Growth hacking is a rapidly growing field that's focused on finding creative and effective evidence-based methods to drive business growth, and it is an area that is becoming increasingly in demand as more companies look to grow and scale their operations.
If you are looking to break into the exciting and fast-paced world of growth hacking, look no further!
In this blog, we will dive deep into
- What a career in growth hacking entails
- What you need to know to get started
So, whether you're just starting out in your career or looking to pivot into something new, this blog will give you the insights you need to start your journey in the world of growth hacking.
Salary Expectations for Growth Hacking Positions
Average Salary for Growth Hacker
According to Glassdoor, the average salary for a growth hacker who is just starting out in the United States is around $88,332 per year as of 2023. However, this figure can range from $70,000 to $151,000 per year, depending on the aforementioned factors.
For a growth hacker with one to three years of experience under their cap, the average salary is around $100,065 per year. At the same time, a seasoned growth hacker can make up to $203,164 per year.
In the MEA region, particularly UAE and South Africa, entry-level growth hackers get paid around R425,004 (or $25,000) a year, whereas expert-level growth hackers are paid upto R48875,460 (or $27,35,808) a year.
In India, the average base pay for a growth hacking position is around ₹7,00,000 (or $8500) a year. The average salary of a growth hacker in the Latin America and Caribbean (LATAM) region, such as Brazil and Mexico, can range from $35,000 to $60,000 per year.
How Location and Experience Impact Salary
It is important to keep in mind that the above figures are rough estimates. The salary of a growth hacker may vary greatly depending on several factors such as experience, region, company size, and location.
Location is one of the major factors among these that has a huge impact on what you will get paid.
Generally, growth hackers in developed countries such as the United States, the United Kingdom, Canada, and Australia tend to earn higher salaries compared to other regions. This is attributable to a number of factors, including the overall cost of living, the availability of high-paying growth hacking jobs in global enterprises, and the level of demand for growth hacking skills in each country.
It is also worth noting that the salary of a growth hacker can be impacted by other factors such as company size, industry, and experience. A growth hacker working for a large conglomerate will expectedly earn a higher salary than one working for a startup, and a growth hacker with several years of experience may earn more than a junior growth hacker just starting out in their career.
The Potential for Salary Growth
Typically, as a growth hacker gains more experience and takes on additional responsibilities, they can expect to see an increase in their salary.
Junior growth hackers may start with a salary in the range of $60,000 to $70,000 per year, while those with several years of experience and a strong track record of success can see their salaries reach upwards of $80,000 to $120,000 or more.
A bare perusal of any job networking site will reveal that it is technology and startups that hire growth hackers majorly. While early-stage startups often carry the risk of failing, they offer the greatest opportunities for salary growth. However, the demand for growth hacking skills is subject to change, so the salary growth potential for this role may also fluctuate over time.
Growth Hacker Job Description
Typical Growth Hacker responsibilities
The job profile of a growth hacker typically consists of developing and executing strategies that drive rapid user or customer acquisition, engagement, and revenue growth. In addition to these, growth hackers pivot the business' growth trajectory by leveraging data relating to user behavior, running growth strategy experiments, evaluating the effectiveness of the experiments on user experience, and exploring marketing channels.
Being a growth hacker would mean that there would be a close collaboration with other teams. Growth hackers typically work alongside product teams to develop and launch new features or products that support growth, all the while optimizing user experience. It might also involve collaboration with engineering and design teams to ensure alignment on growth initiatives.
Finally, it is also imperative for growth hackers to engage in analyzing and reporting on key performance metrics, such as user acquisition, retention, and revenue. This helps gauge the effectiveness of the initiatives taken and present them to the other stakeholders in the company.
Required Skills & Qualities
Although there is no particular qualification for the position of a growth hacker, some of the most crucial skills and qualities that a growth hacker must possess are:
- Data analysis: Growth hacking largely relies on data-backed initiatives. This connotes the ability to collect and analyze data to identify opportunities for growth and measure the success of growth initiatives.
