Growth hacking is an umbrella phrase for growth-focused initiatives. It is typically applied to early-stage startups that require rapid growth on a limited budget.

Growth hacking techniques aim to acquire as many users or customers as possible while spending as little cash as possible. Sean Ellis, founder and CEO of GrowthHackers, invented the phrase "growth hacking" in 2010.

How Growth Hacking Works:

So, how does growth hacking actually work? It is up to each company to figure out why they are growing and how to make it happen on purpose.

Many startups use Dave McClure's "pirate funnel" as a growth strategy. Acquisition, activation, retention, referral, and revenue are the elements of AARRR. Others consider raising awareness to be an important aspect of growth hacking. In any case, the goal is to generate traffic and visitors, convert those visitors into users, and keep those users as loyal customers.

Examples of Growth Hacking

Among the most well-known examples of successful growth hacking campaigns are:

• Dropbox, which provides extra storage to existing users in exchange for inviting new ones.
• Hotmail, which appended a line to each outgoing email encouraging users to sign up for a new account.
• AirBnB, which used Craigslist to find and market to people looking for affordable accommodation.

Resources:

https://www.youtube.com/watch?v=5L9cilUWOrE

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