What is Growth Hacking? (Drop Box Example) Video Lecture | Gain good Website Traffic: Drive more Users - Marketing

You want to market your business, but you
don't have as much money as your competitors,
what should you do?
Hi everyone, I'm Neil Patel, and today I'm
going to teach you about growth hacking.
Growth hacking is a rapid experimentation
process in which you can truly change things
within your marketing to grow faster.
The beautiful part about growth hacking is
it involves all channels within the organization
not just marketing, it involves product, engineering,
and sometimes even sales.
You see, traditional marketing was just, "Hey,
let me buy some traffic from Google and Facebook,"
send it to a website, and then from there
the designers, the developers, and sales guys
can take care of the rest, but if they all
work together you can grow faster.
For example Dropbox, when they first came
out, they were doing Google AdWords, their
product cost $5 a month.
It was costing them a few hundred dollars
to acquire a customer.
That's an epic failure.
It didn't work out.
They decided to create a referral program,
the more friends you invite, the more free
space they give you.
This allowed them to have a massive user base,
and eventually some of those users upgraded
and that's how they created a multiple billion
dollar company.
Now the key with growth hacking is everyone
needs to be working together to do rapid experimentations,
and you need to do this rapid experimentation
throughout your whole business.
On a weekly basis don't just fine tune your
traffic sources, fine tune the onboarding,
fine tune your conversion optimization, fine
tune your upsells, that's growth hacking,
it's everyone working together continually
doing experiments to grow.
Sure, is there an easy way to learn growth
hacking or to hack your business?
No, there isn't, it's continual testing.
When you're running these tests make sure
you're using a solution like Crazy Egg to
track, to see if your changes are actually
increasing your leads, your sales, and your
revenue or if they're hurting them, because
not every experiment that you're going to
run is going to become a success, and that's
okay, that's part of the process.