Have you ever heard of Growth Hacking? The term was coined in 2010 by Sean Ellis, founder and CEO of GrowthHackers.com, who has a pretty impressive résumé, having been Dropbox's first marketing employee and responsible for Growth at companies like LogMeIn and Eventbrite. In 2010, he coined the term “Growth Hacker.”
According to Ellis, “Growth Hacking is marketing driven by experiments.” What does that actually mean? The term refers to the search for opportunities/loopholes (hacks) to create strategies and generate growth for the company.
A Growth Hacker, the professional responsible for this area within companies, needs to meet certain requirements, such as having knowledge of experiment methodology, technology and, above all, consumer psychology. To perform well in the role, it's essential to know how to answer basic questions like: “How do people think while shopping?” and “What motivates them to make a purchase?”.
Learn about the five stages of Growth Hacking
Acquisition: practices to attract and win over customers;
Activation: the goal is to create a great first impression of your brand for customers;
Retention: customers are satisfied and, as a result, keep buying your product and/or service;
Revenue: customers generate revenue for the company;
Referrals: satisfied customers who recommend the product and/or service to friends, family and acquaintances.
