‘Growth hacking’ is a term synonymous with startups, predominantly within the tech world. In its most basic translation, ‘growth hacking’ refers to way in which entrepreneurial marketers find ways to hack a product or service to ensure that it has the best possible chance of growth.
For mature organisations, growth is often either slow and steady, or has flatlined. For start-ups, that kind of velocity is out of the question – growth has to be lightning fast. If you don’t grow quickly and grab attention, there’s likely to be someone next door who will overtake you with a similar idea.
Startups are in a unique position where the physical product is either in its infancy (sometimes just at blueprint stage), or – more likely – they have no physical product at all. Growth hacking as a concept was championed by companies such as Hotmail, Twitter and LinkedIn and – companies that could continually alter their product in order to make it grow faster. Growth is built into the DNA of the service itself – it is a feature, not an afterthought.