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Is Shark Tank the Ultimate Growth Hack?

According to Mark Cuban, one of the sharks from Shark Tank, said that when contestants who come onto the show are not truly looking for a deal and are there solely for the exposure it gains their businesses.   He referred to this as the ultimate growth hack.

I tend to agree.

If you have an opportunity to get on to Shark Tank is will explode your sales almost immediately.   This has happened over and over again as they document when they show updates to past entrepreneurs.

This happens because so many people tune in every week to watch the latest episode of Shark Tank and since Shark Tank has such a large following, it’s the ultimate platform to announce to the world about your brand/business.

It’s essentially the same as finding a Social Influencer with a huge following and then ask them to do a “shoutout” to their audience for your product or service.

However it didn’t really resonate with me until Mark Cuban mentioned that their show was the “Ultimate Growth Hack” while he was ranting and raving about how a recent client was on the show was there without ever intending on making a deal with a Shark.

Now does that mean you can get on Shark Tank?  Maybe, maybe not…

But it’s definitely something to seriously consider if you have a business/brand with a product or service that you have already established a decent amount of sales with.

Whatever you do, don’t put all your eggs in this one basket.

The odds you’ll apply and be accepted to appear on the show are slim to none.

I suggest you utilize Influencer Marketing as I previously mentioned to get your business/brand a jump start and exposure all while keeping the idea of going on the Shark Tank a potential long term goal.

After all wouldn’t it cool to get to the point where you have a few Sharks battling over your offer? 🙂

Please let me know what you’re doing to growth hack your business(es).

 

Growth Hacking Defined – This is what it takes to be a Growth Hacker

Growth Hacking by definition from Wikipedia is a process of rapid experimentation across marketing channels and product development to identify the most effective, efficient ways to grow a business.  Growth hacking refers to a set of both conventional and unconventional marketing experiments that lead to growth of a business.

Growth Hackers often focus on low-cost alternatives to traditional marketing, e.g. using social media, viral marketing, or targeted advertising instead of buying through more traditional media such as radio, newspaper, and television.

Now that we have that defined let’s really get into what “Growth Hacking” is all about and how you too can become a “Growth Hacker.”

But first here’s a little history about the term “Growth Hacker.”

A gentleman by the name of Sean Ellis first coined the term in 2010.  He is the founder and CEO of GrowthHackers.com and was previously the founder and CEO of Qualaroo.com.

Sean defined a Growth Hacker as “A person whose true north is growth.  Everything they do is scrutinized by its potential impact on scalable growth.”

I, on the other hand personally like to think of a Growth Hacker as someone who has cross-disciplinary skills with 1 goal and 1 goal only: to grow a startup or a business.

Now you may not agree with my definition and that’s OK, please write a comment below or contact me about it.  I am in now way saying that this is the be all and end all of how to define Growth Hacking; it’s just what I believe it is.

With that being said, let’s move on shall we?

Growth Hacking is not a magical formula or a few lines of code that you can inject into your website or application and get instant traffic.

As a Growth Hacker, your job isn’t necessarily to focus on quantity but rather you should be focusing on quality.

And in this case quality is defined as having customers/users who actually are happy with the product or service you or your company is producing.

Growth Hacking is a mix between marketing, engineering, data analysis, and creativity.

Growth Hacking is NOT the same as traditional marketing even if traditional marketing strategies are often used in “growth hacking.”

Growth Hacking is NOT unethical even though it can be used in an unethical way.

In conclusion, the ultimate goal of a Growth Hacker is to find a predictable, repeatable, and scalable growth process.

How do you define “Growth Hacking?” What ideas came to mind when reading this post to help you become a “Growth Hacker?”

 

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