You may have heard the term “growth hacker.” You may have even seen it on a business card. Yet, you may still be wondering, what is a growth hacker?
Depending upon the source, the definition varies by mild degrees. The core tenets consist of merging marketing and engineering. This convergence translates into relentless experimentation, analyzing measurements and implementing the most effective results.
Arguably, growth hacking can be considered the evolution of “kaizen.” The Japanese supply chain method of “kaizen,” literally translates as “change for better.” Kaizen’s focus is on incremental improvement while simultaneously eliminating as much waste as possible. No matter how small the improvement is, it is still a change for better. Kaizen has since expanded from manufacturing to many different and even unexpected industries – from life-coaching to fantasy hockey.
Growth hacking is as much of a mindset as it is a practice. It requires being willing to take small calculated risks. It remains true that bigger budgets lead to bigger headaches. Instead, modify one variable at a time at a comparatively lesser cost. If it fails, your firm may only lose out on 1% of revenue for the month as opposed to 10% of revenue for the year.
It also requires that one’s pride be set aside. Accept the possibility that what may be currently in place may not be effective tomorrow. This has been observed in nearly every business since the development and worldwide propagation of the Internet.
Lastly for the mindset of a growth hacker, everything has a numerical value. Thanks to endless analytical programs, quite literally everything can be measured. The simplest exercise in growth hacking is to conduct a-b testing. This is the process of changing one aspect, commonly referred to as the variable, and observing the interactions. For marketing purposes, it can be changing the headline on your article to become more SEO friendly - to altering the call to action on a social media post to enhance the possibility of being shared.
Change is inevitable – make sure that your business is prepared to change.