Growth hacking is a marketing approach focused on rapid experimentation to find the most efficient ways to grow a business. It’s not about ‘hacking’ in the negative sense, but rather about using creativity and analytical thinking to quickly test different strategies and scale what works. For Australian SMEs, it’s a way to achieve significant growth without necessarily having huge marketing budgets.

Traditionally, marketing has been divided into silos – content, SEO, social media, paid advertising, and so on. Growth hacking breaks down those silos. It’s a more holistic approach where the entire customer experience is considered a potential growth lever. We see it as a mindset, not a specific set of tools, although certain tools are commonly used.

Here are a few key things to understand about growth hacking:

• Data-Driven Decisions: Everything is measured. We don’t rely on gut feeling; we analyse data to understand what’s working and what isn’t. This means tracking everything from website traffic to conversion rates to customer lifetime value.
• Rapid Experimentation: Growth hackers run lots of small tests – A/B testing different website copy, trying new ad creatives, or experimenting with different email subject lines. The goal is to learn quickly and iterate.
• Focus on Scalability: It’s not enough to find something that works once. We need to find strategies that can be scaled to reach a larger audience without significantly increasing costs.
• Leveraging Existing Platforms: Often, growth hacking involves finding clever ways to use existing platforms – like social media, email marketing, or referral programs – to drive growth.

For example, a local cafe might use a referral program offering a discount to both the referrer and the new customer. They’d then meticulously track how many new customers come through the program versus other marketing efforts. Or an online retailer might A/B test different checkout processes to see which one results in fewer abandoned carts. These are simple examples, but they illustrate the core principles.

Growth hacking isn’t a replacement for traditional marketing, but it’s a powerful complement. It’s particularly valuable for SMEs looking to maximise their return on investment and achieve sustainable growth. If you’re ready to explore this approach, we recommend starting with a thorough audit of your current marketing efforts and identifying areas where you can run quick, data-driven experiments.