Introduction Of Growth Hacking or Digital Marketing | Which is Better to Grow Your Business and its ROI?
Growth Hacking or Digital Marketing | Which is Better to Grow Your Business and its ROI?. Lately, in the marketing environment, there is a lot of talk about Growth Hacking or growth marketing. In some cases, as an alternative to Digital Marketing. As if one of these strategic tools replaced the other. But in reality, it is about two different concepts, and easy to distinguish.
The Marketing Funnel
Growth Hacking is the process of conducting rapid, agile, and controlled experiments, through the marketing funnel, the buyer’s journey, and the sales cycle, to identify actions immediate, powerful, and very efficient to grow a business. But above all, Growth Hacking is a way of thinking and working. It is living by setting the goal above the means.
It is a term that is related, particularly, to the impulse of startups in the market. The word “hacker” itself has several different meanings and connotations. Creative Hacker – A resourceful person, capable of creating a solution that anyone else might have missed. Life hacker, for example. The Growth Hacker must be resourceful, seek the direction of the business creatively.
Software hacker: It is a software engineer or programmer who uses technology to provide solutions. Growth hackers must master the technology, software, databases, APIs, and automation tools to grow the startup. Illegal hackers know unauthorized access to a system. They exploit vulnerabilities and break security systems with ease.
Digital Marketing Encompasses All Marketing Efforts
Growth Hackers know the weaknesses of the system and provide security to their platforms. On the other hand, it is. Digital Marketing encompasses all marketing efforts in digital channels such as search engines, web platforms, CRM, social networks, email, or WhatsApp, Tik Tok, etc. to connect and engage with current and potential customers.
And through Content Marketing Actions in Social Networks Email Marketing SEO Positioning SEM campaigns … that offer faster results than SEO. one relationships) Types of Differences Between Growth Hacker and Digital Marketing: – Objective that each one seeks Growth Hacker focuses on each stage of the customer funnel: knowledge, acquisition, retention, and conversion. You Can Also Read 7 Best 100% FREE ERP Programs and Open Source Software for 2022.
And he gets involved in product development. Digital marketing focuses on Brand Awareness, that is, on getting the brand recognized in the target market … and on Customer Acquisition. – Timing In Growth Hacking, speed prevails In Digital Marketing the long term – Focus A Growth Hacker focuses on the next growth opportunities.
The Superpower Of A Growth Hacker
The superpower of a Growth Hacker is in his obsessive focus on a singular target. By ignoring almost everything, isolating only the objective, you can achieve the key values for the business in the shortest possible time. Growth targets could be, for example: Focusing on revenue: reaching a certain number of revenue at the end of the quarter or year.
Focus on the sector: increase the presence of your company in a certain sector or market. Focus on the business – Grow the business or dealer network to a certain size in the next quarter or year. While marketers are very busy with day-to-day marketing, communication, and brand reinforcement. – Risks to Incur Growth Hacker is bold. Its objectives are broad and immediate.
Sometimes just little experiments. The strong presence of agile innovation and creative experimentation could create risks. But these are assumed as part of the rules of the game. Because it also opens the doors to greater opportunities. Digital Marketing involves protecting the brand. It is planned in the long term, seeking to avoid unnecessary risks or exposure.
The Specialists In Digital Marketing
Technical Knowledge Growth Hacking, as I mentioned before, is an activity of technologists. Growth Hackers have technical skills such as programming, tool development, and automation. They do everything from idea to commissioning and execution. The specialists in digital marketing, on the other hand, and in general, do not have technical training, even a strong academic background. If you look for their profiles on LinkedIn you will see it.
And perhaps that is the secret, it is people who have natural social skills, who understand practically the preferences of the Google algorithm, adopt work methodologies in social networks, learn from experience and mistakes, are nourished by information from Internet experts, etc … and delegates everything technical to third parties: programming, graphic designs, etc.
Data-Driven Approach A Growth Hacker bases his work on data. Constantly measuring and optimizing everything. Digital marketers draw on their experience and analytics accumulated over time to optimize their next moves. – Work Method In the same way that for a Digital Marketing team the main work tool is the Digital Marketing plan, for a Growth Hacker the guide and main work tool to check the results is the Growth Funnel or AR Funnel.
Which Of These Two Marketing Techniques
The AARRR funnel, also known as the Hacker metric, is a method of working and analyzing user behavior from the moment an offer for a product or service is discovered, until the moment the buyer recommends what they have purchased. This funnel is based on five types of user behavior metrics: R – Acquisition: from which channels do users come to us?
This stage is the first contact with customers. A – Activation: what percentage of them have a satisfactory initial experience? This is the stage where users test and understand the value of the product or service. R – Retention, do they return? The main objective of this stage is to keep fixed and recurring customers about the product or service of the business.
A – Reference: do you like it enough to recommend or prescribe it to your friends? This stage focuses on growth, and where virtualization plays a very important role. A – Income: can you monetize your product? This stage begins when a customer purchases your product or service. Which of these two marketing techniques is better and which offers a higher Return on Investment?
While ROI depends entirely on how your company implements and optimizes marketing strategies, Growth Hacking guarantees a higher ROI. But why not digital marketing? For strategic reasons. Your company can implement all kinds of digital marketing techniques and get a good return on investment.
Growth Marketing or Growth Hacking And Digital Marketing
But if you implement those digital marketing tactics with a growth hacking mindset, your company is more likely to get the return you are looking for. Because you know what you are looking for. Growth Hacking forces the company to establish clear, specific, quantifiable, and constantly measured objectives.
If a digital marketing tactic, for example, email marketing, is not driving your company to achieve its growth objectives, you will have to change the focus, time, money, tools and efforts, for a marketing tactic that allows you to achieve those goals. In any case, growth marketing or growth hacking and digital marketing are not mutually exclusive.
They are different roles. Okay, so far this brief explanation on Growth Hacking and Digital Marketing: how to increase the Return on Investment ROI and what technique is better to grow your business.