‘Growth hacking’ is a phrase that many people may have heard associated with start-ups and entrepreneurs, and this is because that’s where the phrase was first coined. Growth hacking was a method by which many start-up companies could achieve rapid growth and increase their market share in a relatively short space of time. But what is growth hacking?
Growth hacking is neither sales nor marketing, it is in fact a new approach which entails creative and analytical minds looking for ways in which to approach a business’ products, services and operations in order to find unique ways to grow the business. For example, a growth hacker may look at an organisation’s webpage visits versus their conversions and spot an opportunity for improvement. By improving the copy and calls to action, the webpages generate greater conversions, generate more customers, and ultimately increase revenue for the business. So why is this growing in popularity now?
The growth of growth hacking
Businesses have always sought growth and larger profits, and new and unique processes have always come along and revolutionised their industry, for example, marketing automation software. But as marketplaces grow and competition becomes more challenging, business can no longer afford to wait for the next ‘big thing’, the fact is, they need someone to find it… and quickly. This has become such an apparent need that growth hackers are no longer the target of just start-up companies, they are now on the radar of larger and more established businesses too.
How does this affect B2B sales and marketing?
With arrivals like inbound marketing and marketing automation, the B2B marketing industry is not short of new and unique processes. However, like many strategies, once they are established and begin to generate consistent results, they simply become the norm and the rapid growth they once generated begins to slow. So how is innovative growth hacking possible with already stretched sales and marketing staff? Well, firstly it’s important for businesses to be open to suggestions from their individual staff members. Sales and marketing are ultimately focused on business growth and should therefore have insight and knowledge to help them spot opportunities. If marketers and salespeople spot a potential chance to do something differently and provide business growth, it should be taken seriously and considered. The other alternative is for organisations to jump on the growth hacking bandwagon and look to employ a growth hacker for themselves.
The other alternative…
The other alternative, of course, is for organisations to use the external resources at their disposal. For example, if you are already outsourcing some or all of your marketing practices to an agency, speak to them about their expertise and specialist staff. Agencies will typically look to have specialists in almost all areas of marketing such as social media, content, lead generation and much more. These types of knowledgeable minds could hold the key to the next big thing for your business and should therefore be consulted and utilised.