Growth marketing is the process of using data gained through marketing campaigns and experimentation to drive growth. It usually involves constant tracking and refinement of strategy to make improvements.
When it comes to marketing, companies and their executives are in dire need of proven and effective strategies to consistently grow their business. Too often they fall back onto and are very reliant on traditional marketing, which can take longer to measure, execute, and refine.
Growth marketing transforms the traditional “make a product, then market it” approach into “make, then market, then analyze, then remake and remake”. As straightforward as its name, growth and progress are at the centre of this type of marketing.
What exactly is growth marketing?
Growth marketing is a form of marketing that is focused on building a better customer experience and brand value and in turn creates long-term sustainable growth. It relies on cycles of innovation rather than on extended efforts. It is characterized by flexible micro campaigns that respond to the ever changing needs and demands of the time.
With growth marketing, you don’t need to have a fixed and comprehensive strategy to get started. The key to is to start small and gather information on the marketing resources you need. Then, focus your effort on the resources that the collected data supports. As you go, you can can adjust your strategy and budget based on the conclusion derived from the said data.
Growth Marketing > Traditional Marketing
Before anyone loses their minds and thinks traditional marketing is dead, rest assured, it is not.
It is still a tried and true way of bringing in consumers and converting them into customers.However, when it comes to long-term success and scalable revenue, growth marketing wins every time.
The reasons as to why it is superior are very simple:
- Customer Experience
- Customer Relationship
- Customer Loyalty
Meeting customers’ desires is the main focus of this strategy optimization, as opposed to traditional marketing, where the only goal is to acquire customers and raise conversion rates.
Growth marketing goes beyond that to make sure customers are truly satisfied, while using their trusted feedback to change and grow the company.
The impacts go beyond their existing customers
When customers feel valued and cared for by a company, they will let all of their friends and family know.
As all of their friends and family get the exact same customer focused treatment, they will continue the cycle of brand advocacy.
All you have to do is focus on the customers you have, make sure they are having a good experience, which will build your relationship with them, and their loyalty will create brand advocacy.
When you hit that point, you don’t even need to focus on traditional marketing, because your customer’s brand advocacy is doing all of the customer acquisition for you.
With that being known, it is no wonder as to why many companies have switched their strategies from traditional marketing to growth marketing.
Growth Marketing’s Winning Scientific Method
One of the many added benefits of employing growth marketing is how easy and efficiently it works with controlled experiments and marketing tests.
This is known as the scientific method, a process of objectively establishing facts through testing and experimentation.
The process is very intuitive and straightforward:
- Find a goal/question to achieve/answer.
- Research and gather data on the topic.
- Predict what will happen.
- Conduct a test to see the true outcome.
- Collect the data and analytics.
- Draw and report your conclusions.
Data gathering and analysis are key
There are so many ways than just one to begin testing with customers and collecting data to improve business.
– Conduct email campaigns and make sure they see you in their inbox.
– Use social media platforms to instantly connect with customers and nurture relationships while building new ones.
– Write blogs and create a podcast to better inform and bond with your customers while building a strong sense of community and loyalty.
– Analyze the data and crunch the numbers to see the results of current customer experience.
– Continue using the new tactics that are working to innovate your company and build brand advocacy.
Be creative when it comes to bonding and strengthening your customer base, but make sure to always test, scale, and track your data to get the most out of growth marketing.
Where Can I Get Help With Growth Marketing?
If you happen to be a business owner, want to implement growth marketing, but get tired from just reading about it, then you need a growth marketing specialist, known most commonly as a “T-Shaped” marketer.
Keep in mind that T-Shaped marketers are not all-knowing oracles that can fix every single problem when it comes to growth marketing.
However, they tend to specialize in certain parts of growth marketing and become experts on those topics.
In doing so, these T-Shaped marketers make sure that they are ready to fix and take care of any problems that fall into their area(s) of expertise.
That is why T-Shaped marketers are absolutely necessary for a business to succeed in growth marketing, without them you run the risk of having all your hard work be for nothing.
Hire one today and in no time your marketing journey will become so much more easy and streamlined.
Use Growth Marketing to Your Advantage
If it wasn’t clear enough, growth marketing is the next best step for your company if you have already not taken the leap.
Companies such as Instagram and Tinder are where they are today because of this marketing strategy and how it transformed their business.
For Instagram, growth marketing tactics enabled the company to continuously rework and scale the company. Building a better brand through their customer interactions and scientific method.This led to Instagram becoming such a powerhouse of a company, that Mark Zuckerberg and his Facebook team did everything they could to acquire Instagram.
And in the end, that’s exactly what happened, with Instagram being bought for $1 billion dollars.
Growth marketing is more than just a fad
In a world that is constantly changing, it is time to use tactics that can keep up and better frame your business for success.
Once seen as nothing but a passing fad, growth marketing has cemented itself as one of the best forms of marketing with a strong focus on customer retention.
Do not forget, the best way to retain customers is by improving customer experience, building relationships with customers, and providing relevant value to inspire brand advocacy.
The more customers you retain, the more you know that you are doing something right.
The only way to sustainable growth is to take a chance, and try a different way of marketing.
Do yourself a favor and hire a “T-Shaped” marketer.
Implement this type of marketing and watch your business rise through customer focus along with brand advocacy.
After all of that happens, you can thank yourself for realizing that growth marketing is the future for your business and the world of marketing.