What is Growth Marketing?
A lot of people are actually getting annoyed at the term “Growth”. They just think it’s a fancy term added in front of the word Marketing to create some differentiation.
We believe however, that there are huge differences between Marketing and Growth Marketing.
For the sake of this article I will only focus on Growth Marketing today. Below I am going to list 2 important aspects of Growth Marketing:
The 2 Aspects of Growth Marketing:
1) Growth Marketing is data driven
Data will inform strategy and enable the Growth Team to create testing roadmaps for each stage of the marketing funnel (AAARRR).
Growth Marketers will invest a lot of their time into data analysis and be using numbers to inform their decisions.
What does this even mean?
In short: all marketing activities will be backed up by data and based on clear assumptions.
These are some of the questions growth marketers would ask before diving into the data:
- Have you already ran marketing activities?
- What has worked so far?
- What hasn’t worked so far?
- Which landing pages are working best?
- What is the current conversion rate?
- What is the current CPA?
- …many more…
- …most importantly…could you please grant me access to your Google Analytics?
Growth Marketers would then dive into your Google Analytics (or similar) and “swim in data” for a few hours/days.
The aim of the “swim” is to come back with valuable insights (assuming that your Google Analytics account is tracking activity correctly and showing conversions under the form of goals).
They would then be looking at:
- Sources and mediums
- Conversion rates
- Best performing landing pages
- Drop offs within the flow
- much more
This would enable them to come up with a list of potential growth opportunities.
Insights might show that most of the website traffic is going to a page that has a huge drop off.
This would certainly raise questions around:
- Quality of traffic
- Landing page optimisation (A/B testing)
These questions would generate ideas around optimisation tests, e.g., increase quality of the traffic (by improving the campaign targeting for example) or optimising the landing page to reduce the drop off.
I could go on forever.
2) The Marketing funnel
I swear, I will be more concise this time! Apologies, I got carried away.
Traditional Marketing tends to focus marketing activities around the top of the funnel.
Growth Marketing however will be focusing on every stage of the funnel with the aim of optimising the whole flow.
This image should give you a good idea of what I am on about:
Basically, Growth Marketers will not only be focusing on running awareness and acquisition campaigns.
They will also be looking at optimising conversion rates across multiple sections of the website/app through landing page creation and A/B testing.
They’ll be working on retention, to generate repeated business and increase LTV (life time value), through email, sms, retargeting and more.
Another very important aspect is the Referral side of things. Growth Marketers will be creating referral campaigns to increase acquisitions and boost your ROI.
A Growth Marketer is a true legend! Pretty much a Marketing God!
If you would like to have a chat around this amazing topic click here!
May Growth Be With You!
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