Growth hacking or growth marketing uses resources to sell products, grow and retain customers, and gain exposure. Resources in growth hacking mean various light and cost-effective marketing tactics.
Small businesses and start-ups most commonly use the techniques of growth hacking. This is because they need more cash or resources for marketing but need results quickly. This is the primary goal of growth hacking. However, this marketing strategy is scalable for any organization looking to increase its user base and grow business.
Growth marketing is about watching the trends, applying the necessary tools, and achieving goals. It is lean, efficient marketing and uses testing and experimentation. The growth hacking process is all about coming up with new ideas, realizing what works best, and driving growth, repeating this repeatedly. Besides conducting experiments, growth marketing experts should use the data they gather to make smart decisions.
Growth Hacking and Traditional Marketing: The Difference
Growth hacking exists at the intersection of marketing, data science, and technology. Thus, in many ways, it goes against traditional marketing. Let us look into how it is different from traditional marketing approaches.
Goals: Increasing sales and brand awareness are the main focus of traditional marketing. Growth hacking has the goal of business growth in general with a motto of be-all and end-all. Thus, this style works with every stage of the sales funnel.
Product: Marketing got everything to do to sell a finished product. But, Growth hacking goes further and assists companies in improving the product to meet customers’ expectations.
Expertise: Besides conducting marketing campaigns, modern marketers must measure their results offline and online. However, the expertise of them lies mainly in the marketing field. Growth hacking needs the capability to automate everything and the knowledge of programming and data analytics. Growth hackers measure the outcome of marketing efforts in general.
Budgets: growth hackers try to make the most out of the limited resources by using mechanics, offbeat tactics, and channels. As traditional marketing operates with bigger budgets, they can afford paid marketing activities such as targeted ads, PPC, SMM, TV commercials, etc.
How Growth Hacking Works?
Growth hacking makes business expansion with a little spending. They employ data analytics, automation, and creativity to work. Growth hackers use offbeat activities to attract customers at the top levels of a funnel. So, they always develop new and creative ways to generate traffic.
Growth hackers begin testing them after devising a hypothesis. This way, they determine which tactics primarily drive the desired results. At this moment, data analytics plays an important role. For achieving sustainable growth and improving the outcomes of the campaigns in the future, growth hackers have to find out what works well as well as why it does. Therefore, growth hackers track customers using data in their journey down the pipeline.
Growth hacking helps them to understand what brings the existing results and what would allow them to improve the results at each stage. They continuously track customer satisfaction and expectations of the target audience and offer product modifications to improve outcomes.
Growth hackers automate the processes when they learn what works best. After this, they repeat this cycle with the novel hypothesis. These loops for running experiments, creating ideas, automating processes, and collecting data are vital in growth hacking.
Importance of Growth Hacking
Growth hacking is helpful for startups and other businesses with tight budgets. Even though a company cannot afford big-budget marketing tactics, growth hacking techniques allow businesses to expand the number of audiences and boost revenue. Growth hackers are always in search of low-budget marketing techniques for promoting businesses. Thus, it eliminates huge spending to promote businesses to have desired results.
However, growth hacking can bring positive results for large corporations as well. Corporations can embrace new audiences, increase customer loyalty, and improve ROI by employing some growth hacking techniques.
These are just some of the benefits growth hacking brings to businesses. Let us look in detail at the benefits of growth marketing for businesses.
Benefits of Growth Marketing
Besides impressive results and low cost, growth hacking affects businesses in many ways. Let us go into detail and learn about the main benefits of growth hacking techniques on firms.
Provable outcomes: The process of growth hacking is data-driven. Thus, brands using it can run experiments and determine their performance and outcome. Therefore, the growth hackers know the full efficacy of the techniques applied. It allows them to judge and prove the outcome of their strategies as they have concrete measurements.
Product improvement: Growth hackers learn more about the audience by continuously testing different options. So they get an in-depth idea of their target audience’s preferences, demands, and interests. Therefore, it leads them to a deeper understanding of how to improve the company’s products.
Adjustable strategies: Modern marketing is very much tricky. What worked a few years ago may bring results later. As growth hacking constantly monitors its performance, marketers can eliminate less effective techniques and use new ones. It also can work oppositely. Growth hackers can scale the outcome of the tactics and use them for other marketing channels.
Also Read: Three Traditional B2B Marketing Mistakes
Summing Up
Growth hacking entails systematically testing and refining user activation, marketing, and product tactics, intending to achieve rapid business expansion. Typically, growth strategies attract new users and customers while minimizing expenses, rendering them highly suitable for emerging startups seeking accelerated scalability.
Growth hacking transcends conventional marketing strategies and techniques by employing experimental and iterative short-term tactics to facilitate instant company expansion. Growth hacking prioritizes growth, actively pursuing the most lucrative opportunities. This approach experiments on continuous updating of strategies as per new developments. It is not dependent on a single tactic but uses a bunch of strategies to drive growth.
Growth hacking can transform businesses quickly and unexpectedly. Also, it allows marketers to scale their business faster with minimal investment. To apply the techniques of this approach, marketers in companies should have the skills of data collection and analytics, a huge dose of creativity, and programming.
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