Fuelling growth: a qualitative study on the benefits and challenges of growth hacking for micro, small and medium enterprises

Abstract

Purpose: The rapid expansion of technology has facilitated the widespread adoption of data-driven approaches and strategies for business growth. One such approach is growth hacking (GH), which seeks to optimize growth through experimental methods. Despite increasing use in organizations of all sizes, the academic literature has not fully explored the implementation and potential benefits and challenges associated with GH. This paper aims to address this research gap by providing new insights into GH and categorizing its main benefits and challenges. Design/methodology/approach: A multiple-case study approach was employed to investigate the growth strategies of micro, small and medium enterprises. Semi-structured interviews were conducted with founders, managers, consultants and professionals in the field. Findings: The findings shed light on the economic, technological, organizational and managerial benefits derived from GH implementation, which include the scalability of strategies and a data-driven culture, learning from failures, leaner and more efficient processes and improved readiness to respond to change. Several challenges associated with GH implementation were also identified, including entry barriers; limited availability of time, budget and resources and a higher propensity for risk, failure and patience. Originality/value: This article contributes to the existing literature by providing new evidence on the opportunities and risks associated with GH for better and more effective implementation of this strategy while suggesting future research directions.