Startup essentials: What’s the difference between growth marketing and growth hacking?. Because the whale already has a huge customer base and focuses on maintaining that base and adding new customers as they come of soda-drinking age. And this is the difference between growth marketing and growth hacking. These are the growth marketers. Also Read: Startup essentials: Why startup marketing is not growth hacking Small, new enterprises know they will not be a Coca-Cola in the next year, or maybe not in their entire lifetimes. He did not develop an elaborate marketing plan to get his brand out there. He posted many times a day, sometimes every 3-4 hours. Growth hacking, then, is more of a mindset, rather than a long-term marketing plan. Growth Hacking and Growth Marketing – Merging the Two As new enterprises scale, they develop a repertoire of marketing strategies and tactics that work for them. In this way, hacking and marketing will always work together.
The sailfish is the fastest swimming creature in the ocean, clocking in at close to 70 miles per hour. The whale, on the other hand, perhaps partially due to size, clocks in at an average of about 14 miles per hour.
If we were to draw an analogy between these two sea creatures and business enterprises, Coca-Cola is a whale, and a young startup is a sailfish. In terms of growth, the whale (Coca-Cola) is happy with about 5 per cent a year. Why? Because the whale already has a huge customer base and focuses on maintaining that base and adding new customers as they come of soda-drinking age.
The sailfish (relatively new and young) needs 20-25 per cent growth at least every few months to kick start its customer base and must come up with creative, sometimes out-of-the-box marketing tactics that will go a bit viral.
And this is the difference between growth marketing and growth hacking.
Older and bigger boys have long-term growth marketing plans and usually lots of money. They can purchase TV ads, full-spread magazine pages, and billboards. They also keep abreast of newer marketing trends and acquire large marketing teams to come up with new slogans, new songs, etc., to spread the brand all over social media. They have a global reach, launching large marketing campaigns that are localised in hundreds of countries. Their goal is to keep their already popularised brand in front of people, so they don’t forget. These are the growth marketers.
Also Read: Startup essentials: Why startup marketing is not growth hacking
Small, new enterprises know they will not be a Coca-Cola in the next year, or maybe not in their entire lifetimes. However, their goal is to swim like the sailfish and make big splashes so that they can gain as large a market share as possible, in the least amount of time and with the least amount of expenditure. At the same time, they must focus on the solution they offer to their target audiences. These are the growth hackers.
The essentials of growth hacking
Nathan Chan was (and probably still is) a growth hacker. When he launched his digital magazine, Foundr, it was because he saw a need for startup entrepreneurs – a publication that would provide information, tips, and methods by which they could grow quickly and successfully. He did not develop an elaborate marketing plan to get his brand out…
COMMENTS