by shama@camphorsolutions.comUrbanbound, a B2B relocation management software business, has quickly supercharged its growth by actively interacting with its audience. The brand has exemplified the power of growth marketing by incorporating customer feedback, focusing on adding value through content tailored to the unique preferences and requirements of the target audience.
By revising its marketing strategy, Urbanbound was able to experience- a 37% rise in blog traffic, a 35% increase in leads, a 102% rise in marketing-qualified leads, and a 66% growth in interactions (when individuals reconvert and submit multiple forms).
This remarkable outcome showcases the effectiveness of growth marketing and highlights how it can improve customer interactions. This blog will explore what growth marketing is all about, including its essential parts, and how it’s different from the usual marketing we see
What is growth marketing?
Growth marketing can be defined as yet another kind of marketing optimization that follows a process of utilizing data attained with the help of different marketing campaigns to drive more and more growth. It may require you to change your strategies to experience constant improvements.
In other words, Growth marketing is all about attracting, engaging, and retaining consumers by emphasizing various experiments to discover your customer base’s changing motives and preferences.
Such marketing enhances your efforts by incorporating techniques like email marketing, search engine optimization (SEO), A/B testing, and data analysis to implement effective strategies that lead to growth.
Nowadays, many individuals call themselves “growth marketers.” However, what does that term even mean? Well, growth marketers must analyze data to find out what is and isn’t working for the brand and what additional steps need to be taken to drive growth.
In addition, such marketers also craft and drive tailor-made individualized messaging per the customer’s needs and desires to maximize business growth. This approach involves understanding and addressing the customer base’s preferences, interests, and requirements. This approach focuses on comprehending and catering to customer preferences and needs, boosting engagement, fostering loyalty, and enhancing marketing effectiveness.
However, one significant challenge the growth markets constantly face in personalized and tailored messaging is the constant evolution of the digital outlook. That means the strategies performing well today might be less effective after a few days. Such a change can be driven by introducing new tools and technologies, changing user behaviors and preferences, or due to social media platforms and search engines frequently updating algorithms.
Such rapid changes in digital marketing can be daunting; however, growth marketers view it as an opportunity for continuous improvement and innovation. In such situations, growth marketers must begin by comprehending what benefits users and keeps them returning.
Growth marketing transforms the traditional linear approach of “make a product, then market it” into a more cyclical and iterative process. It involves a continuous loop of making the product, marketing it, analyzing the outcomes, remaking or tweaking the product or strategy based on the analysis, and then remarketing. This iterative process allows constant refinement and optimization based on real-world feedback and changing conditions.
Components of growth marketing
Growth marketing boasts various kinds of components that lead to sustainable business growth. The following are some of the elements of growth marketing that businesses must know:
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Cross channel marketing
Cross-channel marketing involves connecting with potential and existing customers through various channels to engage with the target audience. It’s worth mentioning that brands that rely upon cross-channel marketing obtain the most effective methods to connect with different kinds of audiences. The following are some of the marketing channels that can be used for cross-channel marketing:
- Digital advertisements campaigns
- Networking events
- Guest blogging
- Online forums or discussion groups
- Email subscriptions
- Mobile apps
- Podcasts
- Social media posts
- Text messaging
- Quotes in external publications or websites
- Television or radio features
- Public reviews
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A/B Testing
A/B, a multivariate test, continuously tests different aspects of marketing campaigns and product features to see what works best. A/B testing is considered a fundamental practice in growth marketing to optimize outcomes. OIt compares two versions of a single app or web-page in order to access which one is better.
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Content and SEO Marketing
Content marketing involves producing valuable and pertinent content to draw in, engage, and keep an audience. This encompasses blogs, articles, podcasts, and videos, among others. However, SEO and Organic Growth are all about optimizing websites and content for search engines to upgrade visibility and attract traffic organically.
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Referral Programs
Referral programs, which often encourage existing customers to refer new customers through incentives, are known as referral programs. Many reputed brands consider referral marketing a powerful way to leverage word-of-mouth.
Remember, this blog has only covered a few components of growth marketing as it’s a varied and evolving field that keeps adapting to the constantly changing digital environment and consumer habits.
How does growth marketing differ from traditional marketing?
Growth marketing addresses every stage of a customer’s interaction with a brand rather than solely focusing on initial customer acquisition. On the other hand, traditional marketing emphasizes brand awareness and client procurement without determining the stages after a prospect transforms into a customer.
From brand awareness to retention and beyond growth, marketing employs the entire marketing funnel. However, when it comes to the goal of traditional marketing, it not only wishes to raise brand awareness or to gain website traffic; instead, traditional marketing wants to use that awareness to convert visitors into customers through engagement and to offer a top-notch customer experience that turns customers into your brand advocates.
The following are some of the growth marketing examples that you may consider:
- Making use of email marketing that results in enhancing brand loyalty by providing eye-catching deals to different individuals.
