There is an old debate that won’t go away. Businesses are always wondering if they should invest in growth hacking or growth marketing. This is why businesses go in the debate of growth marketing vs. growth hacking. There are some conditions that reveal the real strategy a business will need. Before that, let us define what growth marketing and growth hacking are.
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What is Growth Hacking?
In simpler terms, growth hacking is a marketing strategy that experiments with new techniques to bring in faster profit and growth. It involves using data driven experimentation to drive user acquisition and revenue growth. It is known to be a quick way to kickstart a business and see what techniques work and what don’t.
The term was popularized by new companies in the 2010s. They picked this term from Sean Ellis, who coined the term and took growth to new heights by focusing on effective solutions and techniques. These techniques include A/B testing, referral marketing, email marketing and social media.
This strategy is often adopted by startups and technology companies. However, any kind of business can take up this strategy. This is because the goal of this strategy is to find effective ways to grow a business through rapid experimentation.
Here is a list of how will growth hacking benefit a company;
- Generating quality leads
- Brand awareness
- Improved ROI
What is Growth Marketing?
Growth marketing is a marketing strategy that focuses on achieving sustainable growth by continuous experimentation. Unlike growth hacking, growth marketing is more about achieving growth that stays for a long period of time. There is no rush and there are no major risks taken in this strategy.
It often involves using advanced analytics, marketing automation, personalization and advanced tools. These things help companies to target and engage with their customers and gain better insights. It is known to be a strategy that is better than traditional marketing as it does not focus on short term growth.
It will be easier for people to understand it this way, while growth hacking works at a faster pace and takes out the best techniques, growth marketing is then used to see how these hacks can be contained for a longer period of time. Growth marketing supports growth hacking and takes things to the next level where the growth is sustained.
Growth Marketing Vs. Growth Hacking: The Difference
There are many differences and similarities between growth hacking and growth marketing. One of the most prominent similarities is that both of the strategies rely on data. The data is then utilized to make a plan that will bring profit.
However, let us break it down for you. While growth hacking is more focused on the instant results and growth, it leaves behind the brand image or the intricacies of long term growth. The brand becomes secondary and the profit is given more priority. Growth marketing is different, it seeks consistency and it is a slow growth.
Growth hacks might not work every time, growth marketing is a long term strategy of ensuring results. It moves with a primary motive and that is to sustain profitability. Growth hacking relies on technology and looks to get the best results out of them in no time. Growth marketing is more focused on people, the customers and their needs. It works diligently on establishing a brand image and value that stays there for a long time.
Growth Marketer Vs Growth Hacker: Decoding the Roles
It is important to dive into what it takes to be a growth marketer and growth hacker and what are their roles.
Growth hackers are basically the people who will creatively work on the techniques and tools that will bring in rapid growth. These people work independently and have no outside help. It is a part of their job to find underutilized and cost effective ways to bring profit.
Their minds do not stop experimenting with different techniques and taking out a unique way to boost growth. They are the people who hate to go about the same old patterns. They are creative and have a mind that breeds on experimentation. Their iterative approach to the market enables them to carve out ways in which they can ensure growth.
Now let us see how growth marketers function and what their role is. As opposed to a growth hacker, the role of a growth marketer is robust. They have to thoroughly conduct market research to identify the potential growth opportunities. They also have to carefully use data analytics to track campaign performance so that they can make data driven decisions. Growth marketers are creative but their job is to bring sustainability to the company.
Here is a list of things the growth marketer will do;
- Collaborate with Teams
- Executing Marketing Campaigns
- Competitive Analysis
Growth Marketing Vs. Growth Hacking: The Decision
This has been a long debate and many thoughts have been shared. However, it is pertinent to note that this decision will be based on what the business is aiming to achieve. If your company is a startup and you are eager to bring in profit, then going for growth hacking is a viable option. Similarly, if you want to plan things for long term growth and you are willing to wait and enjoy the fruit of patience then nothing beats growth marketing. So, while looking at the condition of your business, you should be able to make that decision. We assure you that both of these work brilliantly for the growth of the business but their pace will be different from each other.