What is Growth Marketing & Strategies Behind It
One of the most effective marketing strategies today is growth marketing. Growth marketing focuses on accelerating growth in your business by acquiring new customers and retaining them. It also includes paid advertising & conversion rate optimization, ensuring visitors to your site are converted into customers. Let's look deeper at some ways growth marketing can help your business.
What Is Growth Marketing?
Growth marketing combines various growth hacking techniques that help you achieve sustainable and accelerated growth in your business. It's a data-driven approach to marketing that enables you to identify and target the most promising growth opportunities.
A growth marketer is always looking for new ways to grow their business. They constantly experiment with different channels and tactics to find their business's most effective growth strategy. With the help of data and analytics, growth marketers can track the progress of their experiments and accurately measure their results.
Growth marketing is effective because it allows you to focus on the growth of your business rather than just acquiring new customers. It's a long-term approach that helps you build a solid foundation for growth.
How Does Growth Marketing Work?
Growth marketing works by acquiring new customers and retaining them. It also includes conversion optimization, ensuring visitors to your site are converted into customers.
Growth marketers use marketing techniques to acquire new customers, including content marketing, search engine optimization (SEO), pay-per-click (PPC) advertising, and social media marketing. They also experiment with different channels to find the most effective way to reach their target audience.
Once they've acquired new customers, growth marketers work on retaining them. They provide excellent customer service and create a great user experience. They also use data and analytics to track their retention efforts' progress and ensure they're effective.
Why Is Growth Marketing Important?
There are a lot of marketing strategies out there, so you might be wondering why growth marketing is so important. The answer is simple: growth marketing is effective.
There are several reasons why growth marketing is vital for your business:
- Growth marketing helps you focus on your business's growth. You use various techniques to acquire and retain new customers, ensuring your business grows.
- Growth marketing is data-driven. You use data and analytics to track your progress and ensure that your growth marketing efforts are practical. This is important because proper growth marketing lets you make informed decisions about your growth strategy.
- Growth marketing is a long-term approach. It's not a quick fix that will only help you in the short term. Instead, growth marketing enables you to build a solid foundation for growth, ensuring your business grows sustainably.
- Growth marketing is constantly evolving. As your business grows, so does your growth marketing strategy. As a result, you always experiment with different channels and tactics to find the most effective way to reach your target audience.
What Sets Growth Marketing Apart?
Growth marketing is quite different from other marketing strategies because it's focused on growth. Other marketing strategies, such as brand awareness or lead generation, focus on acquiring new customers. While these strategies are essential, they don't necessarily help you retain those customers.
On the other hand, growth marketing focuses on acquiring new customers and retaining them. With its cross-functional and data-driven approach, growth marketing gives better insights, allows for more experimentation, and helps you build a solid foundation for your business growth.
How to Implement a Growth Marketing Strategy?
Now you know what growth marketing is and why it's essential, you might be wondering how you can implement a growth marketing strategy for your business.
There are several important things you need to do to get started. First, you need to assemble a growth team. This team should be cross-functional and include people with marketing, product, design, engineering, and data skills. They must understand your products or services and be able to identify growth opportunities.
Second, you need to establish growth processes. These processes should be data-driven and allow for experimentation. They should also be constantly evolving as your business grows. An example of a growth process is the growth hacking process, which consists of four stages:
- Ideation (coming up with growth ideas)
- Experimentation (testing those ideas)
- Analysis (measuring the results of the experiments)
- Iteration (improving upon the ideas that worked).
Third, you need to set growth objectives. These objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). They should also be aligned with your business goals. Key performance indicators (KPIs) are metrics you use to measure your progress towards your growth objectives. They allow you to track your growth and identify areas for improvement. By establishing your KPIs upfront, you'll be able to track your progress and ensure that your growth marketing efforts are practical.
Finally, it would help if you track your progress. Tracking your progress is essential to ensure that your growth marketing efforts are effective. If you're not tracking your progress, you won't be able to identify areas for improvement. You can use various tools to track your growth, such as Google Analytics, Mixpanel, and Heap.
Example of Top Growth Marketing Strategies In Businesses
Now that we have covered what growth marketing is, let's look at some examples of growth marketing strategies businesses have used.
Growth Marketing Strategy #1: Focus on Your Customers
The first growth marketing strategy is to focus on your customers. This means understanding their needs and wants and creating a customer-centric growth strategy. One way to do this is by using customer segmentation. This involves dividing your customers into groups based on demographics, interests, or behavior. Once you've segmented your customers, you can create targeted growth campaigns that address their specific needs. This will help you acquire and retain more customers in the long run.
