Growth hacking is the process of rapidly experimenting with different marketing and product-development techniques with the goal of quickly pivoting based on quick results and potentially lucrative opportunities.
There are no rules when it comes to growth hacking, nor do you need a specific set of tools or guidelines. Instead, you make the rules and figure out how to best serve your audience and potential customer base.
Growth hackers focus on experimenting with the latest marketing and product-development trends so they can steal customers from their competitors and become more of an authority online.
You can growth hack any business. It just so happens that this particular approach to marketing and product development proves particularly useful in Knowledge Commerce.
Why? Because your product is virtual and your greatest asset is your mind. Nobody else can replicate the knowledge that you share with your audience or your unique brand of instruction.
Anyone can knock off a physical product, give it a few tweaks, and bring it to market. Nobody, though, can knock off you.
How Does Growth Hacking Work?
As mentioned above, there isn’t a foolproof checklist for growth hacking that you can follow to achieve success. Growth hacking depends on your ability to rapidly scale up your marketing and product-development processes to generate results.
Some growth-hacking campaigns work flawlessly. Others fail. You have to feel comfortable with the prospect of spending lots of time on an initiative that won’t pay off.
However, as a Knowledge Commerce professional, you already know that failure is part of business. We try new things, fail, and try again.
In fact, nobody in business escapes from the corporate world unscathed by failure. Everyone makes mistakes and miscalculations. The important thing is to learn from your mistakes so you don’t repeat them.
And growth hacking is perfect for training your business mind to accept failure, rapidly pivot, and try something new.
Growth hacking works by focusing on growth as the primary metric. In other words, you concentrate exclusively (or almost exclusively) on scaling up your business as quickly as you can through virality, customer acquisition and retention, web traffic, and social media activity.
Why Is Growth Hacking Important?
Many entrepreneurs, including those in the Knowledge Commerce sector, don’t always have the money to invest in paid social and paid search, endless marketing tools, and other cost-prohibitive measures. Growth hacking eliminates the need to spend a lot of money.
Think about your own bottom line. You probably don’t have the deep pockets that major corporations can reach into when they want to reach and acquire new customers.
Consequently, you have to use innovation and creativity as your primary tools to scale your business. Growth hacking takes the place of cash.
In many cases, the smallest changes yield the most impressive results.
You’ve heard of lead magnets, right? They’re pieces of content that you use to convince people to subscribe to your email list. And they often work well.
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