The statement ‘Growth hacking is the new inbound marketing’ has been correctly stated as the concepts of growth hacking revolve around inbound marketing as a whole. Brands like Ola, Flipkart, Zomato, Airbnb, Uber, Twitter, LinkedIn owe their expeditious growth to the strategy referred to as growth hacking, states Entrepreneur.com’s writer Sandeep Soni.
Undoubtedly, there are no two ways about the fact that by merely applying marketing techniques, brands can’t suffice stiff competition. Instead, it is imperative, rather the need of the hour for the brands to have good understanding for accelerating the pace of growth through various hacks. This can be achieved through gaining adequate knowledge of growth hacking.
“Growth hacking can be seen as a jugaad technique, however, the objective is not limited to lower the cost. Digital marketing begins when you have a product ready but growth hacking begins at the product development stage itself,” says Pradeep Chopra, CEO & Co-founder, Digital Vidya in an article on ‘Is Growth Hacking the New Growth Frontier?’ in Entrepreneur.com
Some of the brands that shared their stories on they hacked their growth are substantiated as follows:
Airbnb, an online renting platform, showed an option to those who wanted to list their properties on Airbnb through which their listings would get posted on popular online classified portal Craigslist as well. This cross posting helped Airbnb get more people to view listings and boosted their SEO with a heavy growth.
In late 90s, every email sent using Hotmail used to read towards the end “PS – I love you,’ which was linked back to the Hotmail homepage. This led to massive growth where 12 million Hotmail accounts were created. In 2007, Hotmail was acquired by Microsoft for $400 million.
Ola’s referral program, similar to Uber, has worked out greatly. Through the referral program, the user get a free ride every time someone (friends/family/others) sign up with Ola using the user’s referral code and takes the firt ride. In the process, a new user also gets a free ride coupon.
In order to reduce high customer attrition during its initial days Twitter added a step in the sign up process for users to select 5-10 people to follow. This was to increase their chances of coming back to Twitter and becoming regular users. Moreover, this gave Twitter insight into user behaviour by which it could send users tweets of people they were following which would also redirect them to twitter app or website. This way Twitter now knows you before you actually use it.