Another way to focus on your customers is by creating a customer journey map. This map will help you understand the different stages of your customer's journey, from awareness to purchase. By understanding your customers' journey, you'll be able to create growth strategies that target each stage of their journey.
Understanding a growth marketing strategy starts with your customers. By understanding their needs and wants, you'll be able to create targeted growth campaigns that will help you acquire and retain more customers.
Growth Marketing Strategy #2: Focus on Visualising Your Product Offer
The second growth marketing strategy is to focus on your product offer. Every business offers a unique product or service to its customers. And if you want to grow your business, you need to ensure that your product stands out from your competitors.
One way to do this is by visualizing your product. We all know that human brains process visuals 60,000 times faster than text. So, if your product stands out, make sure it's visually appealing. For example, create an eye-catching product image or an engaging video that showcases your product in its best light. You can also visualize your product or service by creating an icon or a logo. This will help your customers remember and recognize your product when they see it. In addition, use the logo or icon to communicate the unique selling points of your product.
Videos or social media posts also help visualize your product to your customers. It will help you send the right messages to the customers and create a better connection with them.
Growth Marketing Strategy #3: Focus on Creating Valuable Content
The third growth marketing strategy focuses on creating valuable content. This means creating blog posts, infographics, ebooks, and whitepapers that provide value to your readers. The key is to ensure your content is relevant to your target audience. It should also be well-researched and informative.
One way to create valuable content is by using data from your customers. You can use this data to understand their needs and wants and create content that addresses these needs. For example, if you know that your customers are interested in learning about a topic, you can create an ebook or a whitepaper.
Another way to create valuable content is by using influencers. You can reach out to influencers in your industry and ask them to contribute to your blog or create a guest post for your website. This will help you reach a wider audience and grow your business.
What Are The Criteria For A Successful Growth Marketing Strategy?
You can create a growth marketing strategy for your business by following the three marketing strategies mentioned above. However, there are certain criteria that you need to meet for your growth marketing strategy to be successful.
The first criterion is that your growth marketing strategy should be data-driven. It would help base your growth strategy on data, not hunches or guesses. You can use data from your customers, website, social media, or marketing campaigns to understand what's working and not. This will help you make better decisions for your growth marketing strategy.
The second criterion is that your growth marketing strategy should be product-centered. This means that your growth strategy should be focused on your product or service. You need to ensure that your product is better than your competitors and that it's visually appealing. You can use videos, social media posts, or blog posts to showcase your product in its best light and convince your customers that you can solve their problems.
The third criterion is that your growth marketing strategy should be goal-oriented. This means you need to have a clear goal for your growth strategy. For example, you must create a growth marketing strategy to increase website traffic to help you achieve this goal. You can use various marketing channels, such as paid advertising or social media, to drive traffic to your website.
The fourth criterion is that your growth marketing strategy should be customer-centric. This means that your growth strategy should be focused on your target audience. You must ensure that you create valuable content relevant to them. You can also use customer data to understand their needs and wants and create content that addresses these needs.
Creative and Appealing
The last criterion is that your growth marketing strategy should be creative and appealing. You must develop innovative ideas to help you stand out from your competitors. If your competitors use a specific growth marketing strategy, try to devise a different and more creative way to achieve your growth goals.
Important Tools for Growth Marketing
If you plan to create a growth marketing strategy for your business, you need certain tools. These tools help you understand your customers, create valuable content, and track growth.
Customer Relationship Management (CRM)
The first tool you need is a customer relationship management (CRM) system. This will help you create relevant content and offer targeted products. This tool will also help you track your customer's behavior and understand their needs.
Content Management System (CMS)
The second tool you need is a content management system (CMS). A CMS will help you create, publish, and manage your website content. This will help ensure that your website is up-to-date and relevant to your target audience.
The third tool that you need is Google Analytics. Google’s analytic tool will help you track various data of your website traffic. You can use this data to understand how people find your website and what they do on it. You can also see the conversion rate of your website, as well as the conversion optimization rate. With Google Analytics, you can also review the PPC or SEO campaigns you've run to see which ones are working and not.
Once you understand growth marketing and have the necessary tools, you can start creating a growth marketing strategy for your business. By exercising the right growth marketing strategies, you can achieve your growth goals and accelerate the growth of your business.