What You Need to Know About a Growth Marketing Strategy

 

 

Marketing strategies for small businesses in the modern day are anything but small in scale. With so many marketing plans out there, all claiming to be the best for your business growth, it can be hard to take them seriously.

The good news is that most of these strategies are based on tried and tested methods. The goal of this article is to discuss one particular strategy that is highly recommended for businesses looking to grow. This strategy, which has grown in popularity with time, is known as ‘growth marketing’ or growth hacking.

1) What is a Growth Marketing Strategy?

 

Put simply, a growth marketing strategy is designed to help you achieve significant business growth in a short period. This can be done through several methods, but the key is to focus on scalable and sustainable growth.

To achieve this, you need to have a clear understanding of who your target market is and just how you can reach out to this audience. Growth marketing strategies often focus on the following areas:

Idea Generation – To grow, your business needs a steady stream of new ideas that will help you get ahead of the competition. These ideas, which should be based around topics such as product development and promotion, should be designed in a way that makes it easy for you to track the results of your tests so that you can make necessary adjustments to ensure that your growth marketing strategy is on track.

Marketing Execution – This is where the rubber hits the road, so to speak. After you have generated and tested your ideas, it’s time to put them into action. This will involve a variety of marketing activities, reach out to your target market.

Idea Testing – Once you have an idea, you need to test it out to see how effective it is in terms of achieving the desired results. This process may involve split testing or using smaller subsets of traffic within your customer base. It’s important to track the results of your tests so that you can make necessary adjustments to your marketing strategy.

 

 

2) Steps to Building a Growth Marketing Strategy

 

Building a successful growth marketing strategy is not something that can be done overnight. It will require a lot of hard work and dedication on your part, but it’s well worth the effort. Here are some steps that you can follow to get started:

 

2.1) Define Your Goals

The first step is to sit down and clearly define your business goals. As already mentioned, growth marketing is all about scalable and sustainable growth. You should have some specific financial goals that you are looking to achieve through your growth marketing strategy.

 

2.2) Identify Your Audience

Your next step is to get to know your target audience. This means finding out everything about your customers, including their browsing habits online (which may be very different from offline) and other factors such as gender, age, income level etc. If you feel that this process will take too long or require heavy investments on your part, you can always outsource this work to a marketing research firm.

 

2.3) Develop a Strategy

Now that you have a good understanding of your target audience and your business goals, it’s time to develop a strategy that will help you achieve these goals. This should be a detailed plan that outlines the various activities that you will need to undertake to reach your target market.

 

2.4) Measure and Track Results

The final step is to track the results of your growth marketing strategy and make necessary adjustments so that you can continue achieving results. This may involve using various tools such as Google Analytics or other analytics software to track website traffic, conversion rates etc. You should also keep a close eye on social media sentiment to ensure that your efforts are being received in the way you intended, and to identify opportunities for improvement.

 

 

Who Manages the Growth Marketing Strategy?

 

Many companies choose to put together a dedicated team of growth marketers. However, depending on the size and structure of your company, it may be better for you to build up this capacity in-house so that you can react quickly. You may also want to consider hiring a growth marketing agency that can provide you with the necessary expertise.

Deploying a growth marketing strategy will likely require a good deal of risk. If you’ve been reluctant to undertake this approach in the past, it’s time to give it a shot. With your goals clearly defined and knowledge of your target market, you’ll be better equipped than ever before to achieve sustainable and scalable growth for your business using proven marketing techniques.

Bottom Line

It’s important to remember that a growth marketing strategy is not a “one size fits all” solution, so you’ll need to tailor it to fit the unique needs of your business. With hard work and dedication, you can achieve great things with a well-executed growth marketing strategy.

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Giovanni Perri

About Giovanni Perri

Giovanni is the co-founder of The Growth Hustlers. His years of experience in marketing – and growth marketing in particular – have helped many businesses find and accelerate growth using his data-driven approach.

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Testimonials

The Growth Hustlers team are a team of highly skilled cross-disciplined technical marketing experts. I’ve worked with them on multiple projects at different businesses and they always bring a level of expertise and energy that ensure the impact is rapid and significant. Specifically the value they add with Data Strategy and Marketing Automation workflows has really empowered my team to be truly data driven.

Duncan McKenna,
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The Growth Hustlers are highly skilled analytics consultants with a wide knowledge of applicable technologies and a determined attitude. They have been invaluable in helping our growth team access the data they need. After an accurate audit of our current analytics and the implementation of new views and goals the growth team can finally make decisions based on clean data enabling us to optimise paid acquisition campaigns and focus on the channels that are performing best.

Rob Imonikhe,
Co-Founder

Giovanni & his team have been absolutely great. They started by setting up our web analytics stack. We now have full visibility of activation and acquisition events on Google Analytics. This has enabled us to make data driven decisions based on the performance of our digital marketing activities. They’ve also drafted a Marketing Automation Strategy which will play a key part in reducing drop offs in our acquisition flow. Finally, they have been working on Paid Acquisition Testing on LinkedIn and Adwords. Ambie is looking forward to carry on working with them in the following months.

Gideon Chain,
Founder & CEO

The team at Growth Hustlers were instrumental in developing the inploi data infrastructure and marketing automation engine. Marketplace liquidity and user engagement are critical to the success of any product seeking to efficiently match supply and demand. With the help of The Growth Hustlers we were able to develop a complex growth stack that has enabled us to rapidly scale our marketplace without having to increase the size of our team or compromise our user experience. Technical know-how and deliverables aside, they are a great bunch to work with!

Alexander Hanson-Smith,
Co-Founder & CPO

The Growth Hustlers are a great team of talented growth marketers. They helped us deploy a solid analytics framework which enabled us to easily distinguish marketing efforts between our App and our Website. Their team added great value across CRO and paid acquisition testing, thanks to very well structured experimentation roadmaps. We were also very impressed with their workshop skills. In short, the learnings acquired through their data focused experimentation helped us improve our App and Website flows.

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Co-Founder & CPO

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