When there is a target of rapid growth with low-cost alternatives then marketers’ best fit is growth hacking. Growth hacking is an advanced business strategy for budding startups and established enterprises to build up their strong user base. In simple words, the prime focus of growth hacking revolves around the product development and sales sector. Since its inception, there are several myths that often confuse the business class and its associations. Here is the list of some common myths and misconceptions about growth hacking, which are prevailing in the startup bubble
Wrong Comparison between Marketing and Growth Hacking
It’s completely wrong to say that growth hacking goes synonymous with online marketing. Although it addresses the marketing strategies it mainly targets better reach for a business in the minimum resources at the disposal. It involves the strategies that assist a company to set a market for its manufactured products. Yes, sometimes the goals of online marketing may coincide with growth hacking but still, they do not run on the same track. The baseline for growth hacking is the “product” around which the strategies in terms of designing, engineering, marketing, and feedbacks revolve.
Growth Hacking Serves Only Budding Startups
One of the biggest myths in the industry is that growth hacking has designed only for startups. In this era of the head to head competition, it is not an apple pie for any company to survive without growth hacking. The team growth hacking is a blend of marketers, developers, managers, sales executives, and engineers. Many established companies like Facebook, Pinterest have their own competent team of growth hackers to maintain the demands of their products in the markets. Such enterprises have successfully crossed their phase of startups and still believe in growth hacking as one of the greatest investments for their companies.
Growth Hacking is a Part of Fairy Tale
Many believe that growth hackers have a magic wand that derives instant traffic at a website or an online portal. Well, they are highly mistaken! Its impossible to have incredible and exponential growth in a day. Growth hacking involves scientific methods of continuous testing and refinement. It demands innovative and trendy logical ways to buck up your bottom line (cut through the competition to survive in the market). For growth hackers, the product is everything. Therefore, they always experiment with past assumptions and sales charts to derive fresh ideas for increasing marketing and sales of products.
It’s Difficult to Bear the Expenses of Growth Hackers
If you are planning to have Growth hacking team for your company but a load of expenses is a trouble for you. Then, its advisable to rethink your goals and figure out what works best for your company. This is the one-time investment, which always pays you back with great and effective payouts. There are examples of numerous successful companies like Paypal, Instagram that create their own history under the mindset of polished growth hackers. Just keep one thing in mind that if you are unable to convince your audience with your products, then you never rule their hearts and market.
At the End
Growth Hacking is not a technical jargon and a common service available at the doorstep. It is an amalgamation of well-knit strategies to establish a life cycle of a product and sustain it.