As we talk about growth marketing, it is inevitable to think about taking holistic approaches regarding the business. Rather than having a marketing department focused on the brand image, the products, the services, and how to increase sales, growth marketing also considers efficiency and all other aspects of driving revenue.
It requires executives to be true strategists, thinking much more broadly about the industry and understanding much more deeply about the different areas of the company and their impact on the business. It is moving from the traditional attract, engage, and retain customers to ongoing experimentation and iteration with them, in different spaces, oftentimes simultaneously. This is something that can only be done with the right data being collected and the right questions being asked.
Here I propose we borrow some concepts from a neighboring discipline, psychology. Regardless of what we are selling, we are talking about human beings. Understanding how they (and us, on this side of the counter!) think and behave, and what motivates them (and us!), can definitely help boost any strategy.
According to Carol Dweck, who has studied the mindset of students for over 30 years, those who believe they can become smarter understand that effort will make them stronger, so they double down on time and effort to achieve what they want. This illustrates what a growth mindset is: the understanding that our abilities can be developed.
It is said that organizations can highly benefit from teams with a growth mindset, as they will feel more prepared to take certain risks, will collaborate more than compete, and will foster a learning environment in the workplace.
Now let us be creative and apply the growth mindset idea to growth marketing strategies.
Here are a couple of things we can learn from this game.
Lead image source.