What is Growth Marketing and Why Is It So Effective? [2023]

A data-driven approach that uses tests to determine how to optimize results is what Growth marketing is all about. Under these techniques, they experiment with different strategies and different channels altogether and check the results, optimize their best way for marketing spend
Growth marketing is something that includes traditional marketing and different aspects of the user’s experience, such as email marketing, SEO Optimization, and more. In order to achieve sustainable growth and robust, the strategies are quickly implemented based on the insights gained.
Goals of Growth Marketing or Growth Marketer

For any business or organization, there are set goals that are determined. So when a growth marketer is hired, the key role he focuses on is strategies on how to scale different dimensions and how to do it sustainably.

Goal: To get the traffic

1. Organic Traffic: Organic traffic to your website happens when any user visits your website after performing a search with any search engine. To get and to optimize organic traffic, your need to optimize your content to rank near the top of the search results, which includes quality content and healthy backlinks bout inbound and outbound.
2. Paid Traffic: Generating traffic advertising channels, need to check the expenditure and monitor the impression on ads.
3. Referral Traffic: When you get traffic neither via a search engine or advertisements but through links on social media as they personally liked your content and reach on your website.

Goal: Get Leads & Conversion Rate

Every visitor on your site, if they are not converting into new users, it doesn’t make sense. You need to check and optimize the overall conversion rate for the same.
1. Blog/Email Subscribers: Let the visitor read your content and subscribe to email. When they receive an email for new content on-site, they will revert back, which will help in click-through rate, subscriber growth, and shares.
2. Free Trial to Paid Trail: This is the best example of converting leads to users. If you are into product services, allow them to get a free trial. If they love it, they will surely turn into your paid customers and users.

Goal: Retain Customers

Make sure you don’t have churns; churns are those users who subscribe to the services you offer but stop using them. Try to retain them with the help of conducting surveys free offers to make sure they don’t back off or stop using your services.

Top 5 Core Components of Growth Marketing Strategies

Every marketing needs to be strategized, and as an organization, the business you need to share properly understands how to work around the metrics.
There are leading strategies that are helpful to attract, create, convert and retain customers.
1. A/B testing:
A/B testing is a popular implementation of the type of experimentation common in growth marketing. This testing could include either “A” and a “B” test or even a multiple series of tests to understand and know which works best for your content.
It’s not necessary that if “Test A” or “B” proved effective, might be the result of Test C might work more effectively for the audience of another segment.
2. Customer Lifecycle:
Customer lifecycle could be in three stages: activation, nurture, and reactivation. The activation stage is the initial when you welcome your customer with the onboarding trails and other pieces of stuff to make him comfortable to understand and make them familiar and build credibility.
The next step is the nurture stage, where you as a company strengthen your relationship with customers. It includes cross-marketing channels like sales, newsletters, recent updates, promotions, etc.
The final stage is reactivation is the most important as on this stage you focus on re-engagement or retaining the customer, and this could be done through campaigns like win backs and more.
3. Cross Channel Marketing:
Building a strategic channel to reach your customers is what cross-channel marketing focuses on. This includes many channels as per the audience’s preferences like SMS marketing, email marketing, in-app messages, push notifications, and more.
As a growth marketer, you need to understand and build campaigns according to your customer preferences.
4. Goals and Objectives:
Your strategy should be to practice setting goals and performance objectives. Yogi Berra famously said, “You’ve got to be very careful if you don’t know where you are going because you might not get there.”
5. Start Small:
Every business marketing strategy should be well planned but make sure just like we plant a seed and don’t give plenty of water immediately, similarly start with a small marketing budget and grow gradually.
Conclusion:
Growth marketing is not a sure-shot cure for your business, but it can definitely accelerate your business growth. A good growth marketer can experiment with different strategies and experiments and check out the result, which is fruitful for your organization and business.

 

This article is submitted by our student Chitra Banerjee

 

You can also read about Traditional Marketing vs Digital Marketing