Growth Hacking: What Is It?
Although any method intended for quick market expansion can be referred to as "growth hacking," most growth hacks entail creativity, experimentation, and outside-the-box thinking. Hacks accelerate a brand's ability to engage both existing and potential customers and increase sales. However, it goes beyond just acquiring new clients. In actuality, retention, recommendation, and activation are some of the most important growth hacking components. The typical marketing funnel doesn't look quite like the growth hacking funnel.
Growth Marketing: What Is It?
It's crucial to understand that growth hacking and growth marketing are two different things before moving further. There is a distinct difference between the two, even though some marketers use them interchangeably. Knowing this will enable you to create a strategy that will provide results.
Brand growth and performance growth are two distinct forms of growth that are combined in the growth marketing methodology. Building awareness and fostering consumer loyalty are the three main goals of brand expansion. The goal of performance growth is to improve your brand's bottom line by generating more leads, traffic, sales, revenue, and return on investment.
Growth Marketing Is the All-Inclusive Term
Consider this: growth hacking is a tactic, while growth marketing is a strategy. A growth marketing plan aims to achieve steady, long-term growth by incorporating all aspects of brand promotion. On the other side, growth hacking is just one strategy used to achieve that growth.
What Commonalities Exist Between Growth Hacking and Growth Marketing?
As we've learnt, one crucial component of growth marketing is growth hacking. They are not the same, and while growth hacking can be done in isolation without a comprehensive growth marketing plan, their combined efforts yield superior outcomes.
ACTIONABLE for growth marketers
Growth marketing closely monitors results. They must make changes if the plan isn't working. Achievable goals will cut down on the amount of time spent shifting the objectives and free up more time to concentrate on what works.
Time-bound for the growth hacker
Growth hackers are motivated by speed, and having time-based goals can help them remain on course. But it's crucial to remember the annoying fact of time. Since success is unlikely to occur quickly, make sure your goals take into consideration a reasonable amount of time for preparation, trial and error, and adaptation.
Both are Quantifiable
Data is essential to growth hacking and growth marketing, as was mentioned in the section above. You won't be able to provide evidence of success if your strategy and methods don't match your key performance indicators and business metrics.
The Method Is Comparable
The growth hacking funnel illustrates how the procedures for growth hacking and growth marketing are extremely similar. Key components of growth-focused marketing include acquisition, activation, retention, revenue, and referrals.
Furthermore, the growth hacking method can be extended to a broader growth marketing plan, even though it operates on a smaller scale.
Experimentation: Testing is essential at this point. Experimenting with novel concepts, or concepts that are novel to your brand, will increase your revenue stream and expose you to new target audiences. While some will go away right away, others will linger to see what other maneuvers you have up your sleeve.
Repetition: To get the most impact, use the strategies you've found to be effective often. Because you can "set it and forget it" with the strategies that work and return your focus to experimentation, repetition promotes faster improvement.
Suggestions: Even if your product or advertisement doesn't go viral, you can still employ viral marketing strategies.
Does Growth Hacking and Growth Marketing Differ From One Another?
Building brand recognition is the first step in growth marketing's systematic and methodical approach, which then moves on to measurable, long-term growth. Conversely, growth hacking is primarily focused on identifying appropriate strategies that have a quick impact.
But this is a story of caution. A growth hacker is doomed to failure if they neglect the brand. Furthermore, a growth marketer will become lost in a sea of monotony if they disregard creative thinking and rapid growth.
Growth marketers should, of course, use the brand as their ultimate guide, but they also need to be flexible and forward-thinking enough to try new things and think outside the box. To ensure the success of their trials, growth hackers must possess a strong understanding of the brand, persona, and product.
Growth Hackers Get Started While Growth Marketers Gather Background Information Slowly
Growth hackers react quickly to opportunities. They are up to date on the newest gadgets and trends and don't hesitate to use them, even if they don't function. Contrarily, growth marketers have a whole stake in the plan and meticulously plan each stage in order to achieve a certain objective.
The Goal of Growth Marketers Is Sustainable Growth While Rapid Growth Is the Goal of Growth Hacking
You need both in order to approach growth successfully. Combining growth hacking techniques with growth marketing strategies provides the best of both worlds. Fast outcomes that are repeatable, adaptable, and sustainable in the long run.
Growth Hacking Prefers Technology, While Growth Marketing Is More Concerned with People and Business
Growth marketers, as we have indicated, are always monitoring the brand and the consumers it caters to. They create characters and delve deeply into their requirements, anticipations, and driving forces. They use this knowledge to create content that delivers the correct message to the audience at the right time and place. It might not be rapid, but it works wonders most of the time.
Growth hackers are more concerned with how they reach people than with who. They are the first to use new technology, often as innovators as well, and they depend on tools to do tasks swiftly.
While growth hacking is a single revolutionary move, growth marketing is a constant labor of commitment.
We're not suggesting that growth marketers work harder—just that their labor be spread out over a longer, more consistent period of time—before you get too worked up (looking at you, growth hackers). Contrarily, growth hackers put more effort into the initial stages. However, they keep doing it until their tests are successful or unsuccessful.
Growth marketers have excellent planning skills. They devised a plan of action that will be carried out over several months, if not years. Growth hackers anticipate immediate outcomes. They move on to the next experiment if they don't understand them.
Once more, neither choice is superior. For greatest impact, it is ideal to combine the two strategies: long-term sustainable expansion into the future and quick growth now.
While growth hacking seeks immediate results, growth marketing considers the bigger picture.
Growth marketing is a long game, as previously said. They have an incredible poker face, even when the stakes are huge. On the other hand, growth hackers are aware of when to hold and when to fold. They have no problem turning away from a poor hand. They just play the odds differently. A growth marketer thinks about the brand's goals for the next five years. A growth hacker is more focused on the current state of affairs. The ultimate goal remains the same: higher growth.
In conclusion, which is more important, growth hacking or growth marketing?
We don't need to reiterate it, do we? Either way, we're going to do it.
To get next-level outcomes, you need both growth hacking and growth marketing. Try growth hacking if you're in a rush and want results quickly. You'll need a growth marketing strategy if you hope to maintain that growth over time.
Combining the two, however, is the finest thing you can do for your brand. Locate a growth marketing company (we can help you with that) and make sure your plan incorporates growth hacking techniques.
Need professional assistance that fosters both short- and long-term growth? Digital Mode is a team-oriented, growth-oriented agency.
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