What is growth marketing?
Growth marketing refers to the process of continuous testing and improvement of content marketing strategies for the purposes of growing a business.
If you want a more in-depth understanding of this topic, check out the FAQ section below:
Question #1: What is the difference between traditional marketing and growth marketing?
The biggest differences between traditional marketing and growth marketing can be broken down into four categories:
- Focus
- Approach
- Purpose
- Basis
Let us take a look at each one in more detail:
In terms of focus, traditional marketing is more concerned with the company’s goals and needs. In contrast, it is more focused on what the target customer wants and needs and how they can be addressed.
In terms of approach, traditional marketing typically involves longer-term planning, setting everything upfront—including things such as the budget, goals, and messaging—and then rolling everything out according to plan. In contrast, growth marketing adopts a more agile approach and makes adjustments based on things such as analytics data, sales figures, and customer feedback.
In terms of purpose, the main concern of traditional marketing is customer acquisition. That is pretty much it. In contrast, it is also concerned with what happens after a customer is acquired. Its goal is to get more value out of each customer by building a relationship with them and upselling them after every purchase.
Finally, in terms of basis, traditional marketing relies heavily on data and insights available at the time of planning. In contrast, growth marketing, as we have seen earlier, makes adjustments along the way based on the latest available data and insights.
Question #2: What are the benefits?
The biggest benefits of growth marketing include:
- Increased flexibility
- Increased agility
- Increased customer value
- Better customer retention
Let us take a closer look at each one:
Unlike traditional marketing, it is designed to allow you to easily adapt to ever-changing market trends by not being too concerned with following a set plan to the letter. It is more focused on ensuring that your campaigns are in line with what your target customers want and need at all times.
Another benefit of not being too concerned with following a plan is that you can enjoy increased agility. You are able to make the necessary changes for maximum results at any time.
The third benefit of growth marketing is increased customer value. As we have seen earlier, unlike traditional marketing, which stops at customer acquisition, it is designed to not only keep each customer happy and loyal for as long as possible, but also encourage them to spend more.
Finally, it’s designed to keep customers happy and loyal, it also naturally improves customer retention. This is particularly important because it is so much easier to sell to an existing customer than to convince a lead to become one.
Question #3: What are the downsides to having this kind of marketing?
The biggest downsides to this marketing are that it is more unpredictable than traditional marketing and it takes a bit more effort.
Again, unlike traditional marketing, which outlines all the details during the planning stage, it is designed to make adjustments along the way based on customer feedback and any new data or market trend that comes up.
Regardless, the benefits far outweigh the minor inconveniences it brings to the table.
Question #4: Is growth marketing right for me?
To find out whether or not growth marketing is right for you, you need to ask yourself three simple questions:
- Am I comfortable with a little unpredictability?
- Am I comfortable with making adjustments after I roll out my marketing campaigns?
- Do I want to get more value out of each new customer I acquire?
If you answered yes to all three, then growth marketing is definitely right for you.