In the constantly changing marketing landscape, new customer acquisition strategies continue to take the spots of their successors. This is usually done by improving methodologies and developing new takes on traditional marketing. Growth marketing is one of those relatively new marketing strategies, and it aims to revolutionize the way traditional marketing is conducted.
Growth marketing requires an integrated approach, so defining it in simple terms is not easy. Still, in this article, we will aim to explain what growth marketing is and why it is so effective, and we will also provide some growth marketing tips and tricks to add to your marketing arsenal.
What Is Growth Marketing?
Growth marketing is the process of planning and carrying out tests to enhance and maximize client acquisition, retention, and revenue.
The emphasis on experimentation is a defining feature of growth marketing, and growth marketers will run numerous tests to improve the overall strategy.
Like most things in life, growth marketing achieves its aims through continuous trial and error, always exploring better ways to achieve specific marketing goals.
The concept of growth marketing involves a continuous cycle of experimentation and a strong emphasis on understanding the ever-evolving desires and preferences of customers, in order to effectively attract, engage, and retain them.
This nuanced definition emphasizes the previously mentioned experimentation and changing nature of best practices in marketing.
Key Takeaways
Growth marketing encourages the marketer to consider customer data when formulating a sustainable growth strategy;
The goals of growth marketing include customer retention, lead generation, and optimizing specific marketing metrics;
Growth marketers commonly use social media marketing and other digital marketing strategies to gain data from existing customers and optimize for the target audience.
How to Define Growth Marketing?
Growth marketing is a strategic type of marketing that leverages data, insights, and optimization techniques to drive results and achieve organizational goals.
Growth marketing can be described as a specialized marketing approach that performs best when it is used with a specific marketing metric in mind. This is one of the areas of work that growth marketers tackle.
In general, growth marketers will work on the following elements of marketing strategy:
- Identifying areas that need testing and improvement;
- Designing and creating experiments to improve the identified areas;
- Conducting tests to verify improvements;
- Evaluating outcomes and doing further experiments if necessary.
Marketers primarily focus on data and numbers instead of the creative aspects of marketing strategy. Therefore, a number of tests and experiments need to be conducted during growth marketing efforts.
As a whole, growth marketing is an analytically inclined department within a corporation that prioritizes the data-driven side of marketing strategy. This is also why a growth marketer will often be highly familiar with Google Analytics. A variety of CRM platforms and analytical tools help to effectively track and derive conclusions from customer data.
Why Is Growth Marketing Important?
Growth marketing is crucial in saving company resources from being used too sparingly and optimizing specific processes. Growth marketing strategies can make the customer journey smoother and faster, resulting in more efficient customer acquisition and company growth. The following are some of the most important qualities of growth marketing.
Growth Marketing builds connections
Growth marketing is a long-term tactic that can help you increase profitability through excellent customer relationship building, aided by customer data.
Growth marketing aims to forge a lasting connection with each customer going beyond simple persuasion to make the initial purchase.
It places a strong emphasis on giving value through unique methods that forge genuine connections with users and optimize for user engagement and retention. The objective of growth marketers is to develop customer-pleasing experiences that encourage repeat business.
Growth Marketing vs Growth Hacking
Although the terms growth marketing and growth hacking are frequently used interchangeably, these professions have some fundamental distinctions in many businesses.
Growth hackers are typically tasked with solving complex problems fast, while growth marketers focus on optimizing the long-term marketing strategy.
Growth hacking doesn’t put much of an emphasis on the brand because it’s about growth through all means. On the other hand, the main goal of a growth marketing strategy is to build the brand up for long-lasting success.
What Are The Best Growth Marketing Strategies?
The best growth marketing strategy for your company will depend on several specifics, such as its niche, size, and budget. However, several popular growth marketing strategies have shown to be effective time and time again. Here we would like to provide a list of successful growth marketing techniques.
1. Video marketing
Companies that employ video as part of their B2C and B2B marketing strategy see an annual revenue increase of 49% in comparison to those that don’t.
Therefore, growth marketers should use videos to communicate content with the audience in an efficient manner. Those videos can be used on a variety of marketing channels, such as social media, websites, and even email.
2. Social media marketing
Social media is an excellent channel to combine with growth marketing, as many analytics can be easily tracked. It is also imperative that you adapt your content to the social media platform you are on.
For instance, using LinkedIn, Reddit, and Twitter might be good for textual and blog-based content while Instagram and Pinterest might do better with photos and videos. The engagement you receive from followers will give you insights into how future growth marketing strategies should be optimized.
Additional Tips & Tricks
- For a regular marketer to become a growth marketer, they must get a knack for data analysis. A growth marketer looks at the data and forms strategies by looking at the big picture;
- Depending on the scope of the marketing strategy, a marketer may opt to run tests that are smaller or larger in scale;
- Growth marketing uses insights derived from data, iterative testing, and statistical modeling to grow the company.
The Bottom Line
Growth marketing is a methodic marketing approach, which uses data and analytics to improve and optimize specific marketing metrics. A marketer who focuses on A/B testing, building referral programs, data analysis, and creating reports, is known as a growth marketer.
Now you know what growth marketing is, why it is important, and which strategies you should apply for the best results. With all this information, you are ready to determine if growth marketing is the approach you need to take for your company or organization.
