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How Important is Growth Tracking To Your Business?
Many in the business industry would take pains to differentiate growth marketing from growth hacking.
These terms have been hovering around for some time now, and since both are effective models, they deserve some clarification before being put to good use.
Growth hackers want to distance themselves from growth marketers, and they are a bit prickly if they are to be lumped with what they perceive as slow growth marketers.
On the other hand, growth marketers believe that it is the best strategy in the long run as it is more conscious and adoptive to customers’ feelings, needs, and wants. They view growth hackers as a quick-fix, don’t last approach.
The best growth hackers pride themselves on finding a more innovative and faster way of doing things. They are willing and always ready to take risks in pursuit of rapid growth. They differentiate themselves for being creative, technical, and hands-on, data-oriented, analytical thinkers prepared to think outside the box.
On the other hand, growth marketers typically prioritize sustainable growth over speed. They value high-original content, take pains, and give time and effort to answer thousands of search queries to engage audiences and customers. In short, they value the hard yards.
Growth marketing is also closely entwined with the brand. Growth marketers know that customers want to spend money with brands they like, so they work to raise awareness and foster loyalty. They do this by dutifully responding to Tweets, solving problems, and working on brand positioning and differentiation.
But since the inception, the lines between the two have blurred as marketers speed up their games. While growth hackers, to give more valuable services and customer retention, accept the value of what the marketers hold dear, long-term sustainable growth by building relationships.
All business organizations need a method, find a way, adapt to process to find that unique combination of the strategies that will work out to its own special needs and demands.
This is in no way an attempt to favor one side nor the other. However, it can be a suggestion for an organization to review its goals and see best what is more beneficial for the entire organization.
As each business is unique, one’s needs may be for a growth marketer, and one may need a growth hacker. Or for optimum results, there’s room for both if the budget allows. However, growth and success will never be sustainable without proper keeping track of the results of the processes and experiments facilitated and implemented.
The things I cannot force, I must adjust to. There comes a time when the most remarkable change needed is a change of my viewpoint.
As the business world is ever-changing and customers are ever-evolving, you can’t become tied to the same old channels.
Innovate, keep up, evolve. Otherwise, your brand will be under threat from new and savvy competition.
There is a need to establish a never-ending regular cadence of experimentation and documentation to sift through the failures and find the successes. Find and keep the momentum moving forward. Remember, momentum is a very powerful thing.
What is your idea? Details about your experiment idea. How do you think it should be developed? Where does it impact? – This experiment will impact your company’s metrics. Never forget to include the expected results.
Define the priority of going on with the experiment—design tests around the things that you and your team decide to prioritize. Rank ideas and keep your focus.
Test Your Approach.
Then dig into the question ‘why’. It will help you, once again, go back and start understanding things about your customer, your channel, and your product. It will lead to iterations and new ideas of the experiments that you should probably run next.
Analyze those tests.
Analyze those tests. Analytics are vital to staying on track with your goals. This is where you’ll determine how your test went and how the metrics you selected at the beginning of the process were affected. What’s the improvement/decrease percentage? Did the test achieve its goals?
Feed them back into the process.
Take that analysis and those learnings. Basically, look for the variations, the winners, anything you find successful, productize it with software and engineering. Systemize everything to get better with the process, with the team, with your tools and instrumentation.