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What is Growth Marketing?
Growth marketing, also known as growth hacking, has been gaining popularity over the years for its proven tactics of growing a business quickly and effectively. Contrasting traditional marketing and paid media that employ a “set it and forget it” mentality, growth marketing involves constant testing and tweaking to find the best ways of reaching your target audience with valuable and relevant content to turn them into customers and ultimately advocates of your brand. This approach is comparatively time-intensive, but enables small and medium-sized businesses to compete against established brands with larger advertising budgets.
Growth marketing combines a suite of different digital marketing tactics to create long tail, sustainable growth. These different tactics include A/B testing, SEO optimization, value-added blog posts (like this one, for example), and data-centric email campaigns. Instead of focusing on just the top of the customer funnel, growth marketing focuses on the entire funnel and involves constant experimentation with new ideas to increase customer acquisition and add value to every step of becoming a customer and beyond.
How to Market like a Growth Hacker
There’s a reason more and more companies are implementing their own digital growth marketing strategies – these efforts produce immediate, measurable results that you can act on. Below are a few ways you can start developing your own growth marketing.
As with almost anything on the internet today, staying current is the first step to implementing a successful growth marketing strategy. You should be on top of the latest algorithm updates, the newest trends in your industry, and even the best practices of growth marketing itself. Things change rapidly on the internet and if you’re not actively keeping yourself up to date, you’ll be left behind.
An easy way to start staying on top of the latest trends and changes are subscribing to blogs and industry experts. By doing a little research in the beginning to find some thought-leaders in marketing and your specific industry, you’ll start being one of the first people to the scene for the latest news, tips, and tricks. A number of these leaders also produce whitepapers that offer even more insights into marketing trends and changes. Who knows, maybe one day you’ll be the thought-leader people look for!
Create high-quality content
You’ve probably heard that content is king and there’s a reason why that phrase is ubiquitous: it’s true! Creating high-quality digital content that is relevant to your user base and future customers is vital to a healthy growth marketing strategy. If you’re not adding value to your customers throughout the funnel, you’ll lose potential brand advocates along the way. With so much digital content being published daily, if yours isn’t among the top tier, your audience will simply look elsewhere for their information.
In a time where almost anything you could want to search for can be found online, it’s becoming increasingly important for the content you create to not only be high-quality, but also unique. If there are pages upon pages of Google results for a broad topic, like a general “marketing” query will produce, it’ll be harder to reach your target audience and stand apart from the crowd. We cover how to find and create unique and added-value content if you’re interested in learning more about this critical component of growth marketing.
Narrow your focus
While growth marketing focuses on the whole funnel, you don’t want to have too broad of a focus such that you’re reaching people who just don’t care about what you have to offer them. Not only is that effort wasted, but it also wastes your budget on the steps you took to reach them. You should be spending your time and money on the customers who fit your personas and creating specific, value-added content for them. There’s a lot of people on the internet, so be sure you’re reaching the ones you want to turn into customers.
Analyze your data
The old ways of simply setting and forgetting a marketing campaign are dead. You should always be analyzing your data and finding what parts of your campaign you can optimize and improve upon – there’s no such thing as a perfect campaign! This will allow you to fine-tune your digital marketing efforts, which will increase the quality of your communications to your audience and add value to their customer journey.
Before you start a campaign, it’s critical to determine what your key performance indicators (KPIs) are. Deciding these at the beginning will help you track your campaign’s performance over its lifetime and help you learn if specific changes have a positive or negative effect. Although your KPIs might be different, some common ones to track are bounce rates, conversion rates, and unique visitors, which can then be broken down into organic and paid visitors. Determine what success will look like to you at the end of your campaign in the beginning, and you’ll have a clearer picture of its overall effectiveness.
Have no fear of failure
One of the keys to growth marketing is to keep trying and experimenting with new ideas and tests. The first one to the scene will have the advantage before that method of digital marketing becomes oversaturated. What works great for one company might be a dud for another, and what worked yesterday won’t always work tomorrow. Trying new tactics to determine what works best for your company and always optimizing them is vital.
If you start implementing some of these growth marketing strategies into your overall marketing plan, you’ll be able to allocate money towards what’s really working for your company, tweak campaigns and plans that might still be worthwhile, and pull money from what’s looking like to be a money pit. You’re already well on your way to growth hacking like an expert!
If your company is interested learning more about growth marketing or want to implement a growth marketing strategy for your business, let’s talk.