Why Does My Business Need Growth Marketing 2023

Posted on: 28 Nov, 2020

The goal of growth marketing is to significantly improve your marketing results by leveraging data and technology efficiently and sustainably. Not only do you want to acquire clients, but you also want them to be loyal and engaged customers who appreciate what you have to offer.

As the global market is changing quickly and businesses struggle to survive, standing out is becoming increasingly difficult for businesses, especially new ones. There is no way around the necessity of developing strategies that are not only unique and engaging, but they must be beneficial for both the customer and the business.

The customer-centric approach goes beyond just acquiring new customers and aims to build long-term relationships with your existing customers. Essentially this is a part of the foundation of growth marketing.

Growth marketing is not and should not be confused with growth hacking. Growth marketing isn't reckless like growth hacking which uses fast-paced digital marketing tactics that burn through mad amounts of cash and resources to rapidly gain users.

Growth marketing is for organizations that want to maximize profitability without taking on unnecessary risks. It is about agility, data, and advanced digital marketing, with a major focus on customer relationships. It is an excellent strategy for organizations to show their customers and competition they are a trusted brand and force in their market.

Let’s explore what growth marketing is, why it’s so valuable, and how you can add some popular growth marketing tactics to your 2023 marketing strategy.

1. What Is Growth Marketing?

A growth marketing strategy takes on an agile approach, tactical activities, experimentation, and continuous evolution. Growth marketing involves a multitude of valuable digital marketing techniques that include data-driven campaigns, SEO, A/B testing, unique content, and more.

Instead of targeting the top of the funnel (TOFU), growth marketing engages individuals throughout the entire funnel, which includes:

  • Generating the demand to attract and entice new customers
  • Engage, convert, and onboard them
  • Captivate and keep existing customers engaged.

Growth marketing involves testing and validating new channels and strategies continuously, then scaling the results to maximize growth opportunities. Since growth marketing delivers performance-based ROI, it's the strategy of choice for companies seeking to scale quickly.

2. The Advantages of Growth Marketing?

The advantages of growth marketing include the following:

  • Faster speed to market
  • Higher ROI (return on investment)
  • The capacity to rapidly scale marketing activities and produce the desired results.

Growth marketing produces higher ROI and establishes an emotional connection with your target audience based on their specific stage in the funnel. It combines data-driven marketing, product development, sales, finance, and more making the product or service more engaging for customers.

As a result of data-driven growth marketing, companies can leverage different tools to increase efficiency and prove the ROI of growth marketing activities more easily.

3. Growth Marketing vs Other Kinds of Marketing?

Most business owners will simply focus only on inbound marketing, performance marketing, or basically any other type of marketing only to later complain they were unable to reach their marketing and sales goals. The reasoning behind this is usually the obstacles behind any one of these marketing approaches.

Growing your business is the primary goal of growth marketing, but it combines all fields to create the best strategy to scale your business and achieve lucrative results. Business owners who need growth marketing are typically in one of the following situations:

  • You just launched a startup and have limited to no experience in marketing
  • You drive plenty of organic traffic to your website, but you lack any growth on your pillar channel
  • You are about to launch a new product or service and need a go-to-market strategy
  • Your product is growing in demand but you lack the resources to establish genuine relationships with potential customers
  • You have allotted a hefty budget for paid marketing but do not have much ROI
  • Your business wants to improve its branding across all platforms
  • You have valuable content but are unable to market it accordingly

In a nutshell, if you find your business is struggling with any metric of the AARRR -acquisition, activation, retention, referral, revenue-, then growth marketing is the solution with an end-to-end strategy that your business needs.

Growth Marketing vs Digital Marketing

In a world where there are so many marketing options, it can be challenging to determine what your business needs, and one of the first mistakes business owners make is to confuse digital marketing with growth marketing.

There is a difference in methodology between the two, digital marketing encompasses all digital marketing tactics, such as SEO, email marketing, PPC, social media marketing, etc.

Data analysis, testing, and optimization are the primary goals of growth marketing, rather than developing tactics. Growth marketing uses a variety of digital marketing techniques, but the goal remains to drive measurable business growth.

Growth Marketing vs Growth Hacking

The core difference between growth hacking and growth marketing is that growth hacking is focused on speedy short-term results, while growth marketing is focused on the entire perspective of long-term results. Below are thorough examples of the differences between growth marketing and growth hacking:

  • Growth hacking involves achieving rapid growth, usually through acquisition, while growth marketing involves full-funnel strategies to achieve long-term growth.
  • The goal of growth hacking is to experiment with data and refine the outcome, whereas the goal of growth marketing is to identify patterns and refine the strategy based on the data.
  • The approach of growth hacking involves hands-on testing and tuning, while the approach of growth marketing involves automated and algorithmic processes that are continually adapted.
  • Growth hacking is focused on addressing business pain points, while growth marketing is focused on discovering customer pain points.

There are significant differences between growth marketing and growth hacking. The listicle above gives you ample examples of how growth hacking is a fast result for the present but not a sustainable one for the future longevity and success of a business.

4. Key Elements of a Growth Marketing Strategy

The success of any growth marketing campaign is based on key performance indicators, such as customer acquisition rates, conversion rates, customer retention rates, and lifetime value of customers. Here are some of today's leading growth marketing tactics for attracting, converting, creating, and retaining customers.

Cross-channel Marketing

Companies can engage with prospects as well as customers through their preferred channels by adopting a cross-channel marketing strategy. It is therefore likely that the way a business communicates with its customers on Facebook will differ significantly from the way they communicate with them on Instagram, email, or its website.

Businesses can compare two variations using A/B testing to see how they compare and differ. Whether testing a marketing strategy, a channel, or a piece of content, you need to understand which variation performs better and why.

Customer Lifecycle

For a business to know its customers, it must follow them throughout their journey, from the beginning to the end. Activation, nurture, and reactivation is three stages of the AARRR framework that simplify the more complex aspects of the framework.

5. Growth Marketing Channels

Regardless of the reason why you need growth marketing or business, you will need to cover the following areas to maintain sustainable growth:

  • SEO (search engine optimization including keyword research, web optimization, building backlinks, etc.
  • A strong call-to-action message in blog content will convert readers into leads
  • Repurposing already created content can be repurposed and shared across different social media platforms.
  • To determine valuable information using automated email marketing to engage and convert potential leads.
  • Targeted email marketing allows each potential prospect or customer to receive a specific message based on their specific customer journey stage.
  • Affiliate marketing is giving third-party access to promote your business to its new audience through collaborations and promotions.
  • PPC or social ads target audiences who have shown previous interest in your business and you can target these potential customers.
  • Use extreme measures like quirkiness and originality (something out of the box) to gain attention and traction swiftly and efficiently.
  • Depending on the industry your business falls into, a trade show could be the place that has all of the key players you want to reach.
  • Boost the effectiveness of your sales team, sales funnels, and customer service to achieve your growth marketing goals.
  • Your business needs to be active in its community, this brings plenty of benefits because community building with people with similar demographics allows for rich data collection.
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