- Using advanced methods like A/B testing to redesign the marketing campaigns, leading to better performance indicators (KPIs) and overall enhancing conversion rates.
- Focus on improving product quality by considering customer feedback to offer top-notch products to users.
Benefits of Growth Marketing
Many reputed brands have leverage from growth marketing, including Facebook, Airbnb, Twitter, etc, to attract more and more customers. The following are some of the critical benefits of Growth Marketing:
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Data-Driven and Technical Approach
Think of growth marketing as a smart blend of modern technology and marketing. People in this field are often tech-savvy, sometimes even able to code. This means they can perform different tasks, including setting up new ways to find leads or improving existing methods to get even better results.
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Focusing on the Right People
Growth marketing is not just about adding anyone to your customer list. It’s about finding the perfect fit – customers who will benefit from what you offer. Then, it’s about giving them a great experience and guiding them through the buying process until they’re happy paying customers.
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Making the Most of Every Visit
Growth marketing is about convincing more people to say ‘yes’ to what you’re offering, like buying your product, signing up for your newsletter, or downloading your app. Additionally, it involves turning casual visitors into people who actively engage with what you have.
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Making Every Visitor Count
Imagine having a website that gets a lot of visitors but very few buy anything. Has your team faced this challenge? Then, try to revamp your website’s landing pages, making them more engaging and easy to navigate. The result? You can expect a massive boost in sales! It’s like inviting more people into your store and ensuring they find precisely what they need.
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Cherishing Your Current Customers
Cherishing your existing customers doesn’t involve constantly chasing new customers. Instead, consider your current customers like friends; you must keep them close and happy. It’s not just about selling a product; it’s about creating an experience, a community they want to be a part of. This approach turns customers into loyal fans who keep coming back.
Is growth marketing right for you?
Growth marketing has worked wonders for big names like Facebook, Twitter, Dropbox, and Airbnb. But it’s not for everyone. Typically, it suits big, consumer-facing companies with high funding and products that naturally attract more users. For many small businesses, growth marketing might be too ambitious. Lars Lofgren, an expert who’s built several growth teams, shares why this might be the case. Here’s a summary:
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Understanding Probability is Tough
Many people struggle with probability and statistics. This leads to poorly designed tests and, as a result, unreliable outcomes.
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Not Enough Data
Growth marketing relies on a large amount of data for accurate testing. Most companies simply don’t have access to this volume of data.
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High Costs of Growth Teams
Building a dedicated growth team can be expensive. That money might be better spent on other strategies, like creating a blog that ranks well on Google and brings in organic traffic.
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Limited Upside
There’s a limit to how much you can improve conversion rates. It’s worth considering whether the investment in optimizing these rates is genuinely worth it.
So, what’s the alternative if growth marketing isn’t suitable for your business? Focus on strategies that match your resources and business size. For many, this could mean prioritizing content creation, SEO, and building a solid online presence in more traditional, cost-effective ways.
Growth marketing best practices
Growth marketing is like a helpful friend for your business, boosting its growth, making customers more engaged, building their loyalty to your brand, and setting you up for lasting success. Here are some top tips to make your marketing campaigns shine.
- It’s always an ideal decision to learn more about your potential customers and pay attention to the feedback that you have already obtained.
- Utilize the data that you have obtained to develop various simple A/B tests.
- Crafting and running essential email campaigns, blogs, social media posts, podcasts, and other different forms of content.
- Regularly track and evaluate engagement data on your test features.
- Determining and analyzing the best tactics
- Collaborating with other team members to collect fresh data and feedback before beginning again.
Various Multi-channel marketing efforts
Using a mix of marketing channels to boost your business is wise. This means not just sticking to one method, like email, but combining several – like emails, text messages, direct mail, social media, and others.
Each of these channels has its strengths, and when you use them together, they complement each other. This approach helps you reach more customers and increase your chances of success.
Experimenting and adjusting your strategy based on what you learn is vital. You might find, for example, that people click on your emails more than on your push notifications. However, they might not respond to those emails as much as you’d like. This kind of insight is valuable. It tells you where to focus your efforts and how to tweak your messages for better engagement and results.
Wrap Up
Urbanbound’s success story demonstrates that growth marketing revolves around forging a genuine bond with your audience. It’s about understanding your customers’ needs, paying attention to their feedback, and designing content that speaks directly to them. This approach led to impressive growth for Urbanbound, with a notable increase in leads and customer interactions.
In essence, growth marketing is a dynamic and responsive strategy. It involves using data smartly, adapting your tactics based on insights, and focusing on attracting and keeping customers engaged. Such a method is particularly effective because it infuses technical analysis with a deep understanding of customer needs.
While growth marketing might seem complex, particularly for smaller businesses, its principles are universally applicable. Using growth marketing is like joining an ongoing class where you learn, adjust, and grow with the market’s rhythm.
