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When you hear the terms "growth marketing" and "growth hacking," you might assume they have the same meaning. Is there really any difference between them since they both contain the word "growth"?
The names can be used interchangeably, which makes deciding between the two much more difficult. While growth marketing and growth hacking have some characteristics, such as the desire to increase income, they are two different strategies.
Growth hacking frequently focuses on achieving rapid sales growth in order to achieve immediate results.
Getting the ball rolling and converting as many leads as you can are essentially the goals.
Growth marketing, on the other hand, is committed to the long game. It's a strategy that tries to not only convert leads but also make them devoted, brand-loyal customers.
Yes, businesses can employ growth marketing as well as growth hacking. And when all you're pursuing is growth, it might be difficult to determine which strategy will deliver it. However, if you look more closely at your growth goals, there are indications that growth marketing is a better option. Let's examine the most important signs listed below.
You must establish your brand.
A company that has to grow and establish its brand typically operates in a mature market. Your company might be more established than a startup. However, you still haven't reached your maximum market share and wish to dominate your sector. Growth hacking could provide your company a short-term boost, but growth marketing will work to increase and maintain its market share.
Additionally, growth marketing can be more successful if your company already has a loyal consumer base. Although these customers are dependable, you aren't seeing as much growth from them as you would like. They don't produce as many repeat sales as they could because they frequently stick with the goods and services they are familiar with. Determine what will assist in turning the dial on your base.
A/B testing used in a growth marketing strategy might reveal behavioral trends that will help you rethink your tactics.
For instance, is the lack of additional product additions by customers due to their ignorance about them? Or is there reluctance because there isn't a perceived demand and people are often reluctant to attempt something new?
These barriers to long-term growth will be revealed by the data you obtain from your testing. Then, you can use your marketing techniques to get around them.
Your Goods or Services Are More Usual
Imagine you are the CEO of a bank or credit union. Let's face it, it's unlikely that your goods and services will generate a lot of talk online. Checking and savings accounts, mortgages, and credit and debit cards are all seen as needs by consumers.
The likelihood of churn is greater because they are commodities that the client may find harder to distinguish. Additionally, customers are frequently aware that these goods and services exist.
The choice of a product or service is less important for the market. Finding a provider who is convenient, a brand with comparable ideals, or a vendor who provides special advantages is more important.
Growth marketing, as opposed to growth hacking, can increase visibility and customer loyalty for brands and goods that are less likely to go viral.
Growth hacking requires goods and services that will draw interest because it first generates a lot of talk.
These products frequently use a freemium business model or are completely new to the market. You can still carve new niches even if your company offers pretty standard goods or services. Growth marketing helps you identify these areas and gradually grow them.
Your Business Faces Serious Competition
Growing in crowded or fiercely competitive markets will be more difficult. There is just so much market share or potential there is. Even if you're a major player in your market or sector, you'll still have to compete to keep your current share. Snatching up new market entrants or stealing market share from rivals will be more expensive.
Long-term planning and thinking are necessary to maintain and increase share in a cutthroat industry. It takes time to implement strategies like increasing client loyalty and developing cutting-edge products. They necessitate investigation, data analysis, and a methodical approach.
Finding techniques that succeed and can be automated for ongoing outcomes is part of what growth marketing aims for.
Growth marketing is like a trend that endures, as opposed to growth hacking, which may be like a trend that fades away.
Additionally, to maintain revenue growth in a crowded industry, you need a formula that can be used repeatedly. If you don't, you can lose some of your market share to rivals or find it difficult to advance past a certain point.
Growth marketing builds individualized experiences that are challenging for rivals to imitate while retaining clients.
Growth marketing may be the ideal strategy when you need to establish your brand, sell conventional goods, or when your industry is already saturated. Your chances of achieving your desired growth goals are higher.
Brand development, commodity offers, and competitive environments call for more than a band-aid fix. They demand growth marketing's advantages for long-term retention.