How Large Companies Can Start Growth Hacking
When it comes to driving marketing results, there’s no shortage of advice out there. However, there is one technique that has been gaining traction: growth hacking. While growth hacking is often thought of as a buzzword or something that only start-ups do, it can benefit companies of any size.
Growth hacking refers to a company’s ability to scale and achieve exponential growth, often through creative and analytical techniques. The term ‘growth hacking’ originated with Sean Ellis, an entrepreneur and marketer who has worked with Dropbox, Xobni, LogMeIn and Uproar, back in 2010. He was a driving force behind the accelerated growth of these companies. When he vacated his role at these companies he found that he needed someone other than a traditional marketer to fill his shoes. Thus, the job of growth hacker was born.
Here are some examples of start-ups that have used growth hacking to scale:
1. PayPal: The company grew its user base by paying users for each friend they referred to the platform. This effort cost the company around $60 million, but the strategy paid off over time.
2. Dropbox: Dropbox also rewarded users for signing up. Instead of paying them, Dropbox gave users and their friends additional storage space.
3. Airbnb: The booking platform leveraged a loophole in Craiglist’s code to cross-post its listings on the free online classified site. Airbnb was able to access Craiglist’s much larger user base in order to grow its own.
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