Table of Contents
1. What is Growth Marketing?
2. How Growth Marketing Works
3. Growth Marketing Strategies
4. Why You Need Growth Marketing For Your Business
Growth Marketing is advanced marketing that focuses on using customer data gained through marketing campaigns, marketing strategies, and experimentation to drive growth.
Growth marketing is built on the traditional marketing model, but it takes marketing a step further by using strategies developed from observed customer behavior to grow a business.
The idea behind growth marketing is not just to focus on sales, but to determine what keeps customers coming back to your organization years after launching your product.
Growth marketing uses methods like A/B testing, email marketing, search engine optimization(SEO), and data analysis to drive growth and build customer loyal differs from traditional marketing in that it goes the extra mile: beyond TV and radio commercials, posters, word of mouth, etc.
Growth marketing explores the use of digital media and advanced marketing strategies to bring customers to your organization and keep them committed despite the presence of other alternative products.
Marketing strategies like SEO, A/B Testing, Content Marketing, Paid Advertising, Conversion Rate Optimization (CRO), and Social media are tools with which you can conduct data research and make improvements to your products and service delivery.
Growth marketing is also unique in that it is focused on the customer, not only on sales. The best part of growth marketing is that it does not employ sentiments or popular opinion: growth marketing uses tested and trusted scientific methods.
The growth marketer uses growth hacking techniques, research, and strategies to experiment with different channels. The end result is that tests are optimized to determine the best means of resource allocation for maximum results.
Growth marketing goes beyond increasing customer base, it extends as far as increasing customer base and building long-term customer relationships.
Growth marketing also generates more customer satisfaction and customer retention in the long run. This is because instead of content being directed towards generating conversions and revenue, your organization is looking for ways to enrich the customer's journey and experience.
Growth marketing focuses on the entire marketing funnel which consists of different segments: awareness, interest, consideration, action, loyalty, and advocacy.
This is unlike traditional marketing which focuses on just the top of the funnel and involves an organization's marketing team, sales team, and product team collaborating to achieve set metrics.
In growth marketing, a cross-sectional team that consists of a growth lead, product manager, software engineer, marketing specialist, data analyst, and product designer works together to ensure that all segments of the marketing funnel are handled.
Growth marketing also involves intricate data collection on each customer experience to analyze how people are using your product in comparison to how you planned for your product to be used.
In addition, growth marketers run through a growth marketing cycle in stages: analyze, ideate, prioritize, and test.
The cycle helps you identify areas of growth opportunities, generate ideas for business growth, score your ideas, conduct experiments, and analyze results for the best customer experience.
There are different growth marketing strategies that you can use to expand the scope of your business. The most common strategies used by different organizations all over the globe are:
• Search Engine Optimization (SEO): Search Engine Optimization involves all you do to ensure that your website ranks high on search engines. You can use SEO to increase organic traffic on your organization's website and generate leads for your business.
In addition, SEO provides a guide for content creation: you can create the best content for your customers.
• A/B Testing: A/B testing or split testing is a marketing experiment that enables you to compare the results of variations of a campaign and determine which one performs better. A/B testing is important because customer needs and audience behavior differ.
The experiment helps you determine specifically what your customers want and provide these wants.
• Personalized Email Marketing: Personalized email marketing is using email subscriber data to create a customer experience for different groups and individuals. This strategy helps you target your email subscribers with special offers, relevant content, and important information.
You can use subscriber information such as names, preferences, and ages to segment subscribers into different groups for email delivery.
• Social Media Marketing: Social media marketing leverages the use of social media platforms to increase brand awareness and build customer relationships. Social media marketing involves maintaining and optimizing organization profiles, posting content, responding to followers, and building follower engagement.
Social media marketing is key to building relationships online and driving traffic to your website.
• Disruptive Marketing: Disruptive marketing involves trying new and unconventional marketing methods. You can apply disruptive marketing by solving customer problems, creating a new trend or social media challenge, or just doing something different to stand out in the midst of your competitors.
• Blogging: Blogging involves sharing written, visual, audio, and video content on a website. Blogs are usually simpler than websites and are updated frequently. This makes blogging a way of building customer engagement and sharing helpful content that your customers love.
The good thing about blogging is that your readers can comment, share their opinions and build interaction needed for your business.
• Webinar Marketing: Webinar marketing is a set of techniques that promotes your goods and services, improves brand awareness, and entertains and educates your audience with the use of webinars. Webinars are great for your business because they increase conversions, retain viewer attention, and generate leads.
The greatest benefit of webinars is that they enable you to share your expertise and build connections with your customers.
As a business owner, you need to build long-term relationships with your customers. Growth marketing helps you know what your customers want and meet their needs while establishing a better business relationship.
Brand awareness is a significant marketing component of every business. Growth marketing helps you with a slow, but steady way to increase your brand's reach.
The increased brand awareness that growth marketing provides gives you an edge over competitors and sets you apart as a leading figure in your industry.
Investors, clients, and organizations seeking collaboration will see you as a powerful connection in your industry. Another advantage that growth marketing provides is better SEO results and increased authority on search engines.
Your organization's website content will be seen by more people online and easily rank higher than others.
The main reason why companies are so invested in marketing, in general, is to increase sales and generate leads. Growth marketing helps you achieve those metrics while building customer relations: it's a win-win situation for both you and your customers.
There is better profit generation from your business and you can expand your scale of business. In addition, once you expand your scale of business, you can reduce your per-unit cost for each product.
Let's say you were producing 10,000 T-shirts at $20 per T-shirt and you were able to scale to 50,000 T-shirts at $15 per T-shirt. That means your profits will rise and you can put your resources to better use while reducing the price for customers.
You can enter into new markets and increase brand awareness while diversifying your products and determining what your customers like. This means you can deliver better products and services to your customers and beat your competitors.
Growth marketing helps you as a business owner to know your customers, meet their needs, and grow your business.