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Growth Hacking is neither \u201cscoring some quick wins to kick-start growth\u201d nor \u201cbreaking into something one should not.\u201d \u00a0It is an important element of Marketing aimed at organizational growth.<\/p>\n
The term Growth Hacking was first coined by Sean Ellis\u2014a startup advisor, angel investor, and entrepreneur\u2014in 2010 to think beyond traditional Marketing and add a methodical, scientific approach to it.\u00a0 It was Andrew Chen who gave the term widespread exposure through his blog titled, \u201cGrowth Hacker is the new VP Marketing.\u201d<\/p>\n
Growth Hacking involves\u00a0reevaluating the way a product is developed<\/a> and marketed. It necessitates:<\/p>\n Growth Hacking has been greatly misunderstood by entrepreneurs and executives alike, owing predominantly to its eccentric name.\u00a0 Some of the common myths associated with the term include:<\/p>\n In order for Growth Hacking to be successful, marketers need to first evaluate whether the product or service that they are developing or offering is something customers are willing to spend money on or not. \u00a0This is what Product-Market Fit<\/a> is all about.\u00a0 In other words, a product should be able to solve a burning issue for the customers, and they should be willing to pay for it.<\/p>\n Dave McClure, a Silicon Valley investor, came up with the AARRR Growth Funnel model<\/a> to effectively acquire and retain customers and generate profits.\u00a0 AARRR Growth Funnel is a great visualization tool that investigates how customers behave throughout the Customer Journey<\/a>.\u00a0 It refers to the following 5 key phases of business growth:<\/p>\n Let\u2019s delve deeper into some of these phases.<\/p>\n The initial phase of the AARRR Growth Funnel involves discovering people attracted to a product.\u00a0 In order for a product\u2014that has a great market fit\u2014to be acquired by the maximum number of customers profitably, organizations need to invest in customer acquisition channels.<\/p>\n Customer acquisition demands driving select traffic to a business\u2019 website.\u00a0 This typically involves using Search Engine Optimization (SEO), Pay-per-click advertising (PPC), Social Media Marketing<\/a>, Content Marketing, Influencer Marketing, Email Marketing, or other methods.\u00a0 Depending on the product, some acquisition channels work better than others.\u00a0 Marketing leadership should run pilot tests to identify the most appropriate channels.<\/p>\n The next phase of the AARRR Growth Funnel encompasses activating customers through an extraordinary first impression and experience of your product<\/a>.\u00a0 Customers should experience and appreciate the product value to become routine users.\u00a0 The first time it happens is an \u201caha\u201d moment that activates the customer.<\/p>\n Examples of \u201caha\u201d moments include kick-starting your first Mailchimp email campaign, ordering your first food delivery through FoodPanda, or completing the first level of your Clash of Clan game. A key objective of Growth Hacking is to enable customers to achieve this \u201caha\u201d moment as soon as possible.<\/p>\n Retention<\/a> entails investing in customers who are happy with your product and give it a high rating score. A product should be of such high value for the customers that they keep using it out of compulsion.\u00a0 In order to foster Customer Loyalty<\/a> and retention, it is important for organizations to stop relying on short-term special offers and bargain deals and instead develop attractive reward programs.<\/p>\n Interested in learning more about the phases of AARRR Growth Funnel model? You can download an editable PowerPoint presentation on AARRR Growth Funnel<\/strong> here<\/a> on the\u00a0Flevy documents marketplace<\/a>.<\/p>\n You can download in-depth presentations on this and hundreds of similar business frameworks from the\u00a0FlevyPro Library<\/a>.\u00a0FlevyPro<\/a>\u00a0is trusted and utilized by 1000s of management consultants and corporate executives.<\/p>\n For even more best practices available on Flevy, have a look at our top 100 lists:<\/p>\n Growth Hacking is neither \u201cscoring some quick wins to kick-start growth\u201d nor \u201cbreaking into something one should not.\u201d \u00a0It is an important element of Marketing aimed at organizational growth. The term Growth Hacking was first coined by Sean Ellis\u2014a startup advisor, angel investor, and entrepreneur\u2014in 2010 to think beyond traditional Marketing and add a methodical,… AARRR Growth Funnel<\/span><\/a><\/p>\n","protected":false},"author":110,"featured_media":13101,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[408,81],"tags":[3295,3296,836,458,2408,820,3294,313,40,3292,3299,700,2972,3297,3293,3298,459,2941],"class_list":["post-13079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-leadership","category-strategy","tag-aarrr-growth-funnel","tag-customer-acquisition","tag-customer-journey","tag-customer-loyalty","tag-customer-retention","tag-email-marketing","tag-growth-funnel","tag-growth-hacking","tag-growth-strategy","tag-hypotheses-testing","tag-influencer-marketing","tag-marketing","tag-marketing-strategy","tag-ppc","tag-product-market-fit","tag-seo","tag-social-media-marketing","tag-strategic-framework"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/13079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=13079"}],"version-history":[{"count":6,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/13079\/revisions"}],"predecessor-version":[{"id":13106,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/13079\/revisions\/13106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/13101"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=13079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=13079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=13079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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<\/a><\/p>\nPhase 1: Acquisition\u00a0 <\/strong><\/h2>\n
Phase 2: Activation<\/strong><\/h2>\n
Phase 3:<\/strong> Retention<\/strong><\/h2>\n
Do You Find Value in This Framework?<\/strong><\/h2>\n
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