Blog 45: Growth marketing and growth hacking two sides of the same coin?
- Idea2Product2Business Team
- May 28, 2024
- 2 min read
Updated: Mar 18
Continued from blog 44.
Growth marketing and growth hacking are similar in the sense that there is,
· dependence on data for decision making
· constant experimentation with untested or unconventional solutions
· focus on massive growth
However, the key differentiator is the mindset and the approach taken. Differences include,
Growth Marketing | Growth Hacking |
A long-term strategy … | Hacks, unique and low-cost strategies |
… with sustainable growth | Quick results |
Focus on the entire marketing funnel i.e., awareness to acquisition to activation to retention to referral to revenue (AAARRR) Refer blog 43 | Focus is on acquisition |
Adopted by firms across product life cycle. Refer blog 49 | Generally, used by early stage firms. |
Utilize methods like A/B testing, email marketing, SEO, and data analysis etc. | Unconventional and unique methods |
Effective growth marketing strategies: · Referral program · Personalized onboarding · Promote new features with webinars · A/B test | Effective growth hacking strategies: · Trigger pop-ups (compelling offers) when user attempts to leave site · Promote product via current users · Offer perks for sharing a status etc. |
Refer blog 95 for more on growth marketing tactics.
As we can see above, growth hacking strategies require constant innovation.
How does one create growth hacking strategies?
Step 1: Brainstorm open-ended questions (anything and everything) to develop a hypothesis
· What do our customers really like?
· What forward or backward integrations will help our product?
· What are the existing channels? Why are some successful and some not?
· Where is the roadblock from all prospects joining us? etc.
Step 2: Analyse data (user behaviour, product metrics etc.) to support or reject the hypothesis.
Step 3: Leverage user psychology techniques such as creating scarcity for number of free trials allowed, access to exclusive bonus content, perking up customer curiosity with certain initiatives, provide social proof for your product.
User psychology techniques are also leveraged for designing upsell techniques (refer blog 76 to learn more about upsell and cross-sell).
Step 4: Finalise the growth hacking strategies for that period.
Jump to blog 100 to refer to the overall product management mind map.
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All the best! 😊