2022-11-07 | 205 Print PDF
Growth Hacking can be defined as a mix of marketing strategies or techniques used to grow a business's overall goals at a low-cost value, it is the use of both conventional and unconventional means or experiments that leads to the growth of a business.
Growth hacking is not a new buzzword, in fact, Growth Hacking was first coined by Sean Ellis, the founder, and CEO of GrowthHackers in 2010 — is a modern-day strategy to acquire maximum users by spending a minimum amount of money.
Using growth hacking for your business marketing can help you to improve your product progressions and how it is being perceived by your target audience providing a market fit for your product, it is not a completely free marketing system, but are low-cost methods of promoting your business online. A growth marketer job role involves working in-house and co-existing with other administrative bodies of the business to foster the desired growth the business needs.
When you decide to utilize growth hacking marketing in your business one of the strategies that is being used most often is to include a sales funnel into the product promotion, targeting viral marketing, customer retention, and lead acquisition.
The use of low-cost digital marketing approaches, which can include the use of other social websites that are not predominantly utilized by your competitors, the use of unconventional marketing techniques like hosting seminars, webinars, workshops, press releases based on announcements, use of incentives, trending challenges, etc all aim at growing their customer base data and business awareness (visibility) online.
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All these methods and approaches are growth hacking marketing strategies that are infused with a product launch, when utilizing them the major goal will be in gaining new leads and also sustaining these methods via low-cost alternatives, eg the use of email marketing is a very good method of customer retention, especially having them to follow your social accounts. The image below illustrates a typical sales funnel strategy that can be used for any business model.