What is the Difference Between Growth Hacking and Marketing?
If you were asked to define marketing, you would probably describe that it is the process of promoting a product or service in a way that appeals to potential customers. You may describe how you define your target audience, research what their needs are for a certain item, check out the competition, and look for creative ways to reach your target audience and attract their interest.
However, can you describe growth hacking? If you are an expert in this field, then you could easily explain the process involved with growth hacking strategies. Yet, many people have never heard of this term and most likely think a growth hacker is trying to hack into a computer or upset business growth.
Growth hacking is a buzzword
Growth hacking is a popular buzzword that is understood among the marketing and product development community. Startups and small businesses are also accustomed to this term as it provides successful strategies for improving business growth.
The idea of growth hacking has been around for several years as small business startups use various strategies to ensure business growth. Smaller companies typically do not have the marketing revenue that is needed to promote their business on a larger scale, so they need to rely on alternative strategies. This is where growth hacking comes into play. Growth hacking combines marketing tactics, engineering, and a mindset focused on growth to deliver fast results for business growth.
Growth hacking and traditional marketing work together
While growth hacking uses platforms like social media or viral marketing to help businesses grow, it still implements traditional forms of marketing as well. Growth hacking strategies and traditional marketing work together to build a successful marketing and business development plan. Growth hackers continually ensure that products fit the market they are targeting. They conduct research to see how the target audience reacts to the product or service being sold. Similarly, traditional market research uses these strategies, but on a larger scale.
Both growth hacking and traditional marketing determine what forms of media work best to effectively promote a product. This may involve print, radio, television, and social media, as well as an SEO campaign. This can be determined through web analytics and data analyses.
How growth hacking is different from traditional marketing
Even though traditional marketing and growth hacking have several similarities, there are key differences. Marketing involves extensive market research before a channel or media platform is selected. Growth hacking techniques use web data and analytics to understand how the market is functioning, and then a growth hacker applies guerrilla-type tactics and uses social media platforms to determine how a product should best be marketed to gain the most rapid business growth.
Growth hacking is moving into larger organizations
Growth hacking has become a popular technique among small businesses, but fewer companies have heard about when it comes to larger corporations. However, the strategies involved with growth hacking do also benefit larger organizations. Larger companies who are using growth hacking strategies are recognizing that they must think about their target audience when they are developing a product, rather than the old way of thinking to develop a product and then find a target market.
Growth hacking creates buzz about a product launch
Growth hacking techniques include building a buzz about a product while it is being developed. You want to receive feedback while the product is being developed to know how to best meet your customers’ needs. Post information on product development on your social media platform, forums, blog, or email campaign to inform your prospective and current customers about the upcoming product launch. This will provide excellent feedback as well as introduce the product before it is released to build excitement.
Growth hacking tools
The strategies involved with this form of marketing are not limited to specific companies or a certain business scale. Growth hacking’s unique tools can benefit any organization. It does require some creative thinking for those involved with traditional marketing techniques. It also requires the ability to learn about analytics and data research that may not have been used previously. Growth hackers have a mindset that is unlike traditional marketers. They look at combining engineering, product development, and marketing tools to develop business growth.
Traditional marketing and growth hacking are both valuable to business growth. An experienced growth hacker knows how to apply technical and creative strategies that come from both forms of marketing. Successful growth hackers have a clear understanding of what they are planning to grow and implement psychology and human behavior when it comes to choosing specific marketing tactics. A company culture that supports growth is essential to the success of growth hacking. Make sure your organization understands the steps that are being taken and is on board with the strategy being used to improve company growth.
