What is growth hacking?
Growth hacking is a marketing strategy that employs minor tweaks or innovative “hacks” to generate rapid growth. It is usually inexpensive and easy to apply, yielding instant benefits. Hacking is commonly linked with early-stage startups looking to establish themselves and develop quickly, although it can be used by organizations of all sizes. Growth hackers think above of the norm and try out new ideas. They are not afraid to fail and are continually refining their strategies.
How does “growth hacking” work?
Have you heard about growth hacking from firms like Dropbox and PayPal and wondered how it works? Unfortunately, there is no magic formula.
Growth hackers go closer into their audiences to create growth loops or hacks that might propel virality. Next, they use data analysis to identify effective methods to double down on.
Pros and Cons of Growth Hacking
If your organization has the energy and time to devote to extensive testing for rapid expanding, growth hacking could be a good fit. It is ideal for people who prefer to examine specific aspects of the advertising funnel and customer journey rather than the entire process. This method can help you acquire useful data giving you deep insight into your target audience’s motives and actions, which can then be used to boost sales.
Growth hacking is an excellent approach for startups or new enterprises to get clients quickly. By dedicating money to trial and error testing, your team will be able to focus on developing effective marketing campaigns. This method is especially useful for firms looking for a quick and low-cost way to attract clients.
Developing a long-term marketing strategy may be a significant undertaking, and it may appear that your firm is sitting idle while the plan is being produced. Using growth hacking in the meantime is an excellent approach to creating revenue while also learning about your target clients.
Growth hacking is a collaborative undertaking that requires all hands on deck to be successful. Companies should be prepared to supply the resources and workers required to complete the task. It is also critical to understand the level of commitment required to complete the appropriate experiments.
Growth hacking can help B2B organizations that are struggling with halted marketing efforts. If your team has reached a plateau, implementing this method can help get the ball going on fresh ideas.
What is growth marketing?
Growth marketing focuses on exploiting and optimizing all aspects of a company to enable it to scale successfully. The AAARRR framework is part of a growth strategy, and unlike a growth hacking method, all six growth levers must be operational at the same time.
A growth marketing strategy looks ahead and focuses on creating a company that deserves to expand and scale. It is a more comprehensive perspective of the business and typically includes processes for:
• Defining a target market and audience.
• Creating a distinct brand narrative and positioning.
• Creating a buyer journey.
• Developed and improved a high-converting website using a growth-driven design philosophy.
• Creating lead magnets to generate qualified leads.
In a nutshell, growth marketing is a purposeful process of laying a solid foundation for engaging your target market, converting leads, and growing your firm.
Pros and Cons of Growth Marketing
Growth marketing might be a suitable fit for businesses looking for a long-term marketing solution that will result in a consistent increase in income. This technique necessitates departmental alignment in order for your company to develop a vision and set goals.
Incorporating sales and other departments will provide a more comprehensive view of the firm.
Growth marketing is also ideal for companies who want to focus their campaigns on a certain strategy. This will assist your team in gathering data, creating content to attract certain audiences, and converting visitors into leads. It also contributes to increased brand awareness and consumer loyalty, which should improve client retention.
This is an excellent fit for businesses who believe they lack a clear vision for growth. By focusing on growth marketing strategies, your team will create a brand and a sales funnel filled with devoted customers. It also focuses on the full client journey, rather than just a few pieces, which helps to build long-term partnerships as your company improves its sales process.
Growth marketing, being a slower technique, may not be the ideal option for businesses wishing to devote significant resources to rapid growth spurts.
Growth Hacking vs. Growth Marketing: Which Should You Choose?
As a result, growth hacking is suitable for low-cost (or even free) consumer-facing businesses with a broad customer base. Consider social networks, mobile gaming, and productivity apps.
Furthermore, the method is applicable to consumer gadgets with a longer lifespan and social aspects, such as wearable technology, gaming consoles, and smartphones.
Why? Because all of these products share one feature: they have a strong viral potential. You’ll be able to create a lovely little referral loop.
Growth marketing, on the other hand, will work for “boring”, expensive, and specialist items with longer sales cycles, no product-based virality potential, and a greater customer lifetime value.
If there is any potential for product-based spread, go for it (Teehee). But if you’re more like an initiator and don’t stand a hope in hell of becoming a viral sensation, don’t give up. Growth marketing will help you go where you need to go.