Growth, the fascinating term for any business. It is the most required asset and a hard to achieve element. Leaving behind the traditional ways, gaining growth is now no more a hard task; it has become a smarter one instead, due to Growth Hacking. The process responsible to effectively grow an organization through marketing channels and development is ‘Growth Hacking’. And the growth hackers behind are marketers and project managers who contribute to building the business. Growth Hacking is more relevant to startups as it fulfills the primary need of any startup. Therefore, it is recommended to follow right and safe steps, targeting the growth of the company. While Growth Hacking is somehow related to marketing but that does not make it an outcome tool for growth. Every initial or minor decision in a startup is vital which eventually affects its growth.
Marketing is not that important at an early stage of a startup. The essential thing is Customer Retention at the initial level. Before starting on Growth Hacking, it is important to have a Product/Market Fit. Applying Growth Hacking at an early level is the wastage of limited resources, limited money, and energy for a startup. That is where one kills his startup. The only important strategy is to focus on right product and delivery, and real market before growth hack. The best marketing would satisfy the actual need of a user and will offer practical solutions on which they can relay.
The Growth Hacking fails if users are not coming back to the app/product; as simple as that. Understanding customer’s need, design accordingly and making better marketing decisions will yield in retention at that point.
The basic fundamental is to know ‘The first law of Holes’- that says- if you find yourself in a hole, stop digging. Here it means that there is no use of Growth Hacking if one is not getting required result for the business; in spite, it is sucking the valuable resources which might end up killing the startup. Growth Hacking cannot do any magic turning a bad product into a unicorn, says Arkenea Co-founder, Rahul Varshneya. Startups should stay far, far away from growth hacking until the point when they are drawing in a steady number of users, he adds.
The Bottom Line
There is no need for marketing the right product, and this is its power which though makes it easier to do so. Concentrating on growth, if one wants to hire growth hackers, there is a possibility of short term significant growth. It may even attract investors to invest in the product, but it should remember that customers are the end users of the tool. Their engagement is above all other features. The business should be profit and growth retentive for extended years. And for that, the Growth Hacking must be involved only after a long lasting stage, at the appropriate time.