What is Growth Marketing and how do growth marketing teams achieve results?
Did you know that around 500,000 new business ventures keep coming up every year? Moreover, over $200 billion is spent collectively on marketing efforts individually every year? With such high competition, it is difficult for any business to stand out.
If you want to stand out, it is increasingly important to come up with a dedicated marketing strategy that is compelling, creative, and iterative.
Your marketing strategy should focus on generating customer acquisition.
Additionally, it should also serve as a breeding ground for ensuring maximum organic growth. A powerful way of building your customer base is through growth marketing.
Let us delve into the concept of growth marketing and how it can accelerate the desired objectives for your organization.
What is Growth Marketing?
Growth Marketing can be regarded as the strategy of acquiring and retaining customers by targeting every possible stage of the purchase funnel with different marketing channels –including email and search. It is focused on the concept of ensuring data-driven and creative marketing strategies for considering unique challenges, queries, and needs of end-users throughout the buying process.
Growth Marketing Vs. Traditional Marketing
Like most other companies, you might be using traditional marketing strategies. In this case, your marketing team will be making use of radio, television, and print channels for reaching out to the target audience. However, in the modern digital era, traditional forms of marketing only under-deliver as per your specific requirements.
On the other hand, growth marketing is known to follow a broader approach for reaching out and converting your target audience while maximizing client retention rates. It makes use of a wide range of channels – right from conventional to digital, for engaging with current and potential clients.
Growth Marketing Vs. Growth Hacking
In the case of growth hacking, a company goes forward with an aggressive approach to improving its business and revenues. The given strategy is focused significantly on iterative experimentation across multiple marketing channels. Here, speed is a crucial factor. This is because organizations wish to unveil the most profitable strategies as soon as possible.
On the other hand, in the case of growth marketing, the team comes up with a data-driven strategy for supporting as well as improving the revenues, growth, and satisfaction of clients. While your company’s marketing plan might feature multiple experiments for ensuring conversion rate optimization, it is not at the level of growth hacking.
Growth Marketing Vs. Digital Marketing
In case of digital marketing, a company is focused on attracting, engaging, and converting users with the help of online marketing channels –including social media, email, or organic search. The strategy makes use of relevant user-centric data for making influential decisions for the digital marketing campaign.
On the other hand, with growth marketing, there is significant emphasis on not just converting users but also retaining them for the long run. Marketers, therefore, aim at going beyond the concept of digital channels. They also make use of traditional channels for reaching out to the desired target audience.
Importance of Growth Marketing for Your Business
For most marketing teams and businesses, growth marketing entails an in-depth re-evaluation of the marketing approach to reaching out, converting, and retaining current as well as prospective clients. It turns out to be a challenging and time-consuming process.
Here are some reasons why you should consider growth marketing for your organization:
#Consumers Taking the Non-linear Buying Journey
Previously, consumers used to follow the linear path to purchasing as they moved from awareness to buying at an estimated rate. With the advent of the internet and multiple digital technologies, the scenario has changed. Now, consumers are known to follow the non-linear purchasing pattern through smartphones, desktops, laptops, and other devices.
With growth marketing, you can ensure that your business is moving forward by focusing on every step undertaken by consumers during & after purchase.
#Intersection of Marketing and Merchandising
In the modern era, organizations mostly integrate their marketing and merchandising efforts. It is particularly common for tech companies and e-commerce businesses that make use of user-centric data for recommending resources, products, and so more.
However, the combination of marketing and merchandising is a major challenge for most businesses out there. Companies need to evaluate where users are in the purchasing funnel to take up the best possible action. The all-new approach of growth marketing can help in recommending the best products & services to customers for boosting the overall sales and revenue.
#Data Offering Unparalleled Insight into Customers
Whether you are operating online or offline, data can offer ample insight into the target audience. It is also useful in delivering access to valuable information on consumers across multiple stages of the purchasing funnel. This helps in informing your efforts related to growth marketing.
Companies can look forward to acquiring user-centric data in different ways, including:
· User surveys
· Digital marketing
· Activities of users
· Website analytics
With the help of growth marketing, you can make the most of available data. From keeping a track of the conversion journeys of potential customers to analyzing the activities of the current customers, you can harness data from the website to come across a detailed approach for your business.
#Higher Turnover Rates Reducing Revenues
A higher turnover rate can have multiple effects on your business, including:
· Minimizing the company value
· Reducing the annual revenues
· Minimizing the growth rate
With growth marketing, your company can effectively execute strategies for developing trust and loyalty. This approach can help in improved online reviews, word-of-mouth recommendations, and more.