Marketing refers to any actions a company takes to attract an audience to the company's product or services through high-quality messaging. Strategically planned growth marketing campaigns include digital and traditional aspects.
Often business owners feel like this can be a shot in the dark — we hear it all the time; how do we know what we're doing is working? Where should we be putting more budget and effort? Business owners are looking for proven business growth strategies from marketing that help drive the right impact for their sales teams.
What is Growth Marketing?
Growth marketing takes marketing a step further. Growth marketing focuses on creating growth using data from those marketing campaigns. Through campaigns and experimentation, businesses can make future decisions and ensure relevant, effective measures in their marketing. It helps them understand when changes are on the horizon to transition and improve their strategies. Growth marketing constantly searches and monitors data to gain knowledge about current and future marketing needs.
Growth marketing differs from traditional marketing in its overall foundation and purpose. While both are types of marketing, growth marketing taps into traditional marketing to deliver more effective marketing campaigns. Traditional marketing relies on initial research for campaign designs and implementation, while growth marketing relies on analyzing data and feedback to create and execute the most successful campaigns.
Why Should I Use Growth Marketing?
As with everything in life, growth is essential. Growth represents health, success, and a natural progression. Growth marketing is a proven way to ensure business growth when done well.
Growth marketing shortens the cycles of innovation rather than relying on extended efforts. Just-in-time campaigns and micro-campaigns respond to the current moment's needs, enabling businesses to execute relevant campaigns that meet those needs.
The results generated by each campaign or piece of growth marketing content help you learn the answers to key questions, such as:
- What are your customer demographics?
- What are your customer's pain points—and how much are they willing to pay to solve them?
- How often are your customers interacting with your product, and how deeply?
With an understanding of these areas, businesses can develop pinpointed marketing campaigns and change current ones for better results. When marketing efforts use actual data as the driving point, campaigns are intentional and purposeful instead of just a shot in the dark.
Growth marketing examples include:
- Using email marketing to increase brand loyalty through offering special deals to subscribers.
- Providing a quality product based on customer feedback and continuous improvements of that product.
- Redesigning marketing campaigns using results from A/B testing to improve key performance indicators (KPIs) and increase conversion rates and lead generation.
Business owners need to bring in more customers and increase their profits consistently. Meaning they need to utilize effective marketing efforts. The best way to do this is through growth marketing, which allows business owners to transition marketing to effectively reach their audience, meet their needs, and drive results.
Executing a Growth Marketing Strategy
When designing and executing a flawless growth marketing strategy, there are a handful of steps to take.
- Set your KPI and metrics. These will be unique to your business and should reflect your custom business goals. With these sets, you'll see whether your current marketing campaigns provide the right results. If they're not, you'll see how your campaigns should be changed or designed to reach your KPIs and metrics.
- Design marketing to be cohesive and connected with analytics tracking. Make your marketing campaigns intentionally designed for monitoring. Check out HubSpot and other resources if you need help understanding marketing tracking and analytics. These tools have reporting and analytics built in for the simplest tracking.
- Let campaigns run over a set period. You need to give your campaigns an opportunity to run for accurate results. Choose ahead of time how long they will run for, and then let your tools collect data during that time.
- Data analysis — review data and see what you can uncover based on performance. At the end of the set time, review the results.
- Set up A/B testing based on the insights uncovered from the first round of campaign and data analysis. With A/B testing, you can create various campaigns and test them against each other to gain insights on effectiveness.
Growth Marketing Doesn't Exist in a Silo — It Takes All Teams To Be Successful
When a business succeeds, everyone involved in that business succeeds. That's why each person in a company must work together toward the growth goal. Everyone wins when the team finds more people to engage with their products.
With growth marketing, your marketing team will become a hub that utilizes data from other teams. All the data will be combined and analyzed to help create the next batch of campaigns. There are many ways for your team to participate in the collection and analysis of data.
- Product development pays attention to requests for features, upgrades, and complementary product lines. The marketing team and the product development team's upcoming plans and goals can be used in future marketing campaigns.
- Analytics and developers track unusually high or low web or mobile traffic. They collect data to motivate the marketing team to try something new and more effective with their digital campaigns.
- Customer support stays in constant contact with users. The conversations that they have are gold for the marketing team. The information gathered by the customer support team will provide key insights for marketing. They will learn what is going well and various concerns, which gives marketing understanding into the customer and what should go into marketing campaigns.
Ready, Set, Grow
Your Effective Growth Marketing Plan Starts Here
Growth marketing is a necessary and productive form of marketing. It allows businesses to increase their customers and revenue by adjusting their marketing focus. With growth marketing, data is tracked and analyzed to gain insight into each campaign's effectiveness. With collected data, marketers can adjust campaigns and create new, more relevant ones.
Learning to design and execute high-quality marketing campaigns is essential, and doing so on your own can be challenging. Work with an expert marketing company to get your business on track with growth marketing. Apply now to get help to grow your business through growth marketing.