What is Growth Marketing?

The term “growth marketing” has been popping up more and more, but what does it really mean? In this blog, I will discuss growth marketing and why you should care. I hope you will enjoy this blog as much as I did writing it!

Growth marketers focus on techniques that generate rapid growth for a business with the goal of increasing customer acquisition. This includes looking at data to determine which channels are most successful in driving traffic, as well as experimenting with different ways to reach customers through social media or content marketing.

What is Growth Marketing?

Growth marketers are defined as those who design and utilize strategies to drive revenue growth. Growth marketing is all about rapid conversion, customer acquisition, experimentation with content or social media channels for success, and data-driven decisions.

The Difference Between Growth Marketing and Growth Hacking

Growth hacking is often used interchangeably with growth marketing, especially when discussing digital strategies. However, it does not refer to a specific skill set or expertise; instead, growth hacking means breaking (or “hacking”) the common rules of running an online business in order to grow your customer base quickly.

Growth hackers break these norms and challenge themselves by experimenting across a variety of channels – social media platforms like Facebook advertising for instance – seeing what works best as they go along. Growth marketers work differently: They are more focused on conversion rates and streamlining their processes so that they can identify new opportunities before competitors do, setting up experiments just-in-time for fast results. Most importantly though? While both might be trying to grow their customer base, growth marketers often work from the inside-out and start by understanding how customers engage with your product.

The key is to find what motivates them to spread the word about you and then integrate those tactics into your marketing plan – leading ultimately to more leads and conversions!

Why You Need Both Approaches for Best Results

Growth marketers are all about customer engagement and using data-driven decision-making to grow their business, while traditional marketers focus on branding. It’s not an either/or situation though—having both can help you gain the best results for your company! How? Growth marketing is more concerned with getting customers in the door as cheaply as possible without sacrificing the quality of service. Traditional marketing focuses first on building a brand so that consumers will eventually come back again and again over time because they trust what you’re selling them.

Traditional marketing also has higher initial costs associated with it, but those investments often pay off handsomely over time since brands have longevity – which is why some companies still rely heavily on this approach today even if growth hacking tactics may be more appropriate for their company’s specific needs.

Growth hacking, on the other hand, is more about getting potential customers in the door now and doing whatever it takes to make that happen. This means testing out a lot of strategies until you find what works best for your business – which can also provide some significant up-front returns if done well since growth marketing doesn’t always take years to pay off.

How Can Growth Marketing Be Implemented?

The acronym AAARRR is the basis for marketing strategies that apply to many different areas of a business. It stands for Awareness, Acquisition, Activation, Revenue, and Retention/Referral.

Awareness

Awareness is important because it’s the stage at which your potential customers are introduced to what you have to offer. This includes anything from advertising, social media campaigns, and email marketing – all of which will help raise awareness about your business in a way that makes people want to know more.

It can also be driven by various tactics such as search engine optimization (SEO) or content creation for blogs and websites. Your goal with this section should be to make sure that prospective customers who see you mentioned online take action by clicking through the link on their browser or engaging with your post via social media platforms like Twitter, Facebook, LinkedIn, etc. One thing growth marketers love doing is figuring out ways to get people taking action!

Acquisition

Acquisition refers to the process of driving awareness and traffic to a site. This can be done through various means such as social media campaigns, email marketing, or search engine optimization but the end goal is always more website visitors – which will hopefully lead to increased sales and revenue for your business. One thing that all successful growth marketers have in common is an exceptional understanding of how important it is not only to get potential customers to click on their links but also taking action once they reach their destination by spending money on a purchase or signing up for something new like a free trial offer. When you’re ready to take what you’ve learned about customer engagement into account, you will have the opportunity to make an even bigger impact.

Activation

The most common way to activate visitors is by using a landing page. A landing page has one goal: converting the visitor into an email subscriber, customer, or another type of lead. It’s also important to take advantage of features like social proof and testimonials from other customers who have used your product or service in order to boost conversions.

