Marketing has always been an unavoidable part of every business strategy. It’s how you improve your visibility, reach a wider number of customers, and receive a good return on investment.
Like anything else, the world of marketing continuously experiences different shifts and trends. One of the most recent trends is something called “growth marketing.” However, many are skeptical about it, while others haven’t even heard of it before.
However, we’re confident that this trend is here to stay and that, if implemented correctly, it can take your business to a whole new level. So, what is growth marketing, and why should you consider exploring it further? Let’s find out.
What Is Growth Marketing and Why Is It Important?
As the name suggests, growth marketing is a set of activities that aim to grow your business, online presence, and consequently profits. The main purpose of growth marketing is innovation and experimentation. While the concept might seem difficult to grasp at first, we assure you that you’ll fully understand it by the time you finish reading this blog post.
Growth marketers experiment with various channels and methods often, refining their testing gradually to identify the optimum way to invest their marketing budget. As a result, growth hackers were eager to experiment with various new ideas and constantly analyze their results to rapidly expand their user base.
Thanks to the digital revolution, growth marketing has developed rapidly in the past couple of years. The sophistication of growth marketing has also exponentially improved as marketing technology has evolved. As a consequence of A/B and multivariate testing outcomes, growth marketers can design highly optimized and targeted tactics for each identified user group, down to the individual level, based on the results of their tests.
Users’ own behavioral clues may be used to establish tailored tactics to optimize growth for marketers who create highly targeted ads that seamlessly reach them across many channels.
To have a good growth marketing strategy, you need to cultivate a highly engaged audience and boost the lifetime value of each individual user. You can also use growth marketing to cut costs and expenses.
Furthermore, growth marketing results in higher client happiness and retention levels as you move farther down the funnel. You’re no longer trying to monetize your audience when you put your customers’ needs first.
You’re now looking for new methods to value each user’s growing experience rather than focusing on conversions and money. Customer relationship development and developing loyalty is the goal of growth marketing, which is a long-term strategy where authenticity and engagement develop advocacy and naturally grow the customers’ lifetime values.
Pillars of Growth Marketing
There are a couple of different ways to approach your growth marketing efforts. However, the pillars we’ll mention below should always be included in your growth marketing strategy. Let’s learn more about them.
A/B testing is an amazing and cost-effective way to test different ads and marketing campaigns and see how your audience feels about them. It works by, for example, creating two different versions of an ad. You’ll use an image in one, and in the second, you’ll use a video. You employ A/B testing to see which one works better for your audience. Always experiment with testing until you come up with a fool-proof ad that will yield the best results.
Cross-channel marketing means promoting your company, product, or service across different social media channels. Instead of using only one platform as the main resource, experiment with others too to reach a different audience. Today, we have so many very effective platforms in terms of marketing, such as Facebook, LinkedIn, Instagram, TikTok, Snapchat, among others.
Each platform caters to a different audience, allowing you to reach a wider number of people. However, each of these platforms also has a different algorithm, so make sure to study it thoroughly to receive the best results. Cross-channel marketing is used by the world’s leading enterprises, which only shows how effective it actually is.
Growth marketing has been around for a while, but with new technology and the digital revolution, this strategy has the power to completely transform your business. If you haven’t already, we highly encourage you to consider implementing growth marketing in your strategy to surpass your competitors and improve customer satisfaction levels.