Who needs Growth Hacking?
Usually start-ups. Survival and growth need exponential growth here. That could double weekly sales. Growth hacking also works for more traditional companies that can expand their production fast enough and still grow their market.
Growth hackers are people who achieve such sales growth using methods that are not directly visible and easy to conceive for the environment. This gives their work something magical.
Traditionally Hacking meant using not necessarely legal methods to gain access to data that is not immediately visible or protected. The hacker searches for loopholes and hidden entrances in computer systems. A growth hacker seeks and finds direct ways into the consciousness and perception of potential customers. This are paths the competitor or late-bloomer in the business says: “If I knew that”. Both Hackers use methods that would require too much technical knowledge and creativity from others.
Extraordinary skills of the growth hacker
He sees unfulfilled human needs. She or he tests that in niche markets there it is possible to see how well a product is being received. Traditional market research fails at this point because the product is not known and therefore not tested by the market researcher.
Market researchers like to rely on surveys, with the result that the answers correspond very much to the questions and less to the actual thinking of the respondents. The most recent example is the US presidential election: Donald Trump campaigned with fear of violence. Joe Biden led more in the polls than in the ballot box.
According to Henry Ford, market research and customer suggestions were not the impetus for the development of the then revolutionary Model T, which was built in huge numbers. Customers would have wanted faster horses instead of cars they had never seen before.
Growth hacking is referral marketing
Inexpensive and fast customer acquisition cannot circumvent recommendation marketing. People recommend a product to others if it has helped them or arouses enthusiasm. Or if they can earn money with the recommendation.
Free trial access, distribution of samples, influencers, trial lessons, presence on social media – a lot helps a lot, like Germans like to say.
Market Researchers – are they still needed?
Growth hacking is the product of many ideas and numbers. The firm belief in one’s own success is of no use if all market fundamentals oppose it. For example what to do if an analysis of the Totally Accessible Market shows only limited growth opportunities?
The market researcher also knows the penetration and effect of the individual recommendation or influencer channels and can doreliable tests.