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Nov 26, 2018 5:20:33 PM

Our definition of growth hacking - It's holistic

Eero Martela

Managing Consultant, Growth

As we all know, there are various definitions for the term ‘growth hacking’. For example, people who come from a marketing background, typically have a marketing point-of-view on the topic. And for small entrepreneurs, growth hacking can be more about tips and tricks for acquiring more users and conversions.

We see growth hacking, and apply it in practice, as a holistic approach for growing and running digital sales. Oftentimes, this approach differs from other, more narrow, points-of-views in the market.

Digital services are, and will ever more increasingly be, in the core of all business and cannot be run in 'business as usual' mode as side operations for traditional business. We think that a company culture which embraces growth hacking ways-of-working is going to be the culture that will survive in the tumults of digitalisation. This is why growth hacking matters. And also why you need to understand our definition.

columbia-road-definition-of-growth-hacking

Basically, the impact of growth hacking can be split into four levels:

1) Growth culture and mindset

In short, growth hacking is all about getting 💩done. It requires a distinctive mindset of constantly identifying and testing growth opportunities — and having the ownership and empowerment to push for growth in a particular context. Growth mindset can take place on an individual, team, or organisational level, where it ultimately evolves into a growth culture.

2) Ways of working

The core of growth hacking is a certain way of working, including the team’s roles, responsibilities, and skill sets as well as certain processes and practices that are applied. This is where the verb ‘growth hacking’ typically refers to. The context can be basically anything: Growth hacking ways of working can be applied to software development, marketing, service design, product launches, strategy, and content, to name a few.

3) Operating and organising around digital services

Successful growth hacking requires that certain kind of teams are in place. Those teams should have clear ownership of what they are doing as well as resources (i.e. budget) for performing the required activities. So, shortly put, in an organisational setting growth hacking requires certain ways of organising and operating. Getting these right from the start are the key enablers of digital growth.

4) Growth hacking activities and hacks

On a hands-on level, growth hacking consists of various activities. Only creativity is the limit here. For inspiration, go to your browser and search for ‘growth hacking tips’ – you’ll find plenty to start with.

Growth hacking = impact = revenue = growth. That's a definition you want to add to your dictionary. 

 

Did you get interested, but don't know how to get started? Why not take a look at our growth hacking canvas that helps you to go through all key elements that should be addressed when running a growth hacking cycle for a particular market or customer segment. 

 

Keen on learning more on growth hacking? Join our Growth Hacking Crash Course for Corporate Leaders and Managers and learn how to install a growth hacking mindset throughout your organisation. Sign up to one of our upcoming courses in Helsinki or Stockholm!

 

Sign up to Growth Hacking Crash Course now

 


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