Marketing agency Woodridge Growth founder and chief executive Chris Franco said in a recent report that “growth hacking” will be the next big strategy for both traditional and technology companies.
“Growth hacking is not a scary thing; it’s really a matter of your enthusiasm for it. If you’re the marketing professional at your business, or your company, you might already be growth hacking and not know it,” he told reporters.
Franco further explained that “growth hacking” refers to achieving exponential market base growth with limited resources. Technology startups commonly resort to this strategy to boost their market presence. Some of the current marquee technology firms such as Spotify, AirBnB, and Dropbox have adopted this strategy to establish top of mind presence in their respective markets.
“The reason growth hacking has become more on the mainstream of marketing now is all of the attention and overall interest in start-ups. It’s very much rooted in start-up culture, being that companies have ideas, they have great teams they put together, they’ve gotten people to donate, define what it is they’re doing, and ultimately, their next big challenge is, “How do we grow this and how do we grow it fast?” Beyond that, they might not have the resources of a big brand coming out with a new product,” he noted.
The marketing executive also said that the more established US brands will be missing a lot if they do sit out on growth hacking.
“At the end of the day, every business in America—small, medium, large or gigantic—is out to achieve results and those results are dependent on a lot of things. Growth hacking is the edge, it’s being able to take advantage of what’s happening or the changes happening with technology and do it in real-time rather than wait for a blog post to come out and try to play copycat. You really get to blaze the trail. If we believe that mimicking the herd invites regression to the mean, growth hacking is the opposite of mimicking the herd. You’re doing things the herd’s not likely going to mimic, so it’s a way of getting unprecedented results,” Franco concluded.
