What exactly is Growth Hacking, and how does it differ from Traditional Marketing?
For a long time, Growth Hacking has been a buzzword. Some folks believe it’s merely a fancy way of saying “marketing.” Is this, however, correct? Also, what exactly is growth hacking?
Sean Ellis invented the term in 2010, and it’s a relatively new notion. Growth hacking is much more than traditional marketing, which focuses on increasing sales of a company’s products and services.
Growth hackers aren’t only concerned with sales; they’re also concerned with the company’s total growth while spending as little money as feasible.
When you think about it, a Digital Marketing Agency Bangalore only has two objectives: increasing brand awareness and attracting new consumers. When a marketer acquires a consumer, their work is done. But what happens once you’ve got a customer? Do marketers create frameworks to encourage customers to buy from them again and again? Do they follow up with consumers to ensure that they are satisfied with their purchases?
Growth hackers vary from traditional marketers in this aspect. Growth hackers concentrate not just on brand awareness and acquisition, but also on the company’s total growth. They are in charge of ensuring that all marketing and customer-related processes function successfully. They are in charge of the A3R3 Funnel, commonly known as a pirate funnel. There are six steps in this process: awareness, acquisition, activation, retention, revenue, and referral.
After increasing awareness and capturing new customers, a growth hacker’s duty is to provide a flawless user experience and ensure that consumers are maintained through new products and tactics. This guarantees that people continue to buy from you, assisting the company in determining the best business model for selling and upselling, and ultimately leading to loyal consumers endorsing the products/Social Media Marketing Companies in Bangalore to others.
While all of this may look to be a lot of effort and money, it is the Growth Hackers who ensure that they achieve their objectives while spending the least amount of money feasible.
What are the methods used by growth hackers to achieve this? They make judgments based on data rather than preconceptions, unlike the traditional marketer. Marketers can undertake surveys, research, and interviews to better understand their target audiences, but what if you just have a restricted budget?
The Growth team focused solely on the north star metric. There is no room for assumptions or guesses since everything they do should contribute to development.
Does this rule out the possibility of growth hackers fail? No, growth experiments can and do fail, but growth hackers ensure that they are quantifiable and trackable so they don’t repeat the same error. If an experiment proves to be a success, they make sure to double down and push growth to new heights!
Another significant distinction between a marketer and a growth hacker is that most marketers are experts in one or two areas.
A copywriter who doesn’t grasp design or social media campaigns, an account manager who can’t come up with innovative advertising, or a media buyer who can’t come up with new ideas.
All of these together will produce mind-blowing campaigns, but the feedback loops will be longer due to the large number of individuals involved in the process.
Growth hackers, on the other hand, are multi-talented. They have a “T-Shape” of abilities. The majority of skilled growth hackers are well-versed in data, design, copywriting, landing pages, and media buying. They know how to track their progress and determine what worked and what didn’t.
A Growth Hacker thinks differently!
While marketers are taught to aim for maximum product/service awareness, the majority of them have no clue whether they were successful or if their efforts were effective. What happens once you’ve raised awareness? Growth hackers, on the other hand, are continually looking for methods to get the same results for ten times less money by employing a few high-potential shortcuts.
Growth hackers are solely concerned with what works for the business and how many right sets of people they reached at the end of the campaign, not the size of the audience.