Welcome to another blog article! This time we decided to talk about growth marketing, an effective strategy that can help you exponentially increment your business growth. Keep reading if you want to discover all the benefits that this process can give you and three growth marketing strategies that you can implement today to move one step closer to your goals.
Let’s get started!
Table of Contents
What Is Growth Marketing?
First, you need to have a clear understanding of what growth marketing is. Growth marketing uses long-term tools for growth such as SEO optimization, content planning, link building, A/B testing, etc. In particular, this marketing technique is created to strategically expand your business based on a predetermined set of objectives. For example, your growth objectives could be revenue-focused (you aim to have a certain amount of profit), industry-focused (you want to expand your business and explore a new particular market), or company-oriented (your goal is to increase the size of your business).
To meet your growth goals, you can use a variety of marketing strategies, whether digital or traditional. Your business can use the structure that growth marketing offers to put strategic growth at the core of your marketing plan. In particular, with the help of growth marketing, you can decide on marketing objectives based on data, using testing and experimentation to accelerate business growth and marketing strategies that increase sales and overall business expansion.
Today, the term growth marketing is often used interchangeably with the term growth hacking. However, these two processes are not quite the same. That’s why before moving forward we think it’s important to define what growth hacking is and the differences between these two types of marketing methods.
What is Growth Hacking and How Is It Different from Growth Marketing?
Growth hacking consists in achieving rapid growth with minimal investment. This type of marketers employ innovative, faster-to-complete strategies rather than generating lengthy content or marketing plans.
Growth hackers aren’t just engineers or marketers—they are strategists and creative thinkers who use unconventional marketing techniques. They might invest in Google Ads instead of counting on one piece of content to drive traffic.
Now that you know what growth hacking is before we dive more into growth marketing, we need to clear out the differences between these two strategies.
Growth marketing is brand-centered
Growth marketing is calculated and strategic, focusing first on increasing brand recognition before pursuing measurable, long-term growth. On the other hand, growth hacking is more focused on identifying the right-fit strategies that produce rapid results.
Growth marketers focus on sustainable growth while growth hackers focus on fast growth
In reality, you need both if you want to approach growth successfully. The best of both worlds can be found in a growth marketing approach that incorporates growth hacking techniques. For long-term, sustainable success, quick outcomes that can be modified and repeated are essential.
Growth hacking focuses on technology while growth marketing focuses on people
Growth marketers, as we previously stated, constantly keep an eye on the brand and the customers it serves. They create personalities and delve deeply into their wants, desires, and motives. They make use of this knowledge to create content that communicates the proper message to the audience at the appropriate time and place. Although it might not be quick, it usually works.
On the contrary, growth hackers focus more on their techniques than on their audience. They depend on tools to complete their tasks quickly because they are the initial users of new technology.
Growth marketers spend time collecting data while growth hackers jump right in
On one hand, growth hackers are fast to act. They are aware of the most recent trends and technological innovations, and they are not afraid to use them.
On the other hand, growth marketers are fully committed to the plan and deliberately develop each stage with a specific end goal in mind.
At this point, you should have an in-depth understanding of these two marketing strategies and their differences. We are now ready to talk about the growth marketing funnel and discover why it’s relevant for your business growth.
How To Implement The Growth Marketing Funnel
You can use growth marketing in a variety of business-related contexts. The AAARRR (or pirate metrics) framework, which includes all key marketing elements such as Awareness, Acquisition, Activation, Revenue, Retention, and Referral, is a great way to implement and monitor the progress of your growth strategies. We are now going to walk you through every stage of the funnel.
Awareness
Brand-building activities that inform potential customers about your company and its solution are part of the awareness stage. This includes strategies like paid advertising, social media outreach, and business news.
In the past, marketers have used digital advertising to test messaging and its effects on website traffic. Growth marketing strategies must be increasingly targeted and result-driven as the digital advertising world develops and differentiation becomes more difficult. For example, marketers might test several message iterations with the same audience to determine which encourages more engagement.
Acquisition
This first stage provides growth marketers more freedom to test out various ad content or call-to-action (CTA) options. Testing the messaging, page orientation, and/or button orientation are other strategies that growth marketers can use to boost the number of form submissions. This helps marketers determine which approach to take to attract new clients and what fresh tactics to utilize to keep their current prospects.
Activation
During this phase of growth marketing, you must convince your prospects to think about acquiring and using your goods and services. Once the clients are on board, you should engage with them and persuade them to use your services. For instance, chatbots can be used to give your consumers practical information regarding your goods or services.
Retention
Engaging with clients regularly is the best method to keep them coming back. Sending them helpful material, offers, and assistance keeps them engaged from the minute they sign up or purchase a product.
Furthermore, an important strategy for retaining customers is conducting surveys. It helps in learning about the target market’s preferences, dislikes, and reasons for leaving. As a result, this stage has become an unavoidable step for businesses that want sustainable growth.
Revenue
This stage revolves around all the company efforts made to generate profit. Through improved customer experiences, higher average order values, and higher retention rates, it aims to increase client lifetime value.
In this stage, growth marketing can be used to address KPIs connected to revenue by experimenting with price plans. Growth marketers can also experiment with upselling strategies by reminding current clients to renew their subscriptions or offering attractive discounts.
Referrals
In this stage, growth marketers utilize referrals to draw in new clients. This strategy consists in encouraging your current consumers to serve as brand ambassadors by introducing your goods or services to new prospective clients.
Referrals are one of the most cost-effective ways to implement your growth marketing strategy. Your current customers are more likely to buy from you, remain with you longer, and have a higher customer lifetime value when you use them to acquire new consumers,
3 Useful Growth Marketing Strategies
After we tackled how growth marketing can improve your customer journey, in this paragraph we will share with you three powerful growth marketing techniques that you can incorporate into your marketing strategy to drive your business growth.
1. Blogging
According to research, marketers who use blogs generate 67% more leads than those who don’t, and those who publish useful material have a 13-fold higher likelihood of seeing a positive return on investment. Blogging and producing educational content is an essential component of content marketing for e-commerce.
In addition, writing a blog gives you a chance to add and show your personality through your work and offers content that links back to your website, increasing traffic.
2. Social Media Marketing
Social media is unquestionably one of the best growth marketing techniques you can use to develop and nurture your customer base and boost your sales as it has taken over both our personal and professional life. To target a particular audience, social media marketing necessitates using sites like Facebook, Twitter, Instagram, LinkedIn, and others to spread information, promote your products, and interact with customers.
You must select the platform for advertising based on your target market. For instance, using LinkedIn, Reddit, and Twitter would be good for textual and blog-based content while Instagram and Pinterest would be useful for advertising visual content.
3. Email Automation
Finally, email automation uses a marketing automation platform to send automatic messages so that the right prospects receive proper messages at the right time without having to perform the task manually.
You may target customers based on their behavior, preferences, and previous sales when you integrate your website analytics with your email marketing software. In this way, you can tailor the experience of each customer, making your automated advertisements will be more relevant.
Improovy can help you set up an effective email automation strategy so that you can stay in touch with all of your prospects with newsletters or feedback surveys, nurturing the relationship with your customers and consequently improving your business performance.
Conclusion
You reached the end of our article. Thank you for keeping up with us, we hope we provided you with practical knowledge and strategies that you can start implementing now to grow your business.
Feel free to share this article if you find it interesting and see you next week!
