Synopsis
Here is a summary of the key points from the attached paper:
- Growth hacking is increasingly recognized as a way to bridge the gap between strategy definition and implementation. However, there are some myths and flawed assumptions about what growth hacking is.
- This paper reviews the literature and includes insights from practitioner interviews to clarify what growth hacking is and provide tips on how to implement it.
- Key myths addressed:
- Growth hacking is not just for platforms and high-tech companies
- Growth hacking is not just a marketing strategy
- Growth hacking is not a predefined process
- The paper proposes that growth hacking has undergone two waves of evolution:
- Wave 1 focused on marketing tactics for rapid customer and revenue growth
- Wave 2 sees it as a methodology for continuous experimentation and improvement across the business
- Growth hacking requires data gathering capabilities and a flexible organizational structure to support rapid experimentation. It involves cross-functional teams rather than just marketing.
- The paper includes an illustrative case study of how IKEA adapted its business model during COVID-19 using growth hacking principles. This demonstrates the applicability of growth hacking beyond digital startups.
- Implications discussed include:
- Theoretical contributions to defining and conceptualizing growth hacking
- Practical tips for managers on implementing growth hacking
- Role of growth hacking in bridging strategy execution gaps
The paper clarifies misconceptions about growth hacking and provides a basis for further research on managing growth hacking across different types of companies.