- Marketing knowledge: You must have a knowledge of the marketing fundamentals and strategies to be able to identify and implement effective growth tactics.
- Technical skills: The position may require that you use various tools, technologies, and software to conduct experiments, track performance, and optimize campaigns. Therefore, possessing the requisite technical skills is imperative.
- Collaboration: A growth hacker must be able to effectively work alongside other teams and stakeholders to align growth initiatives with the overall business objectives is vital.
- Testing and iteration: A growth hacker must be comfortable with testing, iterating, and refining growth strategies based on data analysis and feedback.
- Adaptability: Aspirants must have the ability to adapt to changes and stay up-to-date with the latest trends and technologies to ensure that their growth strategies remain effective.
Most Important Tasks and Duties of a Growth Hacker
It cannot be emphasized enough that the duty of a growth hacker is to drive rapid and sustainable growth for the business. A growth hacker must help to build and maintain a strong brand identity that resonates with the target audience. This requires a combination of creativity, analytical skills, and a deep understanding of the target audience and market trends, with a crystal clear motive to drive growth.
Types of Industries and Companies Hiring Growth Hackers
The demand for growth hacking skills has arisen across a number of industries, particularly in technology and startups. These industries often focus on rapid growth and innovation, and growth hackers play a crucial role in helping companies achieve their growth goals by finding new and creative ways to acquire, retain, and grow customers.
According to a survey conducted by GrowthHackers in 2019, the average budget for growth hacking initiatives for startups was around $50,000 to $100,000 per year. Larger tech companies can easily spend several million dollars on growth hacking initiatives. To aid these initiatives, these companies hire growth hackers to make the most of their expenditures and guide the enterprise's growth.
Besides tech companies and startups, the demand for growth hacking skills can also be seen in other industries such as e-commerce, finance, healthcare, and entertainment. This is because companies in these industries increasingly recognize the value addition that growth hacking can bring to the enterprise and how it can effectively drive business growth. This translates into companies across industries seeking growth hacking professionals to help them stay ahead of the competition.
Potential for Freelance Work in Growth Hacking
Growth hacking can be done on a freelance basis, where professionals offer their services on a project-by-project basis. As growth hacking becomes an increasingly in-demand skill set, more companies will seek out growth hackers to help them drive business growth, and many of these companies may prefer to work with freelancers rather than hiring full-time employees, as is the case with marketing professionals.
Freelancing as a growth hacker can provide a number of benefits, such as greater flexibility in terms of the projects you take on and the hours you work, the ability to work with a wider range of clients and industries, and the potential to earn a higher hourly rate compared to a full-time salaried position.
So even, Vaibhav , the founder of Growth School, also started his career as a freelance growth hacker. During his time as a freelancer, Vaibhav built a reputation as one of the leading growth hackers in the industry, and his innovative approach to growth hacking has helped countless companies achieve their growth goals.
Key Traits of Successful Growth Hackers
Successful growth hackers are those who are creative, analytical, willing to take risks, and constantly learning. They have an affinity to experiment, try new things, and take risks.
As Andrew Chen, a prominent growth hacker, and investor, explains, "You have to be willing to experiment and take risks in order to achieve significant growth. You can't just stick to the same old playbook."
Another hallmark feature of a successful growth hacker is to think creatively about ways to promote the business and come up with innovative yet practical solutions to problems.
As Sean Ellis, one of the pioneers of the growth hacking movement, explains, puts it, "The best growth hackers I've seen are the ones who approach problems with a different mindset... They're the ones who can think outside the box and come up with unique solutions."
All in all, growth hacking is an exciting and dynamic career path that requires a unique combination of skills and qualities. With the ever-evolving digital landscape and the increasing demand for growth hackers, there has never been a better time to consider a career in growth hacking.
Want to kickstart your growth hacking career? Sign up for the Growth Hacking masterclass by Vaibhav Sisinty now.