‘Growth Marketing’ is a buzzword familiar with anyone trying to drive their business.
Fascinatingly, the interest in growth marketing has doubled in the past few years. It is a data-driven marketing method used for optimizing demand generation.
Understanding Growth Marketing
Growth Marketing is the process of designing and conducting experiments that can be utilized to optimize and improve the results of specific target areas of one’s business.
It is an analytically minded function that aims more on the data side than the creative aspect of marketing.
Why Growth Marketing?
Growth Marketing is attractive, engaging, and has high retention level. Furthermore, it is intensely focused on changing preferences and motives of customers.
Growth marketing experiments are aimed at improving growth and scalability processes using the scientific method. The key components of growth marketing are data analytics, fast experimentation, and a step-by-step process.
It has expanded the scope of responsibilities in marketing. In addition, it has helped organizations ranging from startups to well-established companies achieve sustainable growth.
Let us look at the major growth areas essential to every business –
- Acquisition: Customer acquisition is the process of acquiring new customers and generating leads. It is one of the key metrics of growth marketing. A high customer acquisition rate means more sales. Acquiring new customers indicates what makes your visitors tick. As a successful company, you need to have a regular flow of prospects and be cautious of not spending money in the wrong channels.
- Activation: Getting people to use your service/product entirely is activation. It is the initial stage of the life cycle under which the onboarding takes place. Increasing user support and interface are vital operations. Nurturing visitors is the one and only technique to get more subscribers and hence sales.
- Retention: Keeping your customers satisfied with your services comes under retention. The best way of doing so is by introducing new features and loyalty programs. A study by Bain & Company says that a 5% increase in retention can cause a 95% increase in profitability, thus making it a priority.
- Revenue: Using a highly personalized marketing approach can cut acquisition costs by half and increase revenues by 30%. Experimenting with pricing strategies addresses revenue-related metrics. Adding related products and reducing overheads can identify with growth.
Growth marketing goes beyond the traditional marketing team. It encapsulates a cross-functional collaboration between the team and the components of marketing.
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