We all are currently being aware of the new term introduced for marketers which is growth hacker, which seems to be the same, but then there is a difference between such terms as a growth hacker focuses on the next growth opportunities, while marketers are often too busy with current day-to-day marketing and branding strategies.
Growth hacking is a broad term for strategies focused solely on growth. It is usually used for early-stage startups who need massive growth in a short time on small budgets with a major goal to acquire as many users or customers as possible while spending as little as possible. Growth hackers tend to be obsessive, curious, and analytical therefore, anyone involved in a product or service, including product managers and engineers, can be a growth hacker. Growth hackers focus mainly on strategies related to growing the business. They hypothesize, prioritize and test innovative growth strategies to analyze what’s working, create their product, and test to make sure people want it, and are willing to pay for it. This strategy helps them gather data to understand their key buyer personas and can target growth marketing tactics accordingly. Furthermore, organizations are working to adopt such strategies in the future for their marketing and other domains
The mindset to become a great growth hacker is simple yet attractive. For growth, you need to update your product at regular intervals and keep getting customer feedback so you always know if you’re on the right track. At the same time, market your product to foster continued growth, and track the success of those results. A/B testing and other conversion optimization techniques are crucial for effective growth hacking. A growth hacker always sets the goal above the mean that is why it is so important that a growth hacker has a broad set of knowledge and skills. You have to be able to work quickly and therefore you have to be as independent as possible. That is why a growth hacker needs to be able to program, handle data, and design. He/she does not have to be an expert in everything, but in any case, has to understand the basis to be able to execute the biggest part by themselves.