If you have been trying to grow your startup, you might have come across the term “growth marketing” or “growth hacking” around the Internet.
But can you hack the growth of your company? Yes, you can with “growth marketing” you can bring massive growth to your company or startup in a short time on a small budget.
Growth marketing has changed the goal of marketing; marketing has grown beyond brand awareness and user acquisition.Growth marketing has changed the goal of marketing; marketing has grown beyond brand awareness and user acquisition. Click To Tweet
So what exactly does growth marketing mean? How can we implement it? What is the growth marketing framework? How is growth marketing different from traditional marketing? What is the benefit of growth marketing? Stick around, these are all questions we want to answer with this post.
What is Growth Marketing?
Growth marketing is the act using data to design and experiment on how to optimize growth and scalability. We base the growth marketing strategy on pure data and experimenting there’s no hacking into people’s devices or shortcuts.
Growth marketing strategy is a concept first used by the early-stage startup to grow massively in a short time on a small budget but has grown beyond the early-stage startup to big corporations.
The term “growth hacking” which was first coined by Sean Ellis, founder of growthhackers.com, in 2010. Ever since then, the growth marketing technique has helped tons of startup and bigger corporations achieve growth with a smaller budget for a little while.Testing is Key to Growth Marketing Click To Tweet
Who Are Growth Marketers?
Growth marketers are experts in using data to tweak innovative ways to bring in brand awareness, user acquisition, activation, customer retention, increases revenue and bring in more referrals.
These data-driven marketers know what it is to take a risk and fail fast, they are also result–orientated individuals.
Why You Need Growth Marketing and Growth Hacking
The name “growth” speaks for itself, there are thousands of benefits of hiring a growth marketer or trying the growth marketing technique on your online business.
First benefits are big data, with data you can know how to tailor your product and services, the best time for your customer interacts with your website, how your product is selling and so much more
Low Cost on Marketing Budget
With traditional marketing, you set a budget before strategy, but with growth marketing, it is the other way around. The growth market designs the strategy first before determining the budget. This can save unnecessary costs on the marketing that won’t convert.
Increases Customer Retention
Whether you run a startup or an established company, growth is very, very, very important. Growth without retention isn’t growing; With a growth marketing strategy, you can get customers coming back.
Identify Business Goals
Every business has one similar business goal, which is “giving the customer more value” for their money.
Set Marketing Aim
Just saying you want to hit 6 figures in the next 6 months isn’t enough.
With growth marketing, you could set achievable goals based on data, you can tell what to expect each month.
Easily Identify Ideal Customer
Marketing is wrong when we try to sell the right product or services to the wrong customer, vice versa.
with growth marketing you can easily create buyer personas to fit your business, based on your target audience’s age, occupation, income, interests, pains, problems, obstacles, habits, likes, dislikes, motivations, and where your ideal customer’s hang out.
The Growth Marketing Framework
We know the growth marketing framework as the pirate metric (AARRR) which stands for Awareness, Acquisition, Activation, Revenue, Retention, and Referral.
A – Awareness
This is the process of brand building. How will your ideal customers find your brand? What platform would you use? You can build a very great product or service, but if people don’t know it exists, you won’t be making sales. The best way to do this with Ads and re-targeted ads.
A – Acquisition
Acquisition deals with how you get new paying customers to your business, how your website converts the customer’s matter. For example, email sign-up, offering a deal or promo, freemium, chatbot, guest blogging, ad placement on the platforms your customer hang out.
A – Activation
Activation is about how the first UI (user experience) is not all about getting people to download your app or see your product and services. You want them to engage and interact with them as quickly as possible.
Looking for ways to make customers engage with the product quickly is an important strategy.
R – Referral
If people find your product or service, great you might get the free referrals, while sometimes you need to figure out a way to make it easy for your customers to refer people to you.
For example, Dropbox gives you free storage space for you and whoever you refer to the service.
R – Retention
If many people drop off your product or service after they use it, it means something might be wrong with your product or your message.
You want to make sure your retention rate is higher, the only way to achieve growth is by keeping your old customers and gaining new ones.
R – Revenue
How is the company making money, the pricing system? Are your customers okay with the price tag? Are the price and payment set up correctly at the right place at the right time?
How does the company or startup make up-selling and cross-selling?
Growth Marketing vs. Digital Marketing
Digital marketing focuses on the top of the marketing funnel, while growth marketing focuses on the entire funnel. The pirate metrics (AAARRR) which stands for Awareness, Acquisition, Activation, Revenue, Retention, and Referral.
Growth marketing works with data and technical parts of marketing.
Digital marketing is best for branding and company awareness, digital marketers are specialists in one or two channels.
Growth marketing isn’t that complicated, it is all about experimenting and testing innovative ways to market your business without breaking your budget.
If this is something you can’t learn or do by yourself, growth marketing needs devotion and concentrating which might take lots of your time, so consider hiring a growth marketer to carry out all the weight lifting for you.
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