What is Growth Marketing and How Do I Use It for My Business?
Thousands of businesses start every year, and more than $200 billion is used for marketing. This has led companies to find newer and more innovative ways to market their products and build customer loyalty. This means that many companies spend quite a lot on marketing and to stand out, it is vital to be as creative as possible.
Growth marketing is a model that adds extra layers to traditional marketing with the expressed goal of encouraging sustainable growth. It is usually built upon a solid digital marketing strategy and employs many online tools–most notably SEO.
How is traditional marketing and growth marketing different?
The most significant difference between them is how they engage customers throughout the entire pipeline. Traditional marketing focuses on simply attracting consumers/leads by putting a product in front of them and, in effect, saying, “Hey, open your wallet because this product is great.” This essentially makes getting the leads/acquisition the endgame for conventional marketing. This basic marketing style works well with companies that already have a foundation of consumer awareness.
Growth marketing is concerned with each stage of the marketing funnel, from awareness to retention to activation. This means engaging with customers, keeping them, and testing new ideas in real-time—sort of like building the boat while you’re sailing it. However, with quicker timelines and the emergence of many start-ups came the need for a scrappier marketing method.
Growth marketing focuses on using different communication channels to market a product and interact with your customers based on the customers’ preferences. These channels can include push notifications, emails, in-app messaging, and SMS. The idea here is to send the message across different platforms, find out which ones the customer responds to best and keep offering that kind of content.
Further, all the content creation is focused on different stages of the customer lifecycle. You wouldn’t send tips on how to use your product to customers who’ve already been using it for years…a growth strategy segments your audiences and speaks to them directly.
A/B testing, also called multivariate testing, is a powerful growth marketing strategy. This strategy determines what marketing formats (social media ads, copy designs, emails, graphics, and landing pages) a person will respond to best. The growth marketing team deploys different versions of the marketing formats, “A” and “B,” to see the ones that drive the most engagement. Growth marketers can then use the information gotten from A/B testing to make more tailored marketing campaigns. This is the characteristic that allows a growth marketer to build while sailing – continuous testing and surveillance of the success of each piece of marketing.
Growth marketers are data-driven product storytellers. They focus on the objective data from the technologies that growth marketing uses, e.g., A/B testing, to drive growth through the marketing funnel. Therefore, a growth marketer understands the basic concepts of growth marketing; they think creatively and know how to tell a story.
Qualities you should look for in a growth marketer:
- Problem-solving mindset
- Ability to apply objective data to make subjective decisions
- Ability to multitask
In summary, the benefits of growth marketing are too many to name, as growth marketing is essential to thriving in our data-driven, social media-heavy world, but some of the most important are:
- Improving marketing campaigns in real-time, making them more tailored and thus more effective.
- Attracting new customers, mainly since growth marketing strategies focus on creating awareness and getting customers’ loyalty, not just revenue.
- Enhancing the visibility of companies with SEO.
- Being data-driven, so marketing is more objective.
- Understanding your audience better, thus creating more engaging content.
- Creating more jobs. The emerging gig economy makes it easier to put together marketing campaigns focused on growth. With growth marketing, it is not just the skilled marketers but also copywriters, content writers, social media managers, product managers, etc.
Growth marketing is not for the faint of heart. It requires accuracy, swiftness, and skill, so choosing the right partner is essential. We believe we’ve carved out a spot on most shortlists of growth marketing agencies because we’ve refined and learned over more than 20 years what works and what does not.
We’re glad to have you bounce some ideas off of us. Do you have any questions? Hit us up.