Growth hacking is seen as one of the most effective ways to create exponential growth in a business by generating a high volume of business leads and new customers. As its name indicates, it is all about focusing solely on growth.
Growth hacking uses a range of methods, tools and technologies to identify potential customers but, typically, with considerably less outlay than traditional sales and marketing techniques.
We’ll explore some of these later, but Rialto believes there is more to growth hacking than creating growth and it can help to make organisations more agile and adaptable – able to take advantage of market opportunities far more quickly.
To put this in context, we can perhaps borrow a phrase that the Millennials and Centennials often use in their peer groups: “I’ve found a great life hack”. A life hack is basically identifying a way that simplifies, speeds up or eases a particular task in life. Google the phrase and you’ll find there are life hacks for everything from chilling wine with frozen grapes, to improving your wi-fi signal or fixing a scratch on an LCD screen.
Growth hacking is also a mindset and leaders who adopt it can potentially realise far more ambitious – and different – growth strategies
In short, hacks make you more efficient and every leader should therefore have growth hacking on their radar as its methodologies can help to identify problems, come up with innovative solutions and build hypotheses and test them via experimentation.
Professional growth hackers tend to be creative, highly connected and data-driven individuals who are adept at using the plethora of modern content and product marketing tools and techniques that now exist. They know the influencers and bloggers in the market, for instance, who have the potential power to take a product to a vast audience.
Similarly, they will be masters at search engine optimisation and understand how to use social media content, podcasts and blogs to amplify their messages.
Growth hacking can seem like a black art known to only a closed group of individuals, but it can be learnt by anyone. As well as being about data, tools and technologies though, Rialto believes that growth hacking is also a mindset. And leaders who adopt it can potentially realise far more ambitious – and different – growth strategies for their organisations. It encourages experimentation and can take an organisation into entirely new directions. Its sentiments align well with the fast-paced and ever-changing business landscape in which organisations operate and which demand them to be far more agile and adaptable.
Growth hacking was initially adopted by start-ups looking for rapid growth and it is already moving to the mainstream.
Rialto is supporting leaders from all sectors to introduce this new mindset, believing it to be a real differentiator in the digital age. Both established and aspirational leaders are finding it extremely valuable and we also encourage them to spread the mindset/culture throughout their organisations and, by doing so, amplify its potential.
To find out more, please contact Rialto 0203 043 8652.