Growth Hacking is an idea for the times. I’m kind of sure it’s a bad idea.
Here’s a definition from Wikipedia:
Growth hacking is a process of rapid experimentation across marketing channels and product development to identify the most effective, efficient ways to grow a business. Growth hackers are marketers, engineers and product managers that specifically focus on building and engaging the user base of a business. Growth hackers often focus on low-cost alternatives to traditional marketing, e.g. using social media, viral marketing or targeted advertising instead of buying advertising through more traditional media such as radio, newspaper, and television.
I don’t take issue with rapid experimentation across marketing channels. I do believe, though, product development as a hack is a little iffy. If growth hacking is a synonym for research and development (R&D) that’s fine. But using the web to randomly and quickly build a business case is goofy.
When it comes to growth hacking, start-ups or recalibrating business better know their good-ats. They shouldn’t look to the web to find out what people want. Brand planning is about good-ats and care-abouts. At What’s The Idea? brand strategy is an organizing principle for product, experience and messaging. It’s business strategy writ small. Too much focus on care-abouts and not enough focus on good-ats is an extensible recipe for business failure. You may want to look like Cinderella but you are who you are.
Growth is what businesses aspire to. How they get there and how they get to success is a result of planning, learning and commitment. An hour-long presentation on growth hacking may make you feel all warm inside, but it’s not a sustainable business approach.