Explanation Pro, A blog that talks about the labor market, how to start your own business, profit from your own project, steps to start your project, new ideas for work.


Thursday, June 24, 2021

What is "Growth Marketing" and how does it work?

Growth Marketing
Growth Marketing


Change dominates today's work environments, and adaptability has become one of the most sought-after skills. Entrepreneurs tend to erase old ways and come up with new ways that accept failure and uncertainty in order to create innovative solutions that meet customer needs.

So to start the process of change; there is a new way and to guide demand and building the customer base, successful, this so-called “Growth Marketing”.

What is "Growth Marketing"?

It is a holistic approach that includes a compelling strategy and a deep understanding that growth is influenced by more than just the acquisition of new customers. It takes the traditional marketing model that focuses on brand awareness and acquisition, and adds various other stages; helping the company to expand rapidly through a consistent focus on every stage of development: awareness, acquisition, activation, retention and revenue.

It is important to remember that growth without customer retention does not actually represent growth for most business models; this is why growth marketing focuses on attracting and retaining more engaged customers; by placing them at the center of every action a company takes.

The main characteristics of " Growth Marketing”:

1. data-driven

One of the biggest advantages of “Growth Marketing” compared to marketing traditional in that all decisions based on data rather than decisions that are based on inner feeling and assumptions.

Everything is tracked, measured and calculated so you know where your marketing budget is spent and how it performs. The goal is success that must be revenue-related, and it must also be derived from a real understanding of the procedure that provides value to the customer, it is an indicator of the impact of a successful product and future business results.

2. focuses on agile marketing processes

The “Growth Marketing " team does not work based on annual planning, but on limited time intervals, such as 30-90 days. It also focuses on continuous experimentation with untested or unconventional solutions; in order to grow the company in a meaningful way; so the trial and error mentality is very important to be able to understand what works and what doesn't.

“Growth Marketing” also means continuous learning, searching for new ways to add valuable information to each customer's evolution journey through different strategies.

3. consumer-focused

Delivering value to customers and building loyalty are key aspects of “Growth Marketing”. This engagement on multiple channels will eventually lead customers back to get more; to become defenders of your brand.

4 - teams require a wide range of skills

From engineering and development to copywriting, design and convergence for online tools and platforms, “Growth Marketing” teams need both creativity and analytical skills to interpret new levels of data. Moreover, all "Growth Marketing" experts must be quick to learn and adapt.

What is "Growth Marketing" and how does it work?

Prerequisites for “Growth Marketing”

1. clear vision and business strategy

Before implementing the “Growth Marketing " strategy, any company must have a clear vision and business strategy. In other words: it is important to document clearly what you are and what you are trying to achieve and who your target audience is.

2 - access to the correct data

Your “Growth Marketing " team needs access not only to marketing metrics, but also to business metrics; in order to know the best channels, messages, and tactics to generate valuable customers for a lifetime.

3. flexible interactive culture

As mentioned above things have to move forward very quickly; for the “Growth Marketing”Experiments to succeed. This means that the work of the marketing department constantly along with customer success, Sales, Product Management and leadership; so is culture. interactive open is essential.

In conclusion, “Growth Marketing” is a sustainable and updated version of traditional marketing that is appropriate to expand, outperform competitors, learn more about customers and ultimately turn them into brand champions.

Read also: