Today, one of the most commonly asked questions among marketers is the actual difference between growth hacking and traditional marketing. Although growth hacking may seem like a complicated buzz words, it is actually quite easy to understand. It is clear that growth hacking is here to stay and many companies can expand their marketing efforts through growth hacking. Growth hacking specialists or growth hackers are actually also marketers, but they use a different set of tools and face a different set of challenges. Growth hackers can be quite useful for start-ups that still face an extreme case of uncertainty.
Many new business owners still don’t know about their actual core customer base. Growth hackers determine which marketing channels that work the best and then they focus completely on them. With traditional marketing, it will take a while to figure this out. Traditional marketers are more preoccupied with choosing the right and getting its engine started, while growth hackers immediately want to drive the car as fast as possible. Growth hacking aims for astronomical growth, which is possible among some start-ups. With the right kind of product, strong brand and proper growth hacking methods, it is possible to achieve 20 percent of monthly growth.
On the other hand, growth hacking allows big and mature businesses to achieve 5 percent of annual growth, especially if they already have significant market penetration. With traditional marketing efforts, marketers already struggle to eke out a few percents of annual growth and keep their business growing. Growth hacking is essential for start-ups that have limited resources and weaker brand equity. With less money, it is still possible for start-ups to gain recognition similar to established companies. In this case, it is important for growth hackers to educate the consumers in a proper way.
Traditional marketers can become growth hackers by changing their mindset, while using new creativity and analytical thinking. They are aimed to increase the core marketing metrics significantly. They know how to use proper analytics and creativity to grow their company rapidly. Amazon was well known for its highly successful A/B testing method and it fits into the growth hacking category. When marketers want to become growth hackers, growth should be placed on top of the priority list and they need to remove or at least de-emphasize techniques that are irrelevant in gaining rapid growth.
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