and asked for his help on how to grow beyond and target a bigger market share with little funds.

Sean Ellis had a reputation in Silicon Valley for the go-to guy to help companies take off. His past success driving growth with online game Pioneer uproar, with the aggressive push into gaming from Sony, Microsoft and Yahoo. Then he moved to work on growth initiatives at ‘LogMeIn’. His secret was working with the engineers to utilize technology, to craft models for finding and learning from customers to hone their targeting. To grow the customer base and get more value from their marketing dollars.

Let's face it, businesses of all shapes and sizes, in every industry and all around the globe are struggling to find ways to grow especially now with the ever-changing and growing use of technologies, we have to apply them fast, it's a matter of evolve now or die. “Every company must today be implementing the growth hacking method. If they don’t they risk being disrupted by a competitor who has.” - Sean Ellis.

Like I already mentioned, implementing growth hacking will not happen overnight.

The founders of Airbnb, Brian Chesky and Joe Gabbia, struggle so much to attract customers. In 2008 they were so trapped for cash from launching the side Airbnb a few times without much growth, they sold boxes of cereal to make ends meet. The situation got worse that they even lived off the unsold cereal until they could raise more money! They tried all sorts of ways to grow the user base but all proved unsuccessful. However, today they are the Silicon Valley legends because they brilliantly hacked a growth that untapped gold mine, from figuring out a way to use sophisticated programming, lots of experimentation to get it right, and all at little or no extra cost at all. It all happened when Airbnb acquired users from Craigslist. Craigslist didn't offer any official approval for Airbnb to post new listings, but Airbnb figured out a way to cross -publish Airbnb listings on Craigslist, free of cost, the team was able to reverse engineer how Craigslist managed new listings, and recreated those steps with their own program. With this program millions clicked over to Airbnb site from Craigslist, they hacked their growth and not any money was spent on Advertising. Eventually, Craiglist caught on to what Airbnb had integrated and blocked the unauthorized access. Nevertheless though, Airbnb had lift off already from the customer acquisition success, that they were able to experiment, invest and gather together the staff with expertise in analytics, engineering, product management, and marketing.

Growth hacking can be implemented at a large established company on a large company wide-scale project or, at a small startup on a single campaign or project. At any stage of growth, and for the specific needs of any team within the projects.

For example, all Silicon Valley growth teams continue to work furiously every day to generate growth hacks, testing and refining hacks.

Growth hacking approaches customer acquisition, customer retention and revenue growth, with enormous power but the method and management of it is still poorly understood by many.

The approach is not just about how to get new customers, the growing source of revenue and an engine for ‘Word of Mouth’, but the message of how to engage, win them over and win them to come back again and again. About how to roll with the current ever-changing needs and desires and adapt to changing demands in the market. The experts of growth hacking would be accustomed to finding every growth potential, through experimentations, tests, tweaking products, features, messaging to users, page contents, assessing customer behavior and feedbacks and the analysis by which their acquired, retained and generate revenue.

Most growth happens like how a savings account would grow, as you put in small gains on top of another it accumulates more money in your savings account this is what growth hacking success will be like as it creates lift off, with many continued experiments, improvements before and after growth success, you are accumulating growth, how fast and how big will depend on your products, services, customers, work efforts, the growth channels or platforms you aim and so on.

The Growth Hacking In Stages Workbook are being used as the how-to-guide at the workshop events hosted by SavingPrivateMoney.com events, and this is what one happy customer who purchased the Workbook said for reviews, likes, shares and thumbs up!