There is no doubt about the business industry’s competitive nature. It is quite hard to break into the scene if a business lacks the right resources. This is the reason why some startup companies do not last long because they can’t compete with large companies.
In addition, it is quite hard to compete with other companies right now because tools for marketing have become complex. It is now difficult not to consider internet technology in today’s marketing efforts. However, some companies find it hard to manipulate the technology to their advantage. This is the reason why some companies right now are working with top digital marketing agencies in order to stay in the game.
Enter Growth Hacking Techniques
While some companies rely on traditional marketing techniques, there are those that take shortcuts because they find it inexpensive and effective to use these methods. Right now, digital marketing agencies are thriving due to this kind of demand among startup companies. While large companies have unlimited resources to fund their marketing efforts, startup companies usually don’t have the right resources.
What these agencies offer startup companies is truly unorthodox. They use techniques which are never heard in the marketing scene. Marketers refer to this unusual technique as “Growth Hacking.”
Growth hacking is a term coined by Sean Ellis back in 2010. In his blog, he defined a “growth hacker” as an individual whose true north is growth. This was further expanded by Andrew Chen when he explained individuals working around growth hacking as individuals who are considered hybrids of marketer and coder who look into traditional questions of how to introduce products to customers and answering those questions with A/B Tests, landing pages, viral factor, email deliverability, and open graph.
Is Growth Hacking an Effective Marketing Tool?
This is what people who have come across growth hacking usually ask: is it really effective?
It is really based on perspective. As mentioned, large companies with unlimited resources rely on traditional marketing approach and so they see growth hacking as a weak tool in marketing. However, for small companies, this is the answer to their dilemma.
To give a clear example, AirBnB before it became a popular site for rent out lodging, it was just a small startup company. An opportunity came when it found a shortcut by piggybacking on another site- Craigslist. Users of AirBnB when they posted listings were also given the opportunity to post their listings to Craigslist. In addition, AirBnB also sought people who posted in Craigslist and asked them to post their listings on AirBnB. This allowed the small startup company to gain momentum because it integrated its marketing efforts with the marketing approach of a popular company.
Another company that used the same technique is Paypal. Before, this company was unknown in the industry. But when it integrated its services with EBay, the company became an important mode of payment in today’s online transactions.
In essence, growth hacking is very effective when a company requires an aggressive marketing approach to break into the competition. However, experts are saying that growth hacking is a short term solution because the company has to look into its products and services if it wants to stay in the game. In addition, some growth hacking techniques are prohibited in the field. Like in the case of AirBnB and Craigslist, the latter put a stop on the former’s sneaky technique. It considered AirBnB’s technique as spam.
All in all, there’s no stopping of growth hacking techniques in this highly advanced and competitive industry. As such, it is alright to use the technique as long as it does not produce poor outcomes. Large companies are even considering this approach because they see the potential of these unorthodox marketing efforts.
Another example of how acquisition of companies can be a game changer and revolutionary for the parent brand. I wonder how PayPal will utlilise these tech wiz’s.
Originally posted on Gigaom:
It was probably inevitable that things would change after PayPal(s ebay) bought StackMob and its mobile app development platform three months ago. Now that change has arrived. StackMob is shutting down and its people are being pulled into mobile payments, according to a blog post by StackMob co-founder Ty Amell.
Here’s the gist: The platform will stop working on May 11, 2014 and at that time, customers will lose access to their accounts. “This serves as our notice of termination of our agreement with you,” Amell wrote.
“To ease the transition, we are launching a data exporter to help you get all your data out of StackMob in CSV format. If you would like the data you have stored in StackMob, please ensure you export your data before May 11th (the data will not be available for export after this date). If you have any specific questions about…
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