Growth Marketing is data-driven Full Funnel marketing, based on rapid experimentation...
HMM? Let's break that down bit by bit
Hey everybody in this video I want to explain the real definition of
Growth Hacking or Growth Marketing, Why it's different to marketing and how its evolved over time
First the difference with traditional marketing.
Now the main difference with traditional marketing is that whereas a marketer would only
focus on driving traffic to a website or service a growth marketer or a
growth hacking team focuses on the full customer journey. It's a much longer journey
Will the user engaged with the website? - For example by signing up or by
engaging for one or two minutes - Will the user feel a great first user experience
and understand the core value of your product in their first experience
What we call: reaching the "Wow Moment" the "Ahaa Moment" the "I-need-this-in-my-life Moment"
Will they come back and use your product again?
Become daily weekly monthly yearly active users. Will they come back and buy again.
But it goes further than that
What pricing strategies can we experiment with? What can we up sell?
What can we cross sell? And also can we build virality into our product?
Can we build positive virality? As you can see it's already a lot more than just marketing
What should capture attention here is that these steps of the funnel in the
middle are very product oriented. They're very dev intensive...onboarding customers
and retaining them often involves a heavy hand on the product and the
development side. On the wireframing side. It's no longer just marketing
And it's not just the middle of the funnel even at the very top of the funnel a good
growth marketer will try to use as much automation as code as possible to
come up with creative ways of driving traffic. What we're doing was we're
slowly dissolving the line between marketing and products.
Marketing and product are no longer two different things
One of our favorite examples is engineered marketing tools based marketing.
This is just another example of creative marketing.
Choosing between the millions of combinations of medium and message
Once they've ensured a steady flow of customers enough to start
running experiments a growth marketer or a growth teams job is to use data
Both hard data and soft data - to track customers along their customer journeys
And to start experimenting on how to improve conversions along the way
Now to do this right you need quite a lot of customer empathy and behavioral psychology
What can we use from the fields of behavioural economics such as
persuasion techniques or human biases to convert more customers to our product or service?
And finally once you've run experiments and you find out what work...
We use coding and automation to build those successes
directly into the product either by systemising it by prototyping it.
Now the growth hacker can't randomly use all of these skills
to find out what's actually going to work you can't randomly select from the
thousands of tools and tactics on how to improve your metrics
So you need experiments, and this is another big difference with marketing.
Marketing campaigns and guts driven decisions, have been replaced with rapid experimentations
With data backed decision-making.
Leading and disruptive companies need a scalable adaptable easy to implement process on how to run
experiments faster. We've actually developed a whole process around this
It's called the G.R.O.W.S. process and you can see all of the details in this other
video which we've published on YouTube
And that's how the best are achieving scalability and growth.
Therefore why are you still using external agencies and
external consultants for your growth? That just doesn't cut it anymore
Growth is too important to be externalized. It's time to hire and train
people on the right digital and psychological skills for them to be able
to use the latest cutting-edge tools and implement growth rapidly.
So like we said in the beginning...
Growth marketing is data-driven full funnel marketing based on rapid experimentation
And it doesn't really matter what we call it as long as it brings growth
That's all we're interested in: Growth
Now of course there's a lot of nuances when I say that our the only thing that matters is growth
Is it ethical growth? What's your ethical bandwidth? What kind of tactics are you using
There's also nuances: what industry are you in? How big is your
company? How important is risk, compliance, branding, agencies?
What does your customer journey look like? are you fully digital or omni-channel?
And also how long is your sales cycle? Is it from one day to actually one year?
Even with all of these nuances taken into account I hope I've given you a good explanation
of what we now mean by growth hacking or growth marketing or just growth in general
With all things being equal we believe that speed will win
Try to implement rapid experimentation as soon as possible
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