What Is Growth Marketing? (And Why It Matters in 2021)
Every business success rolls on the wheels of a rather complicated machine. And successful marketing fuels the engine with lots of new opportunities. So, the company can cut the icing on the cake and keep moving forward. Most companies or start-ups don’t mind spending a bunch on new approaches and captivating marketing strategies. And if it breaks through the noise, everything will be worth the effort!
Statistics say that marketing needs something like 200B dollars for each year. And this is just for the US. It doesn’t really matter whether we talk about nearly born companies or those that have been around for a while. All of them want to run successful marketing campaigns. And, obviously, if you want to get to the top of the funnel or even beyond, be ready to spend a fair amount of cash on growth marketing projects.
However, the truth is that a tricky marketing universe is a rather crowded place today. Companies work hard to stand out and be noticed. So, marketing teams stay busy implementing all kinds of effective marketing tactics. Well, every business needs to grow an audience, so it’s always worth trying something new or even controversial.
Today, let’s talk about a marketing model called “growth marketing” and we’ll also touch upon how it is different from traditional marketing techniques.
What Growth Marketing Is All About?
For instance, growth marketers would utilize split testing to determine what kind of push notifications are more accepted and noticed by users. Whenever something functions exactly the way they wanted, a fair amount of assets is leaned towards this particular effort. Well, in case it didn’t work out, it just means that more tests will be initiated.
What else does the growth marketing stress over? Well, it focuses on customer delivery a lot. The main reason for that is because growth marketers need to have a clear picture of who the ideal customer is. And then discover a perfect product/market fit for this customer to satisfy or solve any customer’s issues/problems. In other words, growth marketers put a fair amount of effort into finding the absolute right customer (or potential customers) for the business and implementing the best ways to address the company’s goals/motto.
Look at the list of main aspects and learn what growth marketing is represented by:
Mindfulness. This aspect pertains to such a brand-building effort as the brand’s image. Also, this aspect incorporates such strategies like social networking effort, TOFU offers, and SEO-upgraded substance. Advertisers usually utilize the social media system in order to address these issues by testing what recurring amount of posts drives website traffic in or what sort of substance gets most commitments.
Obtaining. This aspect evolves around creating leads and getting the net of new clients either through chatbots, gated content, freemium registration. Or something different! The main job of growth marketers here is building the structure entries by probing information, button/page direction, shading, etc.
Initiation. This aspect encourages users to utilize the item/service they obtained. Basically, in this case, growth marketers investigate/determine what is that needs to be done in order to find and then include more companions.
Income. This part consists of cash-generating activities. For example, this can involve an investigation of how the cost is shown on the costs pages. Also, inspecting upselling strategies, such as sending messages when a client is near their arrangement’s cutoff.
Maintenance. This is about keeping clients enchanted. In order to improve maintenance, growth marketers look for effective ways to offer customized support to clients. Or think about how to gain high net worth clients through personalized assistance and finding more incentives from the item.
Referral. This is where a development advertiser can explore different avenues regarding various motivating forces. Or implement effective strategies around the referral program to build successful outcomes.
All in all, growth marketing is about identifying, capitalizing, and scaling opportunities within your marketing funnel. That’ll improve a north star metric (or metric that matters). The north star metric is usually a metric that captures a core value of goods or services you’re producing/offer.
How Growth Marketing Is Not Like A Traditional Marketing?
When it comes down to marketing funnels, a couple of very important steps should pop up in your brain on an instance. And they would be:
As with traditional marketing, its primary focus usually lies within awareness and acquisition. For example, digital marketing mainly focuses on product promotions by advertising through different social media channels, forums, e-learning platforms, other sites. Digital marketers usually go by posting advertising banners, writing valuable content for customers, posting promo vids, etc.
Whereas growth marketing fully embraces all these steps shown in the image above. The whole cycle doesn’t just end at “revenue” – it flows back to acquisition and keeps repeating the process over again. Obviously, in growth marketing, the scope of aspects is much broader. And various marketing channels, as well as marketing strategies/tactics are being thought-through, created, and implemented.
What Qualities Help Growth Marketers To Succeed?
The main goal of a good growth marketer is to have the ability to utilize the logical strategy for well-structured investigations. Also, they need to recognize possible failures timely and develop an effective plan on how to overcome them. Growth marketers always work hard on having all necessary arrangements ready just to address challenges from all angles, above and beyond the problem.
A list of important responsibilities:
- run investigations to determine which regions are ought to be tested and enhanced;
- planning and implementing tests;
- advancing distinguished procedures;
- testing upgrades and leading trials;
- breaking down outcomes;
- leading additional experimental projects.
