Word of the Day: growth hacking

Word of the Day Daily updates on the latest technology terms | April 2, 2019 growth hacking Growth hacking is an approach to driving product adoption, usage and sales by experimental, innovative and low-cost means. The term was coined in a 2010 blog post by Sean Ellis entitled "Find a Growth Hacker for Your Startup." Ellis' idea was that a startup needs to hire someone whose sole job focus is to find scalable, repeatable and sustainable ways to increase revenue and grow the organization. Growth hacking is outcome-oriented and there is no proven or prescriptive methodology to achieve growth. Instead, growth hackers are free to seek whatever means are necessary to achieve repeatable, desired business outcomes. Some practitioners hold the job title of "growth hacker," while others implement the methodologies under a different, but related title such as Chief Development Officer. Growth hackers have the potential to grow companies from zero to millions of users in a very short period of time. Companies known to have capitalized on growth hacking methods include Pinterest, Zynga, Groupon, Instagram and Dropbox.   Growth hackers tend to hold a combination of technical and marketing knowledge because they're often responsible for producing and completing ideas from start to finish. They must also be comfortable working with business intelligence dashboards because growth hacking use data-driven analytics to quantify the outcome of methods and inform decisions about future tactics. Growth hacking funnel The growth hacking funnel is a framework developed by venture capitalist Dave McClure. McClure, who selected five important metrics for startups to focus on, refers to Acquisition, Activation, Retention, Referral and Revenue (AARRR) as "pirate metrics for startups." Acquisition: Experiment with ways to use multiple channels to attract customers.   Activation: Experiment with ways to ensure that a customer's first interaction is positive.   Retention: Experiment with ways to encourage customers to return multiple times.   Referral:  Experiment with ways to turn customers into brand advocates.   Revenue: Experiment with ways to monetize customer behavior. Quote of the Day "Startup culture revolves around a few key tenets. The founders are committed to a vision. The company starts out small, with few employees and little funding. The pace of work is fast and furious, usually to show growth as soon as possible to secure additional funding." - Gerie Owen Trending Terms startup data analytics digital marketing sales funnel brand recognition digital strategy Learning Center Leading brands see the need for personalized content Between companies trying to gain a competitive advantage and technology enabling it, personalized content has become vital component in customer engagement. 7 channel marketing strategy tips for 21st-century success Some partners lack even the rudiments of a channel marketing strategy. Read these seven tips to get started a plan that will help you build a sales pipeline and take you beyond word-of-mouth channel selling. What corporate IT can learn from startups Former Hailo and Betfair CTO Rorie Devine shares his experience of working with startups and what IT leaders can learn from them Digital marketing partnerships key to vendors' channel strategies Digital marketing organizations have emerged as an important pillar within vendors' partner ecosystems. Find out how Rackspace, Salesforce and Progress Software view their digital marketing partnerships. 2019 trends in content management: Personalization, AI Trends in content management software to watch for in 2019 include AI and machine learning; personalization; open services; big data; and the battle over enterprise market share among Box, Microsoft, IBM, OpenText and Dropbox. Quiz Yourself With all ________ to large vendors, startups and small businesses are more likely to innovate. a. do respect b. due respect Answer Stay in Touch For feedback about any of our definitions or to suggest a new definition, please contact me at: mrouse@techtarget.com Visit the Word of the Day Archives and catch up on what you've missed! FOLLOW US About This E-Newsletter This e-newsletter is published by the TechTarget network. To unsubscribe from Whatis.com, click here. Please note, this will not affect any other subscriptions you have signed up for. TechTarget, Whatis, 275 Grove Street, Newton, MA 02466. Contact: webmaster@techtarget.com Copyright 2018 TechTarget. All rights reserved.