Growth Hacking is a combination of marketing and customer acquisition strategies that result in the rapid growth of a startup. The term “Growth Hacking” was coined by Sean Ellis when he was working on growing Dropbox’s user base. Since then growth hacking has been used successfully by several startups for growing their business.
Growth Hacking was primarily used to grow the user base of the software products but now it is being used on all types of products and services.
A new growth hacking framework called AARRR has emerged in recent years. Here is how it is defined:
- Acquisition: People visit your website or they use your product
- Activation: They have a great first-time experience and understand the value your product brings to their lives or businesses.
- Retention: The user comes back to get more value.
- Referral: The user tells others how great your product is.
- Revenue: They become a paying customer.