How do you grow your B2B brand? That’s the popular question entrepreneurs ask themselves most often and the answer can cost millions of dollars. You’ve probably heard a lot about growth hacking and growth marketing in the last few years, and you may be wondering if they can work for you…if it’s the same concept or two different concepts, and if you need one, the other, or both.
We have the answers to all your (multi-million dollar) questions. Read on to learn the difference between growth marketing and growth hacking and how an Inbound Marketing agency like FreeSuccess can help your B2B brand achieve measurable and sustainable high-level growth.
First, let’s define the two terms.
What is Growth Marketing?
Before we dive into the nitty gritty, we need to make an important distinction: growth hacking and growth marketing are not the same thing. While some marketers use them interchangeably, there is a clear delineation between the two, and understanding it will help you put a plan in place to get results.
Growth marketing or growth marketing is a methodology that combines two different types of growth: brand growth and performance growth. Brand growth is about awareness, customer retention, perception and brand reputation. Performance growth is about making things happen and improving your brand’s bottom line through increased leads, traffic, sales, revenue and ROI.
Growth marketing is the umbrella term for all the others.
Keep in mind that growth marketing is a strategy and growth hacking is a tactic. A growth marketing strategy encompasses all facets of your brand’s marketing and is focused on achieving continuous long-term growth. Growth hacking, on the other hand, is one of the many tactics used to achieve that growth.
What is Growth Hacking?
In 2010 (this is ancient history in terms of technology), Sean Ellis, a startup entrepreneur and investor, coined the phrase “growth hacking”. He wrote a book about it. Literally. Ellis is also the founder of GrowthHackers, a community of growth-oriented marketing professionals.
Growth hacking can describe any technique designed for rapid market growth, but more often than not, growth hacks involve experimentation, ingenuity and thinking outside the box. Hacks allow brands to quickly connect with new and established audiences and increase revenue. But it’s not just about acquiring customers. In fact, some of the most important elements of growth hacking are activation, retention and referral.
The growth hacking funnel is a little different than the traditional marketing funnel. And if you need a mnemonic to help you remember each step, remember to think like a hacker (AARRR Matrix).
Growth Hacking, as we’ve learned, is a component of Growth Marketing – and a very important one. They are not the same, and while you can practice growth hacking without an overall growth marketing strategy, they work better (and yield better results) together.
Want to implement a Growth strategy that will bring you rapid growth at an optimal cost? Then don’t hesitate to contact us!