Growth Marketing: What is it and Why You Need it
It’s no secret to businesses in this digital age that customer needs are rapidly evolving. The question is, what is your brand doing to keep up—and get ahead? The simple fact is, you need an agile and responsive strategy for growth.
Enter growth marketing. It’s a strategy for growing your business and thriving in an increasingly competitive market. And since your competitors are likely in search of (or already implementing) similar strategies, you need a creative, engaging, and robust strategy for building and nurturing customer relationships, and growing your revenue.
So, what exactly is growth marketing? Let’s take a closer look.
What is growth marketing?
In the simplest terms, growth marketing is everything that your business does to drive sales, improve customer retention, and raise customer value. It’s all about building strong customer relationships by constantly evolving your understanding of how to serve them better.
Growth marketing has numerous components, all of which involve the full breadth of your sales pipeline—from first click to checkout and repeat purchase. This runs from your digital marketing strategy to sales processes.
Working with a Growth Marketing Agency: The Consultus Digital Approach
Growth marketing is the sum of all of your sales, marketing, and customer experience processes—a full, long-term view of your goals and milestones, guided by data-driven and actionable metrics. It’s supported by effective use of data and agile processes to optimize campaigns and customer touchpoints, empowering both sales and marketing teams, and the entire company to achieve shared goals.
Essentially, growth marketing is an overarching, holistic, and better-connected approach to digital marketing and sales enablement. This means conducting due diligence on your business to identify key selling propositions, understand replicable strategies by the competition and industry, and recommend marketing automation platforms, campaigns, and a roadmap to achieving your goals. With these upgrades to your marketing and sales toolbox, you can build a strong pipeline.
How does growth marketing work?
Growth marketing addresses the entire funnel. It’s an end-to-end strategy for getting more clicks, converting them to sales, and creating memorable customer experiences to nurture long-term customer relationships. With the entire process informed by data and actionable insights, you can adapt on the fly to optimize campaigns and maximize revenue growth.
Every business needs a growth marketing plan for the long-term, but some need one more than others, and stat. Here are some signs that growth marketing is in order:
- You just recently launched your business or product and need a go-to-market strategy
- You have accumulated a high amount of organic traffic but it’s not converting
- You have a sizeable paid marketing budget but haven’t seen ROI
- You’re aiming to keep up with a growing product demand but lack a strategy and resources for maintaining customer relationships
- You’re struggling with customer acquisition, retention, referrals, and revenue.
Benefits of Growth Marketing
If you’re experiencing these issues, here’s how a growth marketing plan can benefit your business:
- The latest tools and techniques: Growth marketing is all about building the future of your business. This means leveraging modern, successful strategies to serve evolving customer needs.
- Measurable growth hacking: Growth marketing goes beyond growth hacking—it’s an end-to-end strategy for ensuring you achieve your projected ROI in line with the breadth and timing of your growth objectives.
- Uncover sales opportunities: Growth marketing helps you uncover stalled leads and move them along the sales funnel, in addition to new customer acquisition, for higher ROI.
- Industry benchmarking: How well are you performing in the market, and what’s your market share? Growth marketing ensures you don’t exist in a silo—you’ll gain access to competitor insights and industry benchmarking, so you’ll know whether or not you’re performing at par with similar brands.
How to Implement Growth Marketing
Ready to enter the next stage of growth and ensure a sustainable future for your business? Get a headstart with a growth marketing plan designed with these core components:
- Understand user demographics
Your growth marketing plan starts with identifying your current and target customers—their shopping behaviours and preferences, and the strategies and channels they best respond to. Growth marketing should be implemented with their needs and shopping experience at the heart of all improvements to your marketing and sales strategies.
- All hands on deck—seamless marketing and sales
Growth marketing is the culmination of digital marketing and sales enablement, so it’s vital for both teams to operate in lockstep. Neither should exist in a silo, implementing strategies and running campaigns on their own, without a broader view of shared goals. In the process, you should also be able to involve product teams and provide customer feedback.
Gaps in communication and operation can be addressed through technology upgrades like CRM implementation and marketing automation, as well as training and support. These interventions facilitate close collaboration, since both teams will gain a shared view of the entire customer journey and identify pain points. This will also enable teams to coordinate customer touchpoints and content for which across relevant engagement channels.
- A/B Testing
How will you know if growth marketing is effective? A/B testing is the first step once you’ve mapped out new growth strategies. This allows you to evaluate each strategy and predict its effectiveness. With the results, you’ll be able to optimize growth strategies in a proven, data-driven manner.
- Customer feedback and analytics
And finally, growth marketing relies on data. Once a strategy is implemented, you need to track engagement and conversion along all digital marketing channels, with comparable results in sales data. Similarly, you should also be able to collect customer feedback in the process, allowing you to optimize the customer experience, from product development to shopping experience.
Get a Free Growth Marketing Plan from Consultus Digital
Ready to grow? The future of your business is here, and it starts with an expert-driven, custom-crafted plan. Consultus Digital is your partner for every phase of growth, from click to conversion and lifetime customer value.
For a limited time only, Consultus offers a free growth marketing plan! Get the roadmap to the success and sustainable future of your business, complete with the top strategies for achieving your goals. Read up on your expert-driven growth marketing plan, and learn how to implement this end-to-end strategy and embrace a better way to do business. Get the complete package—from the basics and how-to’s of growth marketing, to a personalized strategy for success.
Claim your free growth marketing plan, exclusively from Consultus Digital! Discover strategies for success, and get started on growth marketing today.