Why should your start up hire a growth hacker?
Growth hacking is a relatively new term in the business world. It was first introduced nine years ago but it started trending only in the past few years. Nowadays, everyone talks about the importance of growth hackers and most of the startups want to have one their team. Before explaining the increased demand for this job position, we should first explain what the term itself means, as it can easily be confused.
What is growth hacking?
A growth hacker is a worker who is assigned with only one task, providing (massive) growth for the company or a specific product of the company, in a short period of time. They focus on that specific goal and do everything to achieve it as soon as possible with little to no cost at all. Growth hacking differs from traditional marketing whose goal is to come up with promotion means when given a specific budget. The traditional marketing can be expensive and not all startups can afford it in their early stages. Very often the term is confused with digital marketing because of their similar goals and practices. However, digital marketers are responsible for only driving traffic through, while hackers go deeper into the funnel, trying to eventually turn visitors into users of the product.
Why is it important?
When you are a young, small company all you care about is quick growth. Unfortunately, the path to growth is not a straight line and it takes a lot of resources to find it. There is no such thing as a plan that you can follow step by step. If you want to hack a tactic that makes your company grow quickly, you need to find what works best for you and your product. It is possible to hit success with the first few tries as well as it is possible to do so in several hundreds of tries. In some cases, might be never able to find the right approach at all. Professional growth hackers have the right skill set and the right experience to narrow down the trial pool and know which tactics might work best for your case.
In addition, they have the right tools to extract the metrics and conduct the analyses for the Key Performance Indicators, which are as important as creativity when it comes to growth hacking. There are many similar tools out there and it can be costly and time-consuming to find the best fit. By hiring a professional, you save time and costs, getting the talent you need in a cheap approach.
Applying the strategy to your startup
It is important to have a clear understanding of whether your company should adopt a hacking strategy or not and if so, at what stage should you implement it. The talent and the resources could not achieve anything if you don’t find the right time to apply them. For example, if you don’t have a clear idea of what the market for your product will be, hiring a hacker would be pointless as they won’t have a clear goal to start working for.
There are companies that specialise at giving you consultancy services for the above-mentioned issues, towards monetary compensation. Most of these services can be found online so there is no need to search locally. Very often young companies need to use growth hacking and they are at the perfect time to do so but they don’t have the right budget. A very common solution is to schedule consultancy meetings with experienced hacking companies, get leads of where to start and try to grow the startup on their own.
Growth Hacking is the most successful method used by startups to achieve massive growth in a short period of time. It is gaining popularity among young companies because it is a quick and cheap strategy that so far has proven to be very efficient. Every company should at least be familiar with the term and able to benefit from it in one way or another.