What Is Growth Marketing? Why Is It Important For Your Business?
If your business isn’t growing as fast as it should, or perhaps your main focus is on the top funnel sales of your marketing goal as a result of this, you can’t seem to increase your revenue as you should year after year, then it’s time to increase your marketing efforts by adopting growth marketing strategy in your business for sustainable growth.
What is Growth Marketing?
This involves the use of a data-driven approach to attract, engage and retain customers for the purpose of increasing your revenue. This approach uses creative tactics at every stage of the customers’ journey from understanding their wants, pain points, objections etc…and then build a highly tailored message that speaks directly to the customer to encourage a purchase and further retain them.
To better understand what growth marketing is, here are some famous quotes from growth marketing experts in the industry.
“Growth starts with a deep understanding of product value and is about moving new users to the Aha! moment as quickly as possible, measurable in seconds.” Chamath Palihapitiya – Founder and CEO, Social Capital.
“Finance owns the flow of cash in and out of a company. Growth owns the flow of customers in and out of a product.” Andy Johns – Partner, Unusual Ventures.
“Growth marketing is removing the boundaries of marketing to enable every aspect of the customer experience to focus on attracting more engaged customers.” Mike Volpe – CEO, Lola.com.
“For meaningful growth, startups must completely change the rules of traditional channels or innovate outside of those growth channels. They are too desperate and disadvantaged to adapt to the old rules of marketing. They have to dig deep creatively, and relentlessly test new ideas. If they don’t figure it out quickly, they will go out of business.” Sean Ellis – Founder & Chief Evangelist, GrowthHackers.com
Unlike traditional marketing, which focuses on a company’s product or services, growth marketing is customer-oriented and focuses on addressing customers’ unique wants and needs.
Growth marketing goal is primarily monitoring every stage of the funnel.
Awareness: Creating content so customers know you exist.
Acquisition: Maximise led generation by getting visitors and prospects to subscribe or opt-in for email list.
Activation: Lead conversion to get prospects to make a purchase and deliver great service.
Retention: This is the point where you excite existing customers with new offers, keep them updated and delighted to increase customer lifetime value.
Revenue: Get the right business model in place to scale and grow through selling, upselling and managing revenue.
Referral: Use referral programs to encourage loyal or existing customers to share your services with others into new customers for you.
Comparison of traditional marketing versus growth marketing:
Although traditional marketing can be really fast in acquiring customers, but growth marketing is sustainable because it doesn’t just acquire new customers, it focuses on activating and retaining them for longer customer lifetime value.
So, if you really want sustainable growth for your business, it is better to follow the path of growth marketing, it can be done by, acquiring customers based on sound marketing strategy combined with scientific data that can be tested to measure results and impacts of your marketing activities. This makes marketing predictable and saves you a lot of money so you can easily understand what works and what doesn’t work.
You have to be able to retain the customers acquired so you can continue to grow because growth without retention is no growth.
To be successful in your growth marketing, it is important to understand the right strategy to use, there are several cost-effective strategies that can be used in acquiring and retaining customers.
Some of these strategies include:
Content marketing: This method involves a strategic approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience and, ultimately, to drive profitable customer action according to contentmarketinginstitute, content marketing delivers quality valuable contents educating its targets audience with great storytelling, it uses long term strategy approach in building a solid relationship with customers to encourage loyalty. Unlike traditional marketing tactics that rely on mainly pitching its products and services. Content marketing can be done using creative writing, creative marketing videos, surveys, case studies or blogs.
Social Media Marketing: It is the process of creating tailored content in order to grab attention and engage with prospects and customers. It involves driving engagements with unique contents and adopting various marketing trends to convince people to take action. More so, social media marketing has a lot of benefits when done right with clearly defined content and engagement strategy because most people find it very challenging with encouraging engagement and participation.
Email Marketing: A well-planned email marketing is very effective growth marketing used to convert prospects into buying customers, and also turn one-time buyers into loyal customers. This method gives you full control to follow the customer journey from the point when they voluntarily opt-in as a subscriber to your email list.
Search Engine Optimisation: Companies with websites leverage this method of growth marketing to drive traffic to their website via online platforms to grow their business. When planning the search engine optimisation it is important to focus on keywords used by your targeted audience to make it easy to be found on the internet. Create highly tailored contents addressing the needs and pain points of your target audience in order to boost credibility of your website.
Considering growth marketing as part of your marketing strategy will indeed set your business up for exponential sustainable growth. All stages of growth marketing are important for business survival, as you can close monitor the progress and make changes to proactively accommodate your customers changing needs throughout their journey with your company.
So now that you know what growth marketing is, and why it is important for your business, are you ready to use it? And get a head start on growing your business?
Mondial Trends can help your business get the most from growth marketing, get started by contacting us to learn more about our services!