Along with "minimum viable product," the term "growth hacking" is all the rage among tech startups. It purports to deliver to early stage startups rapid yet sustainable growth. And what's not to love about growth?
Sean Ellis, the originator of the term, recently appeared atPercolate's Transition Conference to discuss the finer points of a role that is disrupting the traditional path of marketing for startups. His ideas can be applied to a number of small businesses.
Growth hacking was developed to deal with a couple of peculiarities of venture-backed startups. Namely, that when you have a new company, you have no "brand equity" or imprint on the minds of consumers. At the same time, you have no legacy baggage, no ingrained way of doing things.
You're fighting for survival and are therefore in the perfect place for experimentation and hopefully growth.
Is Growth Hacking Marketing By Another Name?
Not exactly. Ellis explains that traditional marketing has certain limitations. "It fails to teach traction," he said. "And it favors proven techniques over experimentation."
When you are a young company fighting for attention, experimentation might be your ticket to the top of the heap. Ellis describes himself as a "self-taught marketer" and has learned over the years, to focus on what he calls "units of gratification" to drive repeat visits and therefore growth. In other words, how can you make your product experience "sticky" and therefore irresistible?
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