We transcripted the Growth Hacking-Data Driven Marketing 2018 tutorial to make it quicker to learn what is actually growth marketing.
Growth Marketing is data-driven full-funnel marketing, based on rapid experimentation. Let’s explain the real definition of Growth Hacking or Growth Marketing!
Now the main difference with traditional marketing is that whereas a marketer would only focus on driving traffic to a website or service, a growth marketer or a growth hacking team focuses on the full customer journey. Asks some questions like,
Will the user engaged with the website?
Will the user feel a great first user experience and understand the core value of your product in their first experience?
Will they come back and use your product again and become daily weekly monthly yearly active users?
Will they come back and buy again?
What pricing strategies can we experiment with?
Can we build virality into our product?
As you can see, it’s already a lot more than just marketing…
These steps of the funnel in the middle are very product-oriented.
Onboarding customers and retaining them often involves a heavy hand on the product and the development side. Even at the very top of the funnel, a good growth marketer will try to use as much automation as code as possible to come up with creative ways of driving traffic.
We’re slowly dissolving the line between marketing and products.
Marketing and product are no longer two different things.
One of our favorite examples is engineered marketing, tools based marketing. This is just another example of creative marketing. Choosing between the millions of combinations of medium and message.
The main reason is to track customers along their customer journeys and to start experimenting on how to improve conversions along the way.
Now to do this right you need quite a lot of customer empathy and behavioral psychology.
What can we use from the fields of behavioral economics such as persuasion techniques or human biases to convert more customers to our product or service?
Finally, once you’ve run experiments and you find out what works,
Now the growth hacker can’t randomly use all of these skills to find out what’s actually going to work. You can’t randomly select from the thousands of tools and tactics on how to improve your metrics.
So you need experiments. This is another big difference in marketing.
Marketing campaigns and guts driven decisions have been replaced with rapid experimentations, with data backed decision-making.
Leading and disruptive companies need a scalable, adaptable, easy to implement the process on how to run experiments faster.
We’ve actually developed a whole process around this.
It’s called the G.R.O.W.S. That’s how the best are achieving scalability and growth. Therefore why are you still using external agencies and external consultants for your growth?
That just doesn’t cut it anymore, growth is too important to be externalized.
It’s time to hire and train people on the right digital and psychological skills for them to be able to use the latest cutting-edge tools and implement growth rapidly.
So like we said in the beginning…
Growth marketing is data-driven full-funnel marketing based on rapid experimentation.
Of course, there’s a lot of nuances when we say that our the only thing that matters is growth;
Is it ethical growth?
What’s your ethical bandwidth?
What kind of tactics are you using
What industry are you in?
How big is your company?
How important is risk, compliance, branding, agencies?
What does your customer journey look like? Are you fully digital or omnichannel?
I hope I’ve given you a good explanation of what we now mean by growth hacking or growth marketing or just growth in general.
With all things being equal we believe that speed will win. Try to implement rapid experimentation ASAP!
If there is anything that you want to ask, share your thought under the comments below.
Additionally, don't forget to have a look at The Advanced Guide for Growth Hacking article to get experience and knowledge from growth hacking experts!
Thank you for your time.