What is growth marketing?

Growth marketing refers to marketing efforts to establish sustained and constant growth of a brand or company . This term in English, which translates as growth marketing, has as its purpose all aspects of marketing and the way in which they succeed in their relationship with leads, new customers and those already established.

Growth marketing is based on new-age technology and also takes traditional forms of marketing to create sponsoring clients and create medium- or long-term growth for a brand. Short but sure steps for a company to become the benchmark in its sector in a few years.

Growth marketing works hand in hand with so-called growth hacking.

Difference between growth marketing and growth hacking

As mentioned at the beginning of this post, growth marketing has in mind a stable growth that can be sustained over the years. To do this, it takes and uses essential marketing strategies for the objective: positioning , content marketing, guidelines , customer service, social networks , etc.

One of the most commonly used strategies by companies with limited resources that want immediate results is growth hacking.

Growth hacking involves creating experiments based on data from the purchase funnel. The results of the experiments are used to create hypotheses and create new ways of applying the elements of the sale.

Growth hacking follows the steps of the scientific method: observation, hypothesis, experimentation and conclusion.

The substantial difference between growth marketing and growth hacking is the time to results; the former is long term, the latter short term.

Advantages of growth marketing

As marketers know well, it is much more expensive to attract a new customer than to retain an existing one.

Therefore, the main advantage of working on stable growth is the relationship and connection with customers. While hard data from campaigns and the performance of a site are used, creating a brand that provokes emotions and trust is something that must be constantly worked on.

The benefits of growth marketing are the acquisition of patrons of our products and services that will last for years. This is where the concept of customer lifetime value or CLV comes in, which is what a company expects a customer to spend throughout their entire relationship.

As we can see, growth marketing involves a detailed plan for creating identity and relationships with customers, which will increase sales and conversions over time.

How to implement a Growth Marketing strategy?

In order to start implementing a growth marketing strategy, we can recommend the following aspects to develop:

Identify your buyer persona : Remember that every marketing strategy must focus on consumers. Know the needs and interests of your target audience. Remember to use the concept of target as a basis and expand it with the concept of buyer persona to be able to clearly understand your approach.

Platform Selection : Now, determine which social platforms are right for your business sector and where your potential customers are. You can consider Facebook, Instagram, Twitter, Youtube, Linked In, Pinterest, TikTok, etc.

Creating relevant and targeted content : Create content in different formats. Always remember that it must be relevant and focused on your target audience. Experiment with long and short texts, infographics, videos, tutorials, etc.

Rely on growth hacking: Never overlook hard data. Work on a growth hacking plan and measure the results, adjusting your loyalty and brand recognition strategies. It's never too late to rectify a mistake. Measure, measure, and measure.

Elements of a Growth Marketing strategy

In addition to the above, we can mention some elements that can help you establish goals and measure growth marketing results:

Omnichannel marketing : As mentioned above, have a presence on different channels and create content suitable for each one. Use PR to promote it.

The conversion funnel : Know each of the stages of the funnel and be aware of the weaknesses in order to improve.

A/B testing: Test and test again : Failure is part of learning and success is achieved. Over the years there will be many successes and failures to achieve sustained growth.

Conclusion

Growth marketing is a type of marketing that relies on word of mouth and grassroots marketing techniques to generate attention, interest, loyalty and sales. Growth marketing can be very effective, but it requires a lot of time and effort to create and maintain a relationship with the customer, however, when achieved, its returns are enviable.

If you want to know more about this topic or require advice, you will find the solution at MHA , because our commitment is to guide you in the best way possible in this highly competitive digital era.