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Difference between Growth Marketing and Growth Hacking
As businesses have developed over time, several strategies for staying afloat, attracting customers, and closing deals have emerged. While there is no end to this procedure, certain approaches may be fruitful for some businesses while falling flat in others. This is because there is considerable variation among products, business models, ecosystems, and government regulations.
Despite their regular usage, the terms "growth marketing" and "growth hacking" are often interchanged when discussing company practices. However, as will be shown in the next article, these two powerful tools really represent quite different worldviews and strategies for resolving issues.
What is Growth Marketing?
Market optimization and improvement is the process of initiating, developing, and implementing strategies to achieve these goals in a specific market. This strategy is directed squarely toward the aforementioned market. Through the use of the scientific method, this approach prioritizes empirical details above imaginative ones. It's important for growth marketers to recognize that failure is a normal part of the process and to have a backup plan ready in the event that their initial experiments don't pan out.
Growth marketers are responsible for the following tasks −
Locating trouble spots that need more study and improvement
Preparing and drafting blueprints for experiments
Conducting carefully monitored experiments
Taking a look at the outcomes that were generated
Additional testing will be conducted if required
Growth marketing is used across the marketing funnel, specifically at the following points −
Locating trouble spots that need more study and improvement
Awareness − At the top of the marketing funnel is "awareness," when a firm introduces its products and services to potential clients through various channels (such as social media). It is now possible to conduct a variety of studies, such as determining which kind of posts receive the most attention.
Acquisition − An acquisition strategy is a set of actions used to produce leads in order to acquire new customers. Acquiring something is what it means when someone says "acquisition." Marketers that experiment with factors like page orientation and perspective to increase the number of leads generated by a campaign are known as growth marketers.
Activation − The term "activation" is used to describe the process of getting clients to utilize a product or service as soon as they can after buying it.
Actions − There are several ways in which a business might improve its revenue, such as by buying new products, expanding its current offerings, or securing lucrative new contracts. To keep this going strong and grow it further, growth marketers may try out various pricing techniques and upselling methods.
Retention − Growth marketers that want to retain a customer around may experiment with providing customized service or offering volume discounts.
Referral − Promotion by word-of-mouth, or reference, requires the creation of recommendation programs, which may involve the provision of incentives to an existing customer for the successful referral of a new client to purchase the product or service in question.
Successful growth marketers are curious, innovative, product-centric, and open to taking chances.
Even while growth marketing might be as simple as switching the color of a button, it could also include more complex procedures. The findings of the research, however, necessitate caution because they can have unintended effects on the business.
What is Growth Hacking?
The goal of this marketing approach is rapid expansion through attracting and retaining customers with the minimal financial outlay and maximum ingenuity. A growth hacker is someone who, rather than using traditional advertising channels, prioritizes the use of less expensive and more efficient strategies including targeted advertising, social media marketing, and viral marketing.
Growth hacking is commonly used by companies (especially startups) when introducing new products or services to the market. Convincing writing, viral marketing, and search engine optimization are just a few of the tools in this marketing toolbox, all of which are employed toward the end of boosting conversion rates and propelling sales in a hurry. Strategies including content marketing, SEO, web analytics, and split testing might be employed.
Offering existing customers extra storage space in return for suggesting new users is one growth hack that has proven successful for companies like Dropbox.
Differences − Growth Marketing and Growth Hacking
The following table highlights how Growth Marketing is different from Growth Hacking −
| Characteristics | Growth Marketing | Growth Hacking |
|---|---|---|
Definition |
Growth marketing refers to the process of initiating, developing, and testing strategies for maximizing and enhancing performance in a specific market. |
The goal of the growth-oriented marketing strategy known as "growth hacking" is to expand a business by attracting and retaining a growing number of customers at a cheap cost. Growth hacking is also known as growth hacking and growth hacking. |
Approach |
Growth marketing, a strategy geared toward expansion, is heavily reliant on quantitative analysis. |
The term "growth hacking" refers to a high-pressure approach to expanding a company's clientele. |
Emphasis |
Keeping existing customers happy and bringing in new ones are two of the main goals of growth marketing. |
Growth hacking is primarily concerned with increasing a business's bottom line. |
Focus |
Growth marketing relies heavily on trying new things and seeing what works. |
The growth hacking technique centers on quick iteration and testing. |
Long/ Short term |
Expansion through time is essential to the field of growth marketing. |
When it comes to growth, growth hacking is all about speeding up the process and seeing results quickly. |
Conclusion
Growth marketing refers to the process of initiating, developing, and testing strategies for maximizing and enhancing performance in a certain market. Data is the backbone of this method, which focuses on both sustaining and expanding your clientele. In addition, it emphasizes the trial and error of several tactics for long-term expansion.
Alternatively, "growth hacking" is an approach to advertising that prioritizes rapid expansion over short-term profit and employs a variety of novel, low-cost strategies to attract and retain customers. The method is proactive and aggressive, with a major emphasis on increasing the business's bottom line. Furthermore, it emphasizes quick growth in the near future. Although both growth hacking and growth hacking are helpful in promoting products and services, growth hacking is more suited to newer firms. However, both methods do the job.
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