A startup is a company designed to grow fast. so, if you tend to found your startup, you should know the difference between growth Marketing, that is connecting the product to the user and growth hacking, that is a non-traditional quickly connecting a user to the product.
What is Growth Hacking?
Growth hacking is experiment driven marketing focused primarily on how the product is used to create growth both from the distribution and retention side. it focuses on experimentation and out-of-the-box solutions to drive viral growth. In particular, unconventional ways of achieving growth Before Product-Market Fit (BPMF).
Growth Hackers are not about business-as-usual marketing or sending out press releases. They test the Product/Market Fit hypothesis with consumer data/marketing tactics they implement, and constantly tweak the product to suit the newly found consumer pains in order to get a better product to attract more users.
In fact, the application of growth hacking was one of the earliest examples of marketers actually focusing their attention on the entirety of the sales funnel. Instead of considering only awareness and acquisition, they try to understand the entire life cycle of a customer. They turn people into customers, customers into users, and users into evangelists.
a growth hacker focus on:
- platform integration, such as what Airbnb did for posting to Craiglist.
- how Dropbox used incentive sharing.
- onboarding email deliverability.
- landing page A/B tests.
- Test, test, test.
What is Growth Marketing?
Growth marketers are driven by revenue. The real challenge is ensuring that growth is headed in the right direction that means optimal profitability and that it is achieved with as little waste as possible.
A traditional marketer might make a TV commercial or buy an ad online. but a growth marketer follows more intelligent ways. Why buy a TV spot when you can trick Google into sending you more visitors for free? they differ in that they focus on the entire customer funnel, not just the top of the funnel.
Growth marketers seek to understand revenue attribution, particularly through lower-funnel metrics. Campaigns and sources are optimized to track customer lifetime value, opportunities closed, and total revenue generated. And, growth marketers pursue the power and profitability inherent in retention, upsell, and referrals.
growth marketer focus on:
- Brand value proposition and messaging
- Story-telling delivered through compelling content
- Customer segmentation and lifetime value
- Convergence media channel planning
- Conversion rate optimization