For example, if you use Optimizely on your website, you can add a “Success” banner at the top after someone converts (such as signing up for your newsletter). That small touch will help people know that they’re not alone and make them feel more confident about their purchase decision when they see other people share similar success experiences with this feature.

This signal tells us we are on the right track with this sign-up, and now we can optimize it so that more people will convert.

Revenue

Revenue is a measure of how much money a company has made over the course of time.

We can look at revenue in two ways—either as “top-line growth” or as “bottom-line profit.” Let’s explore what those terms mean and why they’re important to your business.

We know that top-line growth refers to increasing sales revenues, but what does bottom line refer to? The bottom line is about making sure we turn our expenses into income by converting dollars spent on marketing into more than $0. This means it’s not enough just to drive traffic; you must also convert visitors who land on your website into customers.

Retention

Retention is a measure of customer loyalty.

In order to understand retention, it’s important to first explore the three different types:

Loyalty – Having repeat customers is a sign of brand loyalty. This can be promoted by fostering relationships with customers, giving them a sense of pride in your company, rewarding/reinforcing actions that lead to repeat business, building a community around the brand, and more.

Regularity – In this case, customers are still coming back whenever they need your product or service; they might not even consider other options! If you can provide a consistent experience with your product every time they use it, you’re likely to see regular repeat business. This only works if you have high-quality products or services that people want and need to have.

Recency – This is somewhat rare, but it’s more important than regularity; customers might come back often, but they also come back more recently. For instance, if you are in the business of selling office equipment, you can use this to your advantage by being vigilant on items that change ownership frequently. If something goes out of production and is not being replaced by new products, this can become a recurring event for your business.

Referral

A referral is a measure of how many customers refer other users to your business. This can be done through many different approaches; for instance, providing a discount for existing customers that refers the service to another person is a way to use referral to help grow your business.

Performance Marketing

Performance marketing is all about generating quantifiable results in the shortest amount of time, and it can be done using paid strategies. According to CHEQ, the performance marketing toolkit will most likely include:

Paid search, paid social media, and display advertising is often the first strategies that come to mind when thinking about performance marketing. These tactics can be used in different ways throughout your customer journey but typically act as the mid-to-bottom of the funnel strategies (MFT/BFT). Affiliate Marketing is also a tactic that is applied at various stages during customers’ experience with you – from top-down or bottom-up depending on how it fits into their buyer’s journeys. SEO and Content Marketing have been proven time after time over the years to win long term business goals because they focus more heavily on building relationships with potential leads rather than just driving them towards transactions right away; Google has even asserted recently that “content may not always exist for immediate consumption.

It’s pretty clear that marketers love performance marketing because it offers fast results and a verifiable Return On Investment. The key to this type of advertising is knowing what you want the outcome, or return on investment, to be: for example if your campaign was $1000 in pay-per-click ads then you can see how many clicks or conversions those dollars bought.

There is some crossover between growth marketing and performance marketing considering both focus heavily on analytics – but there’s also an important difference; with one being more long-term than short-term (performance) while the other focuses specifically on increasing traffic through customer engagement (growth).

The Growth Marketing Toolkit

Instead of the instant hit of ‘performance’, growth marketing focuses on long-term goals such as generating organic traffic and increasing brand awareness. According to CHEQ, the growth marketing toolkit will most likely include:

Email and contact list curation, content marketing, search engine optimization, organic social media. Earned social media is also important because it involves word-of-mouth advertising from trusted sources that can help to improve the brand’s recognition in terms of who they are as a company. Customer retention and loyalty should be prioritized too- retaining customers have been proven far more profitable than acquiring new ones! Referral marketing is essential for any business with plans on sustaining its success or even growing exponentially over time.

Growth marketing may not always be a ToFu strategy. It can involve all stages of the customer journey, and that’s what makes it so powerful!