Tech Terms you Must Know : Growth Hacking

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Growth Hacking

GROWTH HACKING

Growth hacking is the creative use of technology (websites, marketing emails, apps) and analytics (data mining, A/B testing) in combination with product development to increase a company’s growth. Growth hacking focuses on lower cost marketing alternatives to traditional television, newspaper, and radio ads and is often used by startup companies looking to grow their business rapidly during their launch phase.

A/B TESTING

A/B testing is the practice of comparing two versions of online content—websites, apps, marketing emails, etc.—in order to see which version performs better. The two versions (A and B) are presented to users at random in order to gauge reactions.

CONTENT MARKETING

Content marketing uses online content—e-books, videos, blog posts, podcasts etc—in order to attract an audience who might become customers. Content marketing doesn’t explicitly advertise a brand, but is designed to indirectly stimulate interest in products and services.

CONVERSION

Conversion is the successful end result of marketing attempts like A/B Testing and Content Marketing—it’s the point when a potential customer becomes a lead or an actual customer.

DATA MINING

Data mining is the practice of examining large amounts of data in user databases and websites to find consumer patterns, behaviors, and relationships that can be useful in marketing goods and services online.

EMAIL MARKETING

Email marketing is the use of direct emails (directly from a business to an individual) in order to communicate with current and potential customers. Email marketing allows companies to strike a more personal tone and establish a voice for their brand.

WEBSITE OPTIMIZATION

Site optimization is the process of using growth hacks to improve the site’s ability to convert visitors to customers. Controlled experiments like A/B testing are carried out and the results are used to make website changes that lead to more pageviews, product purchases, etc. This might include making it easier to get from one article to another, making sure pop ups most accurately match the interest of the user, or simply making the site as a whole easier to navigate.