Startup words, jargon and slang, business english

What does Growth Hacking mean?

Growth hacking is a dynamic marketing approach characterized by swift experimentation, and unorthodox methodologies. The purpose is to use this inventive strategy in order to propel business growth. While its roots lie in the startup ecosystem, this methodology has transcended its origins, gaining traction among businesses of diverse scales seeking swift and enduring expansion.

 

What are some examples of Growth Hacking?

There are a variety of creative and unconventional strategies to achieve rapid business growth. Here are some examples:

  1. Dropbox’s Referral Program: Dropbox’s successful referral program led to rapid user acquisition, as users were incentivized with additional storage space for referring friends..
  2. Hotmail’s Viral Email Signature: In its initial days, Hotmail added a brief message to the end of each email sent which read, “Get your free email at Hotmail”. This clever marketing tactic helped the company gain popularity quickly, as the recipients of the emails were intrigued to try out the free email service.
  3. Airbnb’s Craigslist Integration: In its early stages, Airbnb leveraged the user base of Craigslist. The platform allowed Airbnb users to cross-post their listings on Craigslist, tapping into a larger audience and boosting their initial user acquisition.
  4. LinkedIn’s Network Growth: LinkedIn encourages users to connect with their email contacts, making it easy for users to grow their professional network quickly. This viral loop significantly contributed to LinkedIn’s early growth.
  5. Uber’s Referral Bonuses: Uber’s growth was fueled by a referral program that rewarded both the existing user and the new user with ride credits for successful referrals. This strategy not only attracted new customers but also retained existing ones.
  6. Instagram’s Cross-Promotion: Instagram, in its early days, strategically cross-promoted on other social media platforms like Facebook and Twitter. This helped them leverage existing user bases and quickly gain traction in the competitive social media landscape.
  7. Tinder’s Campus Ambassador Program: Tinder employed a campus ambassador program in universities to spread awareness and encourage student adoption. This grassroots approach allowed them to tap into a key demographic and expand rapidly.
  8. HubSpot’s Free Tools: HubSpot offers free marketing tools, such as website graders and analytics, to attract users. This strategy not only provided value to users but also funneled them into HubSpot’s broader suite of paid services.

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