Companies use different tools to promote their products and services. For example, they launch contextual advertising, invest in SEO optimization of the site, or pay bloggers for advertising.
There is another approach based on constant experiments. It is called “grow marketing”. Its concept allows you to quickly test different promotion methods and choose the best ones. We tell you how growth marketing works and how to use it to speed up business growth.
What is growth marketing: two terms
First, let’s note that there are two terms that need to be distinguished: growth hacking and growth marketing. They are not the same thing.
- Growth hacking is translated as “growth hacking”. It helps to increase the company’s profit here and now (growth) using an unconventional approach (hacking).
For example, Dropbox once decided to give albania phone number list additional cloud space for inviting friends. Such non-standard actions worked instantly at that time. They came up with it → did it → made a profit.
Growth hacking, that is, hacking the growth of a product or company, may not be related to advertising at all. Growth hacking helps businesses increase profits in other ways. For example, at the Houston airport, people complained about waiting for their luggage for a long time – as much as 9 minutes. The company reduced the waiting time to 6 minutes, but people were still unhappy.
One of the airport employees came up with the idea of jeff beyer ceo / owner moving the conveyor belt to another part of the building. By the time passengers reached the conveyor belt, their luggage was already waiting for them. Customer loyalty increased, but marketing had nothing to do with it. This is a good example of the growth hacking concept.
In this case, many hypotheses are developed
Tested, adjusted, and tried again. This is long and painstaking work, but in the end, growth hackers manage to find tools that lead to explosive growth. A growth hacker is an employee who is responsible for developing and testing hypotheses.
So, growth marketing is a tactic in which a business focuses philippines numbers on finding innovative strategies to attract and retain customers. To find these strategies, new hypotheses and tests are used, which help to quickly discard non-working options for attracting customers. Thus, the company invests money only in those tools that lead to business growth.
Growth marketing is a strategy of explosive growth in promoting
Services or a product. Growth hacking is a broader term. Growth hacking is an opportunity to improve a product and thereby increase the customer base, sales, and the number of active users. The concept of growth hacking can be used not only by marketers, but by all employees of the company.
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