Everything you need to know about Growth Digital Marketing
Growth Marketing

Everything You Need To Know About Growth Marketing

Growth Marketing is the new style of Digital Marketing that is taking the world by storm. A relatively new term in the business world but gradually becoming one of the most popular strategies of business growth and development. To achieve your business goals, you need the help of this new age marketing skill. Let us delve deeper to find out what it means in simpler terms and how it will be beneficial for any business or individual alike.

What is Growth Marketing?

Growth Marketing is the process of reaping benefits from data analysis by performing various tests that point you in the correct direction and help you boost customer attraction, retention, earnings and ultimately business growth. 

The process involves a team dedicated to growth from various perspectives. The skill lies in devising hacks and shortcuts that will suit the business and help it grow based on the data that was acquired and analysed.

Growth Marketing vs. Traditional Digital Marketing. 

  • While traditional Digital Marketing has an old school approach of focusing on social media posts, ad campaigns and so on, growth marketing incorporates those as well as a full flywheel approach where the end is not the conversion, but the nourishment continues till one convert to many.
  • Growth marketers unlike traditional marketers do not focus on individual people specialised in certain aspects of marketing. They follow the T-shaped Marketer framework where they all have a basic understanding of concepts like storytelling, statistics & Excel, funnel marketing and other knowledge on Marketing foundation while they also specialise in multiple creative fields and channels like Business Development, SEO, Content Marketing etc.
  • Companies like Facebook, Uber and Air bnb have experimented and implemented growth digital marketing and have succeeded in goal conversions, double the rate in half the time which is a testimonial in itself.

Why choose Growth Marketing over Traditional Marketing?

 Growth marketing is a relatively new concept where unorthodox methods are conceived and implemented to help businesses grow rapidly.

A good growth marketing strategy is to hire not an individual but a team working on various creative and technical aspects all at once to bring forth a growth plan that will work. 

What do you require to become a Growth Digital Marketer?

The modern ask is to become a T-shaped marketer with a focus on growth. Today you need to be a jack of all trades. You need to have basic knowledge in all the base subjects while being specialised in two or more channels to focus on the growth of a business.

Why choose to be a growth marketer?

  1. Firstly, because growth marketing is an enhancement and updation on traditional marketing and can bring in your goal conversions faster.
  2. In growth marketing, you learn to cover the flywheel instead of the traditional funnel. The customer journey in a flywheel does not end with goal conversion but goes beyond to understand how one customer can multiply to many. A follow-on service is added in a flywheel approach.
  3. The more engaged you are in the customer journey; you get a chance to attain feedback and enhance in real time to create new strategies for customer retention or attraction.
  4. Regular testing of online marketing campaigns and activities is the key to growth marketing where time-based, small, quantitative, and achievable goals are set and measured. A/B testing is an effective way to test two variations of the same campaign at the same time and thus save time.
  5. It involves measuring Customer Acquisition Cost and Customer Lifetime Value, which are important metrics for any business, often overlooked in traditional marketing.
  6. Companies like Facebook, Uber and Air bnb have experimented and implemented growth digital marketing and have succeeded in goal conversions, double the rate in half the time which is a testimonial in itself.

Growth marketing is an enhancement of traditional marketing and not a replacement. It just refines traditional marketing and gives it an edge for further increase in benefits.

Important Growth Marketing Frameworks

Here is a list of marketing frameworks that have been tested and approved but these are here for your understanding of how we put these together into one. They are listed below:

  • Linear Funnel

The Linear funnel has been a successful framework for a long time. In it, we see and seek a wider range of audience, think and shortlist audience with commercial intent, get them to convert at least to a sign up so that they can be nurtured further. Finally, to retain the customer you made, you keep re-engaging and care.

  • Flywheel 

Unlike a funnel, the flywheel doesn’t end when a prospect becomes a customer. Instead, it tracks the user journey beyond the purchase and helps you understand how to turn customers into even more customers by making these customers influencers and promoters to bring in more audience to your business.

  • Full-Funnel Strategy
  • Acquisition, which is divided into:
    • Prospecting: 1st touch converters. These are people who don’t know your brand at all.
    • Re-Engagement:  2nd (or 3rd+) touch converters. These are people who have already seen your brand before, i.e., video viewers, page engagers, etc. However, they have never visited your website or showed any intent.
  • Retargeting: Everyone knows what Retargeting is These audiences are based on website visits. 
  • Retention: All of your previous customers, online and offline.

The prominent and world-class frameworks work but may confuse you. So, we have culminated and combined these and created a sheet with significant elements of a growth plan that you as a marketer need to fill out with detailed information about your target segment so that it becomes a growth plan. We call it the 4C which includes Customer, Channel, Content and Conversion, explained in detail below.

The 4Cs

 Customer, Channel, Content, Conversion – These need to be focused on to look at the business from the growth perspective. We start our journey from customer acquisition and it ends with goal conversions. However, we believe that conversion is not the end, retargeting and retention is extremely important to create that true fan base. 

Why Testing is Key to Growth Marketing

Testing is the most important aspect of growth marketing and the one that differentiates itself from all other marketing strategies. Constant, scientific testing of online marketing campaigns and activities is the tried-and-true method of success in growth marketing. 

Growth marketers don’t say things like, “I want to be the most popular coaster manufacturer.” They say, “I want to sell 1000 more coasters this month over last month.” That is a specific, measurable, and time-based goal. Now that the goal is set, the growth marketer can develop tactics to meet the goal. For example, an email marketing campaign to existing customers offering a free coaster for every 3 coasters purchased.

Once the campaign is running, you can set up tests to see what works and what doesn’t. Then, based on the results, the campaign can be repeatedly optimized to accelerate your path to success. A popular testing method is A/B testing. In A/B tests, two identical campaigns are run simultaneously, but with one element adjusted differently for each. Then, observe which group performed better, A or B. The higher-performing variant can then be tested against another variant, and on and on until you have hacked the campaign to its maximum potential.

In growth marketing, nothing is left to chance. Every resource and skill is devoted to methodical testing and analysis of online marketing activities to rapidly scale the business.

Two important marketing metrics that need to be calculated in the beginning are:

 CAC & CLV 

CAC – Customer Acquisition Cost – The budget behind all activities performed including advertisements to acquire that particular customer is called Customer Acquisition Cost.

CLV – Customer Lifetime Value – Once a customer is acquired, they have to be retained. If that customer is retained over a long period, then it does not matter even if the CAC is high but if the retention fails, then CAC will only be considered a waste for the business.