Growth marketing is the next generation of marketing. This model takes the classic marketing model that has been in existence for decades and adds new, sometimes unusual, strategies to create sustainable growth.
These enhanced methods include SEO optimization and paid media. Split A/B testing, email advertising, data-driven contents, and creative copywriting are just a few examples. Social media, video marketing, and community building are just a few of the other specialties that fall under growth marketing.
Growth marketing focuses on data. Unlike older models with a planning stage and an execution stage, growth marketing continuously analyzes and optimizes the data to increase repeat customers.
Growth marketing allows for rapid experimentation and testing of small hypotheses. It’s also known as the scientific approach in marketing because it involves the design and execution of experiments that improve the results of a particular area.
What do growth marketers do?
No worries if you have read hundreds of job descriptions for growth marketers and don’t understand what they do. We understand.
Growth marketers are data nerds. They employ a data-driven approach to increase brand awareness, engagement, retention, and acquisition. They look for areas of improvement and create experiments to test them. Then they analyze the results in the hope of growing the business.
Why is growth marketing becoming popular?
Any company can learn to convert visitors into active users via growth marketing. This is not a fixed way to do it. It depends on your company and industry. In the startup world, growth marketing is a highly sought-after skill. Growth marketing is a great way to increase your revenue and improve your bottom line. Growth marketing is not just about attracting more users.
The key is to have the ability to use your curiosity, creativity, and imagination to grow your company magically. Andy Johns, former Product Manager, Growth, Facebook, Twitter, and Quora, states: “It is very clearly a technique of self-propagandism because those who aggressively cast themselves in the growth hacking community are those who don’t have a history that shows they have grown anything significant.”
Companies that are focused on growth don’t waste their marketing budgets on unsuccessful strategies. Growth marketers start with an experiment before investing in a specific strategy.
Why do we need growth marketing?
Once the sale was closed, the old marketers didn’t care about the customers. The sales process was not straightforward. A manager would make usually cold call a customer to propose a sale. Digital sales changed everything.
Marketers had access to a lot more data than they ever used before. Instead of the word “customer,” it became leads, Marketing Qualified leads, and sales qualified Leads. This meant there was a major change in the way business processes were conducted. This created a need to find a new marketer capable of handling all further operations.
After-sales services were not something that the old marketers knew about. The new generation expects more from organizations. Companies quickly realized that they needed to concentrate on their services even after the sale was complete. The old-age marketing strategies were no longer relevant, and the newer ones took their place.
A successful growth marketing campaign
The marketing team needs access to both business and marketing metrics. Both of these metrics are required to identify the issues that are preventing the business from moving forward and determine what is necessary for smooth implementation.
It would be best if you had a strong team and supportive environment to make rapid progress. There should be transparency in the chain of command and no hidden obstacles between them. Decentralization is also required to allow for prompt action at all stages.
So without a solid foundation, what is the point of growth marketing? A solid strategy is essential. It must be well-documented and clear. The documentation should clearly define who you are, your goals, who you target customers, the bottlenecks that could hinder growth, key areas that will yield better results, and what they are doing. Your vision must be clear and shared by everyone within the organization.