Introduction to Growth Marketing
“Grow fast or die” - The Motto for today’s startups
Growth Marketing is the new trending word all around. It might sound simple and straightforward, but is a completely different technique used for marketing. ‘Growth Marketing’ is a concept highly popular among large corporations and upcoming tech startups.
In India, the number of startups have gone up from 7,000 in 2008 to 50,000 in 2019. This implies hardcore competition. Companies have to adopt marketing strategies that make them stand out! This requires rethinking their team structure, business operations, and their customer base.
Growth marketing is an emerging technique that helps marketers generate new ideas and accelerate sales by focusing on their customer base. Most importantly, to achieve growth fast!
What is Growth Marketing?
Growth Marketing is the process of designing and executing experiments and tests in order to optimize and improve the results of a particular field. Growth marketers use scientific and data driven methods to carry out these. If you have a certain metric you want to increase, for eg. Customer engagement, growth marketing is a method you can utilise to achieve it.
Growth division of companies is the data side of marketing rather than the creative aspects. Growth marketing is a deeper and evolved form of traditional marketing. It involves layers such as A/B testing, targeted blog posts, data-driven marketing campaigns, SEO optimization and technical analysis. An example of this concept-
using an A/B test to see which email template do users like better. When something works, it’s noted down. When something doesn’t, more tests are run. The insights obtained from these strategies are implemented in order to achieve the desired growth.
Growth Marketing vs. Traditional Marketing
Growth marketing and traditional marketing are very different. Companies with a growth mindset do not waste money on strategies that have not proven successful. Growth marketers go forward on this with an experimental approach before going all in on a specific plan.
Firms aren’t able to completely analyse the impact of their marketing campaigns because of not diving deep into customer behaviour. We are talking way beyond the number of likes or comments a post receives. Growth minded marketers think about changes of the most minute detail that can amaze the customers.
Growth Marketers have to apply hit and trial methods to experiment without losing on time. They try their best to execute quick implementation of strategies so that they can quickly analyse failure or success and move ahead.
Growth Marketing Process
Growth marketers typically focus their efforts on the six major metric areas which are awareness, acquisition, activation, revenue, retention and referral (AAARRR). These are the steps taken to implement growth-
Step 1: Identifying Target Area
Before you start, you need to be able to track the impact of every change that you make. You need to establish a baseline for how your business is performing currently on the important metrics. With this data, you shall identify where you need improvement. You will explore many metrics that are lower than what they should be, these are your target areas. Set the goals you wish to achieve and make sure they are ambitious.
Step 2: Designing the Experiment
You need to question and work around a hypothesis. After you know what you want to change, you need to come up with ways to make that happen. That change could be as small as rewriting a social media bio or as large as re-designing an entire web page. Give a score to your ideas in terms of Impact of the idea, Confidence in the idea and ease of execution. The highest scoring idea shall be your experiment strategy.
Step 3: Implementing the Experiment
The experiment needs to be run until your results have a statistical importance. Jumping to the conclusions earlier will result in an incomplete experiment. You might see drastic changes immediately after launching the experiment, but overtime, the results will even out. Also, the more variables you add, the more difficult it is to identify the reason for the results you’re seeing.Better to keep it simple. If you’re already running one experiment, wait until it’s over before starting additional tests. Some experiments might last a week, some might even last a year!
Step 4: Analyzing Your Results
When your experiment is over, compare your results to your initial hypothesis. Were you able to reach your goal? If your experiment validated the hypothesis or exceeded expectations, then how can you use your insights to improve your company’s processes? If your experiment underperformed, did it do so poorly that you want to stop pursuing it entirely? Or, did you just see insufficient results that require further testing?
Step 5: Start Your Next Experiment
If the results of your experiment sufficiently improved your company’s performance in that area, then you can start over from step 1 and identify the next area for improvement.
If your experiment didn’t get you completely to your goal, then you should start over from step 2 and look at different ways to impact your Key performance indicators or different metrics that can impact your overall performance in the area where you’re experimenting.
Qualities of Successful Growth Marketers
No more decisions based on gut feeling or on the opinions of select few customers. The modern growth marketer dives deep into data to figure out what strategies are working and what are not. Asking the right questions to perfectly analyse data is an essential quality.
The best growth marketers are prepared to think creatively. Thinking out of the box is essential. No two companies are the same, therefore no same marketing strategies are destined to win. What some may find crazy, might just be a step towards achieving extraordinary growth.
Breathe and live your product. Understanding the positioning and strength points of your product is the most important quality. Your goal is not to trick people into buying something they don’t want, but rather to convey the many benefits of a valuable product that you truly believe will help people.
All Rounder Mentality
A growth marketer needs to be an allrounder. On any given day you might be directing a video, optimizing an ad,, implementing a new A/B test, or even doing some coding. The more and varied your skill set, the more you can add to an organisation.
Successful growth marketers believe that a failed experiment is not a bad thing. In fact, failure is the quickest way to gain valuable information. It is essential to be open to new attempts and learn from failures.Eventually, your failures will become your biggest strength.
All the data in the world won’t help you figure out how to truly connect with your users. You must have the ability to brainstorm with quantitative as well as qualitative information and turn it into a compelling story that resonates with your potential customers. It is all about effective and clear communication of your brand values with your customer.
An effective growth marketer needs to juggle between various activities.Keeping in mind the details, and not forgetting the long term goal is a skill of persistence.Being comfortable with ambiguity is necessary because humans don't always think rationally. Many actions are just gut instincts or mood driven.
Tools used by Growth Marketers
Some of the tools used for achieving growth and analysing metrics
User Feedback & Market Insight Tools- Mopinion, Qualaroo
Traffic Growth Tools- Colibri, MixRank
User Experience (UX) Tools- Hotjar, Clicky
Customer Acquisition Tools- MozBar, LeadCrunch
Email Marketing Tools-MailChimp, List Builder
Inbound Marketing Tools- HubSpot, Buffer
The Next Step-
How to become a Growth Marketer - Udemy
Covers all essential aspects of Growth Marketing, an all in one resource.
https://www.udemy.com/course/become-a-m ... get-a-job/
Growth Marketing with Digital Marketing 2020
A course used by professional teams to build upon their knowledge on the subject of Growth and Digital Marketing.
https://www.udemy.com/course/growth-hac ... ing-ninja/
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