Growth hacking, engagement farming and marketing

0:03 Welcome to business purpose and Clarity with patreon your host we talk about startup live insights practical tips mistakes failures and everything between let's talk about marketing today I give you three terms think about the definition what do those terms mean and then I will talk about those things but do your own exercise first so listen with those terms pause and think what do those terms mean for you okay marketing that's the best one really generic isn't it pause okay welcome back growth hacking is the second term welcome back engagement farming well do you even know what engagement farming means in some sense you could say that they all mean the same thing it's just different words different way of saying those things but how I see people using them I don't think that's exactly the.

1:06 Case but anyways I don't really care about the sematics that's not my concern but they have a little bit of different vibe if you will engagement farming for example that's probably a term younger people would use and what they mean is that uh what the older people a little bit older people not old people but little bit older people use the term growth hacking for the same thing maybe they mean a little bit different thing but it's still the same engagement farming so basically what you do is you go for social media you wanna actually post something and you want to actually get responses you want to get people likes clicks replies what not call to actions whatever it is what you actually want to do but that's basically what you're after so you have some kind of metrics where you want to fulfill the metrics by doing some actions which will have some kind of reactions so you want to have engagement and you're farming something which will get that respond just taking it by the word and.

2:09 The semantics here you just do something which actually gets you to respond you don't really care what it is but as long as you're getting the the you're hitting the Matrix uh the numbers the kpis are you happy that's one way to take off it obviously there are different ways to do things like always growth hacking could mean the same thing you hack your way to the growth of the Matrix whatever it is the kpis you're looking for so in a way it can mean the same thing so you actually just wanting to get the sign ups up you want to get some kind of uh following a social craft in your company social media for example or you want to have your whatever the Matrix is that's basically what you're doing so you're hacking your way but the sentiment is the same you will not care too much about quality but quantity quantity is enough the quality is somebody else's problem if you're the manager if you're the CEO if you're the founder of this or of a.

3:12 Company and I hope you are because this is the podcast for you you should actually be concerned about this thing because you don't really want to have just any quantity because they will not hit your metrics okay be honest because you don't really care how many signups you have you don't really care how many downloads of your software you have because what do you really want is to have customers who are and keep on paying for your product in the long term hopefully how many likes how many signups downloads what not with select the quick doesn't matter at the end of the day you want to get money in your bank account and do it so that's the real Matrix if you just want to have some kind of Engagement farming or crowd hacking in a short term it may look like that you're doing the right thing but in a little bit more longer term it may become a problem if you're having such random people as your mailing list or as a customer.

4:19 Group as well because it may be easier to get some people to sign up for something don't get the right people to do the thing and this is the the first term the marketing because at the end of the day hey what is marketing uh letting people know about your product and finding the right people who actually need your stuff qualifying them growth hacking engagement farming usually that's not the sentiment there so it's not about qualifying the right type of people finding the right type of people having a meaningful conversations having meaningful discussions building a customer relationship even before they become a customer as a paying customer at least so you are not engaging in that level you just putting some chat GPT random words together and hopefully getting a response and if the person is a little bit more clever on the other end they will figure out that this is just some.

5:22 Random statistical words put together and they don't mean anything and the person who has put them on their website or in the social media doesn't even know what they mean but they are just wanting to get the kpis hit and when you realize you probably don't want to be the customer of that company obviously there are different types of products and it may work for some and and the these are properly absolutely fine term scrot hacking engagement farming for whatever um stuff you're running but if you're building a serious business this is probably not the way you want to do it marketing Crow attacking engagement farming what do those terms mean to you and if you're hiring people to pay a little bit of tension what terms you're using and how do you define and.