When It Makes Sense to Use Growth Marketing vs. Growth Hacking

You might see the terms growth marketing and growth hacking and think they mean the same thing. They both have the word growth in them, so is there really a difference? What makes the distinction between the two even more confusing is that the terms are sometimes used interchangeably. Although there are similarities, such as the goal of generating more revenue, growth hacking and growth marketing are two distinct approaches.

Growth hacking tends to focus on achieving short-term results through a flurry of business activity. It's more or less about building momentum and converting as many leads as possible. In contrast, growth marketing is here for the long haul. This is a strategy that aims to not only convert leads, but also turn them into lifelong customers who champion the brand.

Yes, companies can use both Growth Hacking and Growth Marketing. And sometimes it's hard to tell which approach will get the results you're looking for when all you want is growth. But if you dig deeper into your growth goals, there are signs that growth marketing is the most appropriate choice. Let's take a look at the most significant indicators below.

You need to build your brand

A business that needs to expand and develop its brand presence usually already has an established market. Unlike a startup, your business can be around for a while. However, you haven't maximized your market share and want to become a stronger player in the industry. Growth hacking may give your business a temporary boost, but growth marketing will help expand and maintain market share.

Growth marketing can also be more effective if your business has an established customer base. These customers are loyal, but you're not seeing as much growth among them as you'd like. They tend to stick with the products and services they know and don't generate as many repeat sales as they could. You want to figure out what will help move your base dial.

A/B testing as part of a growth marketing approach identifies patterns of behavior that can reshape your strategies. For example, aren't customers adding other products because they don't know about them? Or is there hesitation due to a perceived lack of need and a general reluctance to try something new? The data you get from your testing will help uncover these barriers to long-term growth. Your marketing strategies can then work to overcome them.

Your product or service is more conventional

Let's say you run a bank or a credit union. Let's face it, your products and services aren't very likely to inspire excitement and buzz on the internet. Consumers view checking and savings accounts, home loans, and credit and debit cards as necessities. These are products that can be more difficult to differentiate in the mind of the customer, and the risk of churn is high. In addition, consumers are generally aware of the existence of these products and services.

For the market, the decision is less about the choice of product or service. Rather, it's about finding a convenient supplier, a brand identity with similar values, or a vendor that offers unique benefits. Compared to growth hacking, growth marketing can