The key to Growth Hacking: Crowdsourcing
Growth hacking is the latest buzzword being thrown around the office.
Seen as the cheap and most powerful way to gain consumers in a rapid timeline. The idea is to 'hack' into exponential growth among your target market, this is a collaborative and creative effort done not only by marketing but by sales, product and management. What most companies fail to utilise is a key tool in accelerating your Growth hacking strategy... crowdsourcing.
Crowdsourcing is the process of knowledge gathering and deliberation among a large group of individuals. You can read more on "What is crowdsourcing?" here. Growth hacking requires both creative and innovative thinking to accomplish that exponential growth any business strives for. Success stories such as Dropbox with their referral storage program or Airbnb, originally two men who couldn't afford to pay rent. Deciding to rent out 3 air mattresses in their spare rooms, generating the foundation of their new business. These business's are perfect examples of Growth Hacking done right, understanding their consumer needs and targeting their strategy in a way for massive viral growth.
When approaching growth hacking, first you must solve the problem your target users are having. Your company must be ready to become experimental, data driven and creative in the way you solve this problem. As most experts would say "You are blindly throwing darts at the board till you hit the bulls-eye." But Growth hacking can become a lot easier and that's through crowdsourcing.
Growth Hacking through continuous insight and experimentation.
Your first growth hacking attempt will most likely fail. What is important, is to gather that data and insight to revise and try again. Taking what you learn through each iteration of your growth hacking strategy to consistently improve and build upon results. Tools to create this space of insight and collaboration can be seen in our platform Mindhive. Taking this iterative design philosophy and using our platform will increase the output results of your growth hacking strategies.
The use of crowdsourcing platforms such as Mindhive, let you tap into your own network and a globally crowdsourced insight community to find the next big innovative idea. You can think of this approach as a form of insight consultancy. To pull off a successful growth hacking strategy it requires the efforts of all departments among a business. You must be in tune with your consumers needs, wants and insights. This data can be particularly hard to get without a dedicated team, but with the use of crowdsourcing. You can gather insights on the issues you're facing and start growth hacking knowing the solutions to your problems.
If you want to learn more about growth hacking techniques, there is a fantastic blog known as The Customer Journey Marketer Blog.
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