Growth marketing is a pretty strange term because, after all, isn’t all marketing growth marketing? Isn’t all marketing designed to grow a business, not shrink it?
So, what does growth marketing really mean? What are the benefits of growth marketing?
What is growth marketing?
To define what growth marketing is, first we have to look at what traditional marketing is. Traditional marketing typically looks at short-term, campaign-oriented goals, like getting more clicks and acquisition. It’s normally evaluated on an annual basis and is centred around opinions [and guesswork] rather than data.
Growth marketing is a long-term approach based on strategy. It not only looks at customer acquisition, but retention, cross-selling and upselling. It focuses on the bigger picture rather than short-term gain and means developing and conducting experiments to improve results.
Growth marketing is more than just a tactic. It’s a mindset.
What are the benefits of growth marketing?
There are so many benefits of having a growth marketing mindset. Including:
- Focusing on really understanding the customer journey – delivering better experiences and building lasting relationships.
- It’s a unified approach that involves cross-channel, cross functional collaboration – from the sales team to customer support.
- It stops business owners shooting in the dark: targets are set, sustainable progress is made, and increased revenue is achieved using a strategic approach.
7 ways to get your growth marketing on point
1. Content Marketing
Content marketing can include blog posts, eBooks, informative videos and anything else designed to inform or educate your audience. It’s essential for setting yourself up as an expert and creating trust which, in turn, can drive traffic and increase leads. Test out what works and get creative with your ideas.
2. Community
Creating a community around your brand is a great customer acquisition tool and a good way to kickstart your growth marketing strategy. Whether it’s a knowledge sharing hub, a Facebook group or even a dedicated email subscription list, online communities allow new and current customers to feel an emotional connection to your business and truly feel part of something.
Growth marketing is all about measuring what works, so set yourself a goal, develop a plan to get there and track your results.
3. Free tools
Offering your audience something that they actually need can increase their interest in the products and services you offer. Advertising a free tool that doesn’t consider their pain points is something most audiences will see straight through – it’s all about value. Don’t just introduce a new tool and send it on its way – track how customers respond to it and try to figure out why they responded [or not] in that way.
4. Personalisation
When businesses take the time to personalise the customer experience, they can build loyalty, multiply conversion rates and even increase their average order value. Personalisation can range from tailored messages on LinkedIn to product recommendations and, when done well, can level up your growth marketing like crazy.
5. Chatbots
When your customer service is on point, your audience will thank you. When you implement chatbots, you can automate the customer support process and ensure you’re always there for your customers, especially when used hand-in-hand with your human support team.
6. Conversion rate optimisation
Creating a conversion funnel based on the journey you want customers to take on your website can create the best possible experience for them and can increase the chance of conversions. As with any growth marketing strategy, test, test and test some more.
Contact 3PM team today to learn about conversion rate optimisation in your business.
7. Employee loyalty
Growth marketing has a lot to do with creating value for your customers in order to increase sales, but what about your employees? Creating strong company values and a healthy workplace culture can affect your bottom line because if your employees are unhappy, it won’t take long for your customers to become aware of those negative vibes.
What’s working for your employee and how can you optimise your workplace?
Growth marketing can be easy
Growth marketing is about strategically experimenting, but it doesn’t have to be complicated – it can be as simple as changing the colour of a button on your website and analysing the results.
If you need extra ideas about how to use growth marketing in your business, get in touch. We’ve got access to all the tools and technologies to help every business optimise for higher engagement, more sales and exponential growth.
