You’ve probably heard of growth marketing if you work for a startup or a business that wants to expand. Most marketers are still unsure of its specifics, even though many believe it to be the secret element necessary for any organization to succeed.
Growth marketing: What is it? How do you carry it out? What actions are necessary for a successful growth strategy? What are the most inspiring stories of growth?
Everything you need to know about growth marketing is included in this article.
What is growth marketing?
Growth marketing refers to all digital marketing strategies that mix data analysis with customer acquisition strategies from the tech and sales sectors.
The company, which is pursuing a growth strategy, can grow swiftly and sustainably because of the usage of these open-data visualization tools.
Sean Ellis, while employed by Dropbox, originally used the term “growth hacking” to describe the practice in 2010. His efforts were mostly focused on increasing the number of customers.
He opted to radically restructure his work since he felt overly constrained by the phrase “marketing.” The idea of “growth hackers” first emerged.
Silicon Valley was in upheaval when Sean Ellis departed Dropbox because of his audacity, and he received many commissions. Growth hacking still has a magical atmosphere nowadays.
Some people believe it to be a secret formula for quickly expanding your business. Others view it as a questionable practice that involves taking advantage of thousands of email addresses that were illegally obtained.
What is the difference between growth marketing and growth hacking?
Although the distinction between the two names is clear, growth marketers and hackers have a few subtle differences.
It’s simply a logical evolution of the phrase as time passes and business requirements change.
The term had just been created and was only used by a select group of marketing experts in the 2010s. Its definition was still up for debate.
Growth hacking is now one of the essential positions of every startup that wants to develop.
They now favor the more broad phrase “growth marketing.”
The following discrepancies, to put it in fairly popular scientific terms, can be found:
A growth hacker uses quick-to-implement techniques to encourage rapid growth. He occasionally uses unorthodox methods, like B. data scraping.
An expert in growth marketing is more likely to rely on a long-term, scalable plan that blends growth hacking and inbound marketing. It combines efficiently obtained findings with in-depth data analysis. Its entire range of tactics has earned RGPD (General Data Protection Regulation) compliance certification.
Companies also employ growth engineers to assist growth marketers and growth hackers.
On the dividing line between IT and marketing are the growth engineers. To be clear, your responsibility is to program the most complex requests from your marketing colleagues to avoid involving the technical department.
These three designations, however, are united by the word “growth.”
What are the challenges of growth marketing?
The expansion of your product or company is accelerated through growth marketing especially. However, most companies use Amelia to outline four high-level corporate growth strategies.
The following are the issues that growth marketing most frequently addresses:
- significantly boost natural website or landing page visitors;
- accelerate lead creation by increasing the number of people who download your white paper or other important content;
- double the quantity of newsletter subscribers;
- Increase your social media presence, including visitors in your conversion funnel, and boost your click-through rate;
- Create strategic alliances to raise your profile;…
As you can see, growth marketing goes much beyond simple acquisition strategies.
You must mix many strategies to develop a growth marketing strategy that is successful. More information on these is provided below.
Some examples of growth marketing strategies
Growth marketing is not new, as we have previously explained. Some businesses, many of which are now essential, have even thrived in this area. They credit their ability to discover incredibly easy tricks that nobody else had considered for their quick success.
Growth marketing is so enticing because it allows you to discover a concept before anyone else.
As a result of its emphasis on the user experience, this hack is one of my favorites. Spotify allows its subscribers to browse their song archives every Christmas season.
Audiophiles all over the world are now accustomed to posting their musical year in review on Instagram.
Spotify has successfully improved the user experience by precisely evaluating user data (time spent using the app, favorite artists, percentage of listeners of an artist, etc.).
The impact is clear: there was a 20% spike in app downloads in December 2020.
In addition, the Swedish giant’s data-driven strategy has produced fantastic global poster campaigns.
Of course, we had to mention the business where the growth hacking pioneer held a job.
Dropbox embraced gamification and gave its recommendation mechanics a humorous touch. The user obtained more free storage space for each action he took.
They chose to exploit Craigslist, its biggest rival in the US market, as opposed to engaging in a ruthless struggle with it.
What was Airbnb’s secret of business planning?
Users had the option of listing their homes on both Airbnb and Craigslist with a single click.
The top properties on Craiglist were contacted at the same time by Airbnb’s teams with an offer to list them on their website.
Another trick: The lodging booking platform simply dispatched professional photographers to take pictures of the accommodations to boost their appeal and credibility.
Twitter wasn’t always the success story that it is today. Although the platform had a lot of attractiveness, very little love was developed toward it. The company deployed a strategy to expand business penetration.
Nobody wants to stay with an application that offers no material or interactions, which was the cause of the nearly empty user news feed.
The staff at Growth thus came up with a bold but workable solution: they made it mandatory for users to follow several accounts as soon as they signed up.
As you can see, there are countless ways to use growth marketing as long as you can identify the spark that starts the fire.
In any case, there are a few tried-and-true methods that continue to be effective. If you do it properly, whether you’re marketing on Linkedin, through email, or via Twitter, you can still set yourself apart from the competitors.