Reasons why Growth Marketing is Accelerating

Growth Marketing nowadays is in everyone’s mouths. Why? Because it gives companies the power of transforming the traditional marketing model and adapting it to create compelling relationship building. But how would one define growth marketing?

In simple terms, it is the next evolution of the marketing industry. It uses enhanced and creative approaches to obtain sustainable growth. Among these techniques, we remind of SEO optimization, paid media, A/B testing, email marketing, data-driven content, and the list goes on. Using these tools along with experience, the company in question can create not only authenticity but also advocacy through which the customer lifetime value grows organically.

This article will give you a more in-depth analysis of how this started, the reasons why your company needs it, and how to leverage its true power to your advantage.

What makes growth marketing different?

Contrary to traditional marketing which involves hoping for the best within a set budget, growth marketing adds value all the way through the marketing funnel by attracting, engaging, retaining, and turning them into brand advocates. Today, we’ll take a closer look at each growth stage and what it means for you and your customers.

Awareness

At this point in time, a prospective customer knows that your brand exists. This is what puts your business on the customers’ radar and lets them know that what you have might be a solution to their problems. At this stage, you can include anything from social media marketing to SEO-optimized content. Growth marketing can, by A/B testing a blog headline, give you more insight into which one drives more engagement and traffic. Hubspot is a great tool for A/B testing your everything raging from various keywords to landing pages.

Acquisition

This is the final stage and goal of traditional marketing and this can be done through a subscription or email capture. Growth marketing takes it one step further by allowing the company to test whether a different call to action or copy that asks their audience to sign up is more effective. Here, the main indicators are tone, design, and wording.

Activation

This stage relates mostly to the onboarding process. This is the procedure where you take a paying customer and get them to interact with your product or service as fast as possible. The faster they do that, the more likely they are to stay. In respect to growth marketing, this stage includes personalized copy, providing a free demo, or even a tour of your app, should your company have one. Being a Hubspot Platinum partner agency, NNC Services is ready to onboard you to Hubspot and take your business to new heights.

Retention

Growth marketing focuses heavily on retention. If a company loses between 2% and 3% of its customers each month, the same company must grow by at least 27% to maintain the same revenue. At these stages, strategies of retention include customer surveys, loyalty programs, or combining old products with new ones.

Revenue

At this point, a paying customer pays to upgrade. A strategy used in growth marketing at this stage could potentially be either various payment models or in-app messaging purchases and reminders when a contract is close to finishing.

Referral

At this point, your customer becomes a brand ambassador once it refers your service to somebody else. Creating a lifelong customer who is in the referral stage is way easier, and achieving this can be done through referral bonuses or incentives.

Benefits of using growth marketing in your strategy

Before we proceed with the list, we would like to add that growth marketing is an ongoing process of tweaking ads and analyzing data in an effort to acquire more sales. In addition to this, the focus is not placed on a single tactic, but rather on multiple streams and ways that will increase growth, regardless of how small or large that growth may be. With that being said, let’s dig deeper into how to effectively use growth marketing in your strategy and what your benefits can be.

Data-Driven

Making decisions based on gut feelings are over. With all the data that is created and circulated every second, making decisions based on data is key to figuring out what strategies are working. Furthermore, growth marketing gives you the possibility to use multiple tools to conduct such an in-depth analysis.

Creative

Growth marketing allows marketing specialists to think creatively. Instead of saying “it’s never been done before, so why try?” they focus on new and creative ways to generate growth. A perfect example is Airbnb. The company had the idea to provide free professional photography services to each and every person listing their home on the website. The idea was acclaimed and while some said it was crazy and unnecessary, it turned out to be a fascinating growth engine for the business.

Product Focused

It is often said that you can’t sell a product you don’t understand. The same rule applies to growth marketing as well. The overall goal is not to trick people into buying something they don’t want, but rather shine a light on the benefits of a valuable product that you truly believe in. This goes way beyond helping them believe in your product.

No Fear of Failure

A failed experiment is not a bad thing, but rather a good one as it teaches you a lesson and gives you the opportunity to gain valuable information. Growth marketing will help you be open to attempting anything and everything to see what works. In addition to this, once you find out the things that work, you start to optimize on those and continue the process.

Knows how to tell a story

Despite all the data that is generated and circulated every second, no one and not a single bit of data will ever teach you how to truly connect with others. Growth marketing gives you the ability to synthesize both quantitative and qualitative information into a compelling story that can resonate with your potential customers.

We know that your options are varied and your journey is just getting started, but since we are a HubSpot Platinum Partner, we offer an extensive range of services ranging from marketing to lead generation that will help you grow. Our services are entirely tailored to your needs, goals, and objectives, so drop by our blog and contact us for more information.

Conclusion

We know that we are not the first ones to talk about growth marketing and its importance. However, what we want you to understand is that traditional marketing days are numbered if not over which is why growth marketing should be on your radar as soon as possible.

Furthermore, it’s not only about generating sales and leads, but also creating brand advocates that will help you grow your business at unforeseen levels. Are you ready to transform your marketing strategy? We’re glad to become your partners for long term growth and success.