One of the most daunting questions for all companies when opening is how do I acquire customers? Every company wants a very high level of growth, but NOT every company can grow in the same way. Some use traditional methods of marketing, while many start-ups are focusing on using growth hacking to grow their companies. Both growth hacking and traditional marketing are ways to grow a company.but they have totally different ways of thinking and measuring what success looks like to them.
Traditional Marketing is a long term process of creating brand awareness.whereas growth hacking is about being able to create fast growth with fewer resources. This is why the majority of new start-up businesses will choose to use growth hacking as their #1 method of growth. As their goal for their new business is to be able to obtain customers quickly at the least amount of money possible.
Knowing the difference between these two methods of approaching business can clearly help a company choose the right approach to take when trying to meet their goals.
Growth Hacking Mindset
Approach of Traditional Marketing
The strategy underlying traditional marketing is separate from that of the growth hacker’s strategy. The traditional marketing strategy seeks to develop a strong halo around the product, fostering long-term trust between the consumer and the brand. Traditional marketers typically advertise on television and radio through the use of newspapers and magazines as the medium; outdoor billboard advertising through the use of massive promotional campaigns is also an example of traditional marketing. Traditional marketing strategies are usually more expensive and will take significantly longer to see results than those associated with the growth hacker’s strategy.
A traditional marketer’s campaign will take anywhere from several weeks to several months to devise, after which time little or no modifications will be made once the marketing campaign is launched. The actual goal of the traditional marketer is to reach a large audience and create a level of brand recognition among the target audience.
The metrics used to measure traditional marketers are also different than those used by growth hackers; the traditional marketer will typically measure brand awareness, advertisement reach and impressions, customer satisfaction, market share, and total sales to determine if the consumer recognizes their brand and has established a level of trust in the brand. While traditional marketing campaigns during execution may not deliver results in a timely fashion, they will ultimately provide the foundation for the successful establishment of an enduring brand.
Speed of Growth
Traditional marketing usually produces results over a longer period because campaigns take time to build awareness. Growth hacking focuses on rapid experimentation and optimization, allowing startups to achieve faster and more scalable growth.
conclusion
The end result (the overall goal of both growth hackers and traditional marketers) is to stimulate business growth, but they do so through different methodologies. The growth hacker’s strategies are far more effective in producing immediate, measurable results for startups with restricted financial resources; the growth hacker encourages creativity, rapid experimentations, and quick decision-making.