Since effective tactics it’s all that matters, then growth marketers have to master the following qualities for successful customer acquisition:
Making customers stick around. Any typical company loses 2-3% of its customers every month. This means that such companies need to grow between 27 to 43 percent every year to maintain their revenue. Growth marketers should come in handy in such situations to make customers stick around.
Being able to bridge the gaps. Without having an efficient growth team, all departments will not be optimized to their fullest potential. The growth marketing teams would wait for developers to get their work done, so they would bring their changes and derive the positive desired results. Efficient growth marketers can bridge the gap between engineering, product, sales, and, of course, marketing processes. Basically, successful growth marketing makes synergy and workflow much better than before.
Credible. If people don’t take you seriously, odds are they won’t buy from you. So, gain solid business knowledge/skills to be clearly established. For example, know how to set up a blog, or how and where to leave helpful comments on related articles, how to create groups on Facebook. Learn what can help people out the most while there are seeking answers on related forums. Establish your credibility!
Serious about social. Most businesses have social media accounts, but they fail to utilize them to the optimum. Be ready to update social media accounts frequently with fresh and useful posts. Keep a strong focus on the client and try to be engaging.
Driven by data value. Too often people position “free” content/value as a lead magnet. But in reality, a successful growth marketer should know how to create assets, resources, or guides based on HiPPO. This would be a much smarter approach to stick to rather than making decisions dictated by the “gut feeling” only.
Skilled at viral growth strategies. Get off the ground with offers that are highly shareable and create a growth strategy. Make it evolve around an asset that would make sense to share for mutual benefit. Yes, that is a good way to get virality.
Creative. Think about what would add more value to your customers. And try to look at it in a novel way. Then get ready to go into testing. Make sure you won’t have even a hint of fear to fail! Another thing to think about twice is when your idea was readily accepted by everyone on the team. Be concerned about it because it is probably not fringe enough. Maybe it needs more controversy to make it really good. Don’t be afraid to pioneer something new!
Knowledgeable of effective tools. Have the most helpful tools in your toolbox. For example, get Hotjar installed. Track the clicks and know where people are scrolling or for how long they stay on the page, what makes them stay on the page longer, etc. Ask them to answer survey questions which they’ll see pop up on the website. Keep in mind – good data is invaluable and helps to succeed.
Look at more cool digital tools you can find useful for your projects:
Adroll – tracks website visitors through ads;
Buzzsumo – assists in detailed URLs’ content analysis;
Leadpages – start building customized landing pages with this tool;
Proof – boosts conversions for better sales;
Po.st – this helpful tool will let you track those who share your posts;
Sumo – get an amazing email list with this awesome tool;
Voila Norbert – a bridge that can hook you up with many well-known marketers out there.
Types Of Businesses That Want to Hire Growth Marketers
In actuality, there are 2 main types of industries where growth marketers are in huge demand – tech companies and emerging tech startups. Startups provide most of the opportunities. But the scope of responsibilities of a growth marketing team will highly depend on at what stage the current project is.
Quick chart of skills that most companies desire while looking for good growth marketers:
- A data-driven attitude for work. To be really good at developing multi-channel marketing strategies (including digital offerings, editorials, “From URL to IRL” experiences, direct-to-consumer products);
- Strategic approach in identifying and monitoring right audiences, as well good skills in cultivating lean-forward audiences;
- Ability to scale and engage audiences on all platforms;
- Ability to create loyalty objectives and measure OKRs in audience growth (monthly, quarterly, annually);
- Ability to bridge the gap across departments in order to ensure brand’s voice consistently;
- Ability to ensure all initiatives by defining roadmaps with the help of multimedia and editorials along with establishing a strong partnership with video teams;
- Skilled at creating successful GTM (go-to-market) plans and developing buyers lifecycle (retention/churn/win-back/acquisition);
- Ability to hit acquisition targets through paid and non-paid channels while lowering down acquisition costs.
Obviously, this chart doesn’t include all sets of skills. This list can go on and on, so just check out some job ads posted by companies that hire growth marketers. However, keep in mind that most businesses want to get excellent strategic/data analytical skills from their growth marketers. Basically, most companies would want you to take a project and scale it from the ground up. If you can do it – you’re all set!
Is growth marketing the most desired and effective advertising technique for each organization? Well, probably not quite. The main problem here is that it does require a pretty strong and solid establishment to develop from. So, if you are still at the startup stage, make sure that you got everything set up and well running before dedicating an excessive amount of assets to growth marketing projects.