What is growth marketing ?
There is no foolproof formula to grow. What works for some does not have to be applicable to all. Each business model is different but they all have one thing in common if you don’t grow your competition will take over your market. Our job is to help you avoid this situation, so it is important to apply growth strategies, that is, Growth Marketing .
Some time ago, in an old post, we talked about the importance that Growth Hacking was beginning to take on at that time, which, in short, is a series of techniques based on data and whose main objective is to implement new growth paths in digital business. Today, this trend has evolved into Growth Marketing, combining the usual techniques of digital marketing with the funnel of Growth Hacking.
Differences between Growth Marketing and Growth Hacking
As we always say, everything in marketing revolves around metrics. Whatever the strategy and techniques to implement, they will always involve analyzing their impact and performance. You must measure various data such as number of customers, traffic obtained, sales, etc. By combining marketing with the new focus on growth, Growth Marketing goes one step further. You can get to cover the entire company and its entire conversion funnel.
The growth hacking is more shortsighted. It is very focused on virality and the service experience of consumers. However, Growth Marketing has a much broader vision. Work on the history of the brand, its values and its current clients.
But, what exactly is Growth Marketing?
Growth Marketing emerged about a decade ago, fundamentally as a technique to be implemented in Startups to respond to their need to achieve results quickly, although with the passage of time it has been consolidated and extended to all kinds of companies.
Unlike conventional strategies exclusively focused on the top of the sales funnel, this stream is based on analyzing data throughout the entire funnel of a business, with the aim of identifying all kinds of growth opportunities. Thus, Growth marketing aims not only to attract users, but also to involve, retain and convert them into loyal users of the brand.
More specifically, we could define three main objectives of growth marketing :
- Generate traffic: as the name suggests, the main goal of growth marketing is to achieve growth, increasing all types of traffic: organic, paid or referring through other websites.
- Obtain leads and improve the conversion rate: all the traffic that is obtained is of no use to us if we do not get them to interact with us and buy from us.
- Retain customers: once we convert traffic into new customers, it is essential to retain them and that they become recurring users of our brand.
Growth Marketing Ingredients:
Definitely. Growth Marketing is about implementing profitable, scalable and long-lasting strategies. They must be 100% oriented to business growth and integrate digital marketing actions that allow us to increasingly improve ROI.
For this, it is based on the combination of 4 fundamental pillars:
- Product Marketing: we must be totally customer-focused, making sure we understand them and know what their needs and expectations are.
- Inbound Marketing: It is very important to plan so that we are providing the right content to the right user and at the right time. This we must take into account in each of the channels and techniques that we are going to use: SEO, email marketing …
- Growth hacking: logically it is one of the main strategies of which Growth Marketing is composed. It seeks to establish the necessary techniques to grow the business in an exponential way.
- Agile methodologies: we must continuously execute, measure and repeat experiments to find the right key and be able to squeeze it to the fullest.
4 tips to boost your business growth
- Select your essential metrics. With data always as the basis, measuring the sustainable growth of your business is essential. To be able to do this, you must first select the corresponding main metrics. For example, hotel reservations or e-commerce sales. Ask yourself what is the main value you offer your customers and quantify that value. Keep in mind that this metric will be our compass in all the tests we do.
- Test constantly. Think that everything can be improved, but if you do not do tests you will not discover new ways to do it better. In fact, one of the main characteristics of Growth Marketing is to carry out small modulated tests. This entails great learning and to always be aware of identifying new opportunities. It also allows us to launch much faster than conventional strategies, in which a lot of effort was invested from the beginning.
- Get out of your comfort zone. In order to identify new opportunities, it is important to dare to go one step further.
- Establish a growth funnel or ARRR Funnel. Having control of the conversion funnel of your business is essential to detect where we are losing users. Also in order to discover new formulas to improve the data. The ARRR funnel, for its acronym in English, has 5 steps: Acquisition (attracting users interested in our product or service). Activation (first user experience with our business). Retention (construction of the habit of use). Revenue (obtaining income). Finally Referral (recommendation strategy, member get member).
Not sure where to start? Ask us!
At Curtis Times Media we are experts in implementing techniques to boost the growth of all types of businesses. We take the time to thoroughly study the conversion funnel and identify opportunities to improve our clients’ metrics.