Even though growth marketing stems from the wider concept of traditional marketing, the two are fundamentally different from the approach and the ultimate goals. Growth marketing or “growth hacking” has gained immense popularity in recent years, yet it remains an enigma. Today let’s try and break down the concept of growth marketing and understand how it is different from traditional marketing:
What is growth marketing?
So, what is growth marketing and what is all this sudden buzz around it about? Growth marketing is more of a holistic approach that focuses on the growth of the company rather than simply focusing on sales. Growth marketing was born out of necessity. The highly competitive and often tight on budget environment in which start-ups operate led them to find more innovative and affordable avenues of marketing. Ones that helped boost their sales and offered long-term and sustainable growth while allowing them to scale up.
What is traditional marketing?
The primary focus of traditional marketing methods is on increasing your company’s products and services. These marketing techniques are more expensive and demand a big marketing budget – which, practically, is impossible for small businesses or start-ups to manage.
Growth Marketing Vs Traditional Marketing
Marketers focus all their attention on selling the finished product and services. They come into the picture at a much later stage when compared to growth hackers. Growth marketers are there from the start – right from the inception of the product idea to its execution/production and even after it is launched. The holy grail for growth hackers is “growth”.
Traditional marketing strategies are expensive. They target all-out exposure by placing product ads on popular mediums such as television and billboards. The aim – maximum awareness about the product and services of the company, presented in the most creative (at times, even extravagant) ways to attract the prospective customer.
Since growth marketing as a concept was born because of minuscule marketing budgets available for small business and start-ups, it is not restricted by budgets. Nothing is off-limits, as long as it improves the company’s reach and doesn’t pinch the pockets too much. Unconventional and innovative marketing strategies such as email marketing, content marketing, SEO, improving the user experience to drive conversions – anything that will help take your brand or your product to the next level.
Traditional marketing gigs involve high budgets ad campaigns but often lack the tools to measure the ROI of such ad campaigns. In most of these scenarios, it is nearly impossible to gauge the efficacy of the strategy.
On the other hand, growth marketing implements campaigning strategies that are unconventional, highly effective, and low cost. Various growth metrics allow the marketers to measure the conversions driven by their strategies, telling them exactly what is working and what they should not be wasting their resources on.
Traditional marketing avenues still rely on textbook methods that had proven effective way back in the day. These theories and marketing frameworks seldom work in today’s world. For example, if your targeted demographic is the youth of today – the millennials, the Gen Z, placing your product ads on prime-time news networks is quite honestly redundant.
The youth today has cut the proverbial cord and are spending most of their time on the internet. Reaching out to them via social media marketing is a more data-driven way to go about it. Growth marketing has cracked this code. They adopt this data-driven approach to marketing from day one. Everything is based on solid research and backed by data analytics. No assumptions – only clear, measurable and trackable strategies.
Traditional marketing relies on popular, more expensive advertising channels with the focus on radio, television billboards etc. While the growth marketing steps out of this comfort zone and does not shy away from exploring new and potentially untapped territories to figure out what works. It is more experimental in that respect. They understand and acknowledge the fact that reach is about effectiveness, not the size. The number of people who heard about you hardly matters. What really matters is whether the right people heard about you. This way, you stand a chance to acquire a loyal customer.
Most importantly, it is important to collaborate with a growth marketing agency with in-depth knowledge and practical experience of hacking growth marketing. We at Amura, know that growth matters to you, and as a growth marketing agency, we help you tap into the vast potential of digital marketing avenues to hack growth, drive quality traffic to your website, generate reliable leads, and ensure a better online reach. We help businesses grow and unlock their true potential through tailored made campaigns that implement the right strategies.