For a long time, growth hacking has been a buzzword. Some individuals believe it is just a more formalised name for marketing. Is this true? Also, what exactly is growth hacking?
It’s a relatively new notion, coined by Sean Ellis in 2010. While traditional marketing focuses on increasing sales of a company’s products and services, growth hacking is much more.
Expansion hackers focus not just on sales, but also on the total growth of the firm while spending the least amount of money feasible.
When you think about it, a marketer’s only two aims are to raise awareness and acquire new consumers. A marketer’s work ends when they get a customer. But what happens when a customer is obtained? Do marketers create frameworks that encourage customers to buy again and again? Do they make certain that their consumers are satisfied with their purchases?
Growth hackers vary from typical marketers in this regard. Growth hackers concentrate not just on brand recognition and acquisition, but also on total business growth.
After raising awareness and recruiting new customers, a growth hacker’s role is to provide a smooth user experience and ensure client retention via new features and techniques. This guarantees that they continue to buy from you, therefore assisting the firm in determining the best business model for selling and upselling, which will eventually lead to the loyal consumers referring the products/services to others as well!
The Growth team concentrated solely on the north star metric. There is no room for assumptions or educated guesses since everything they do should lead to progress.
Does this imply that growth hackers never fail? No, growth experiments can and do fail, but growth hackers make sure they are quantifiable and trackable so they don’t repeat the same mistake. When an experiment is successful, they double down on it and take growth to the moon!
Another significant distinction between a marketer and a growth hacker is that most marketers are experts, masters of one or two talents.
A copywriter who does not grasp design or social media commercials, an account manager who does not bring in innovative ads, or a media buyer who is unable to think creatively.
All of them will provide mind-blowing campaigns, but the feedback loops will be lengthier due to the large number of individuals involved.
A growth hacker thinks differently!
While marketers are taught to aim for maximum product/service exposure, most have little notion whether they were successful or if the efforts were effective. What happens after raising awareness? Growth hackers, on the other hand, are always looking for methods to get the same outcomes while spending 10 times less by employing a few high-potential shortcuts.
Growth hackers are solely interested in what works for the business and how many correct individuals they contacted at the conclusion of the campaign, not the number of people they reached.
