What is growth marketing?
Growth marketing is the marketing efforts to establish a sustained and constant growth of a brand or company . This term in English that 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 clients and those already established.
Growth marketing takes hold of new age technology and also takes traditional forms of marketing in order to create patronizing customers and create mid- to long-term growth for a brand. Short but safe steps for a company in a few years to be the benchmark in its sector.
Growth marketing works hand in hand with the so-called growth hacking.
Difference between growth marketing and growth hacking
As mentioned at the beginning of this post, growth marketing has stable growth in mind that can be sustained over the years. For this, take and use essential marketing strategies for the objective: positioning , content marketing, guidelines , customer service, social networks , etc.
One of the strategies most used by companies with few resources and who want immediate results is growth hacking.
Growth hacking consists of carrying out experiments based on data from the purchase funnel. With the results of the experiments, hypotheses are created and new ways of applying the elements of the sale are created.
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 first is long term, the second short term.
Advantages of growth marketing
As marketers know, it is much more expensive to attract a new customer than it is to keep an existing one.
Therefore, the main advantage of working on stable growth is the relationship and connection with customers. Although the hard data of the campaigns and the performance of a site are used, the creation of a brand that provokes emotions and trust is something that must be constantly worked on.
The benefits of growth marketing are the acquisition of sponsors for 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 implies a detailed plan to create an identity and customer relationships, with which sales and conversions will increase over time.
How to implement a Growth Marketing strategy?
In order to start executing a growth marketing strategy, we can recommend the following aspects to develop:
Identify your buyer person : Remember that any marketing strategy must focus on consumers. Know the needs and interests of your target audience. Remember to rely on the concept of target and expand it with that of buyer persona in order to be clear about what your approach will be like.
Platform selection : Now, determine which social platforms are suitable for the sector of your business and where your potential customers are. You can consider Facebook, Instagram, Twitter, YouTube, Linked In, Pinterest, TikTok, etc.
Creation of relevant and specific content : Create content in different formats. Always remember that they must be relevant and focused on your target audience. Experiment with long and short texts, infographics, videos, tutorials, etc.
Lean on growth hacking: Definitely never overlook hard data. Work together on a growth hacking plan and measure the results, adjusting your loyalty and brand recognition strategies. It is never too late to rectify a mistake. Measure, measure and measure.
Elements of a Growth Marketing Strategy
In addition to the above mentioned, we can mention some elements that can help you establish growth marketing goals and measurement results:
Omnichannel marketing : As already mentioned, have a presence on different channels and create appropriate content for each of them. Use public relations 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 : Error is part of learning and with it success is achieved. Over the years there will be many hits and misses in achieving sustained growth.
Growth marketing or growth marketing is a type of marketing that is based on word of mouth and basic marketing techniques to generate attention, interest, loyalty and generate sales. Growth marketing can be very effective, but it requires a lot of time and effort to build and maintain a customer relationship, yet when achieved, its returns are enviable.If you want to know more about this topic or require advice, at MHA you will find the solution , because our commitment is to guide you in the best way in this highly competitive digital age.