If you’re related to a business venture either during a startup phase or expansion, it’s highly likely that you simply have heard about the term “Growth Marketing”. While many assume growth marketing is a simple way or a fast route for exponential growth, actually, it involves doing tons of activities — identifying problems, arising with innovative solutions, building hypothesis, testing them by conducting several experiments across product, marketing, sales & other areas. For a neater understanding, consider growth marketing as a strategic approach to growing your business, during a most cost-effective & efficient way, within the least possible time-frame.
Growth marketing, if done the proper way, can take your startup to the subsequent level. But if growth principles aren’t followed or executed by a marketing team that’s operational, the result might not be an excellent one and hence, doesn’t meet the business’s strategic objectives. Below are the 4 things that you simply should consider before growth marketing your business venture
Ensure you have Product-Market Fit
Developing a product is merely a little a part of the startup lifecycle. Once the merchandise is prepared, it’s to be tested within the real market to ascertain if there are buyers for the merchandise that’s built. to understand if the start-up has achieved product-market fit, one has got to answer this easy question — are customers paying to urge this product? Achieving a product-market fit is one among the foremost important objectives for any startup. Isn’t it? Before this phase, the startup is during a phase called as “traction” — a phase where founders & startup executives find innovative ways, mainly for acquiring customers and understanding “how” the merchandise is employed by their customers or what’s the necessity for this product/service or just, within customer’s journey where will this product/services comes handy. If the expansion marketing process is completed without a transparent understanding of proper product-market fit, you finish up burning tons of cash and can leave you confused. Only after you achieve this holy-grail of reaching your product-market fit, you ought to consider growth marketing your startup.
Identify someone with multiple skill levels
The mindset and skill-set required are very different for growth marketing. Many founders/startup executives think that digital marketers also are growth marketers. They aren’t. you’ll consider your digital marketing team as an operational a part of your marketing arm and a growth marketer is more of a strategic one that can answer “what” and “why” questions, instead of “how”. Digital marketers are more focused on driving traffic and acquisition, while the expansion marketers are far more strategic in their approach, they are going deeper across the depth of the funnel to define, find and exploit growth. A Growth marketer, on the opposite hand, maybe a person with multiple skills — be it PR, digital marketing (across various channels), content, copywriting, psychology, understanding customers & their buying behaviour, digging into data to seek out opportunities. In short, find a growth marketer who is an entrepreneurial thinking marketing expert.
Its all about metrics!
Before starting the expansion marketing process, it’s a best practice to document what metrics you’re getting to track, at different stages of the funnel. Peter Drucker, one among the foremost famous marketing consultant and author rightly said, “If you can’t measure it, you can’t improve it”. Imagine running a highly targeted email marketing campaign that’s launched and realizing that they can’t be tracked. There are often nothing worse than realizing that the tracking code or analytics aren’t working the way it should, after running A/B tests. Sometimes, invariably, with attention and excitement to start out off growth focussed experiments, we tend to forget to check and re-check if we’ve a tracking mechanism in situ . For measuring analytics online, there are a many tools available, both free and paid. the foremost common one used for online tracking is google analytics. Though google analytics gives an innumerable number of metrics, which may be intimidating repeatedly , you’ll create custom reports to carefully track that you simply want to.
Focus on what’s important
Growth marketing are often done at a product, marketing or maybe at a sales function level. For a B2B industry, growth marketing are often executed across various sales funnels — be it across awareness, activation, retention, referral, revenue just in case of B2B industry. For a B2C industry, it are often executed at various stages like awareness, activation, action, use, re-purchase, advocacy & referral. While a really wide opportunity exists, it’s often so tempting to start outperforming on growth marketing at every stage, simultaneously. In these situations, it’s best to figure with the management team and align the expansion marketing process with the business goals. for instance, if the startup wants to scale back its acquisition cost, its best to know their customers and work on acquisition, develop hypothesis specific to the present problem & create experiments. With various frameworks already available, one can prioritize which of those activities/experiments may give the simplest result, within the least possible resources.
Growth marketing is an important element to develop digital growth, but you need to ensure that you have a product that the market wants first. Therefore, product-market fit is the most important element in my view and until this has been achieved, other forms of growth should be applied across your business.
If you would like to understand more about developing and growing products as a startup or within an organization, you can obtain more information here.
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