At its core, growth marketing is a data-driven approach to your advertising campaign. It is one that uses a series of tests designed to let you optimize your results for specific audiences like never before. A classic example of this would be A/B testing two different email subject lines by sending it two test groups to determine which one receives more positive feedback. That information would then allow you to make the best choice before you roll that message out to a larger audience. Growth marketing is like that, only on a much larger scale.
Growth Marketing: Establishing a More Meaningful Connection Between You and Your Customers
What makes growth marketing unique is that it focuses on the customer lifecycle and aims to retain as many customers possible by producing engaging products and messages. Traditional marketing focuses on one aspect of the sales funnel, whereas growth marketing examines the funnel as a whole entity. Each level of the funnel can be specifically targeted to have tests done to determine what's effective and what's not.
Let's examine how growth marketing helps with product outcomes. Historically, your advertising efforts are usually separate from your product development efforts. The first step is to design and develop a product. Implementing marketing strategies is the next step after completion as you think about ideas to drum up excitement and anticipation.
Growth marketing, on the other hand, essentially bakes your advertising into the actual product development process. Conducting group tests for different marketing strategies will give you the necessary metrics to develop the most effective marketing strategy. So not only does it improve your marketing efforts - the insight you're uncovering can even make the product better, too.
Think about things in terms of the classic product/market fit that a lot of businesses grapple with. When you design a product, you're typically attempting to accomplish two goals at the same time. First, you want to identify a common problem that people are having in their lives. Then, you want to release a solution that allows them to tackle it in the best possible way. You and your teams know that you've accomplished these goals. You need to convince other people this is true, too. Growth marketing is about figuring out the best way to communicate that early-on and extend the customer's lifetime in your business.
Why Invest in Growth Marketing? Because You Can't Afford Not To
As a result, the potential benefits of this approach are enormous. Insight from customers allow you to improve your product before its official launch. You're not designing a product and then hoping it connects with an audience that might not exist. Insight can also be used to improve the experience you offer in a way that makes it easier to retain existing ones, too. All of this is in service of what is ultimately the most important benefit of all: increasing profits across the board.
So in the end, growth marketing is really about more than just optimizing your advertising and customer outreach efforts. By testing incentive programs, user onboarding processes, email triggers and more, you uncover insight you wouldn't otherwise have. At that point, you're not just communicating with your target audience more effectively. You're literally creating the type of intimate, organic relationship with them that inspires loyalty and more.
For More Information
So if you still have any additional questions about how to harness growth marketing to your advantage - contact L7 Creative.