What Is Growth Marketing and Its Benefits for Your Business?
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Originally Posted On : https://clictadigital.com/what-is-growth-marketing-and-its-benefits-for-your-business/
Unlike growth hacking, growth marketing isn’t a speed-fueled, reckless marketing tactic.
Companies that became Fortune 500 weren’t on the list because of rapid growth. They’re way past the stage where they’d have to take enormous risks to see growth. Instead of being hungry hares clamoring for skyrocketing sales, they’re like tortoises content with producing reliable, modest revenue increases they can focus on.
Yet, big brands have countless opportunities to grow their revenues through performance marketing without risking too much. It’s also not a rebooting mechanism that burns an insane amount of cash in exchange for a rapid user base increase. Instead, it’s a worthwhile strategy to help businesses amplify their profitability sans the extra risk.
Digital Marketing Growth: What Is It About?
Instead of focusing on top-of-funnel growth, a strategy about growth advertising looks at engaging customers at each funnel stage to achieve the following:
- Create demand to bring in new customers
- Engage, onboard, and engage customers
- Exceed customer expectations and retain them
- Turn clients into brand influencers
It’s a strategy to convert leads into engaged and loyal customers who value everything the brand offers. It’s not just mere customer acquisition. It’s multiplying the number of people who genuinely believe in your products.
It operates on the premise that a loyal customer base leads to a high retention rate and a low churn rate. A growth marketing strategy leads to more business revenue because fewer company resources are allocated to gaining new customers.
How is it Different from Traditional Marketing?
The marketing campaigns were used to focus on customer acquisition and brand awareness. It is done without much consideration for what happens when a prospect becomes a paying customer.
A growth marketer, on the other hand, puts a high premium on the whole marketing funnel. They dabble in brand awareness, acquisition, retention, and beyond. Their goal is not limited to building awareness and raising website traffic.
Specifically, they want that awareness to translate into site visits, engagement, and eventual sales. By providing an exemplary customer experience, you turn your leads into customers and brand advocates. Examples of this growth marketer strategy include the following:
- Using email marketing to make customers more loyal and offer them exclusive discounts
- Creating a high-quality product based on what customers say and improving it over time
- Changing marketing strategies based on A/B testing results to improve important measures of success
- Increase the number of people who buy or show interest in the product
This new strategy helps you connect with customers in the places they prefer, such as social media, email, or the internet.
What Can your Business Benefit from Growth Marketing?
Every marketer knows the importance of this marketing strategy. If you want to improve your revenue without taking risks, this strategy is for you. However, if you’re still not convinced that this game plan can help your company, review the following benefits.
This specific strategy is premised on factual data and information to yield competitive results. Practitioners test and modify every channel, tactic, or hypothesis to figure out which works best.
Through this digital marketing growth process, you can eliminate strategies that would yield poor outcomes. It also keeps the company from making decisions based on instinct and seniority. Ultimately, you make decisions based on data to get the best results.
Factual data makes it easier for leaders and managers to decide.
A sound strategy forges a long-term relationship with the clientele. Instead of luring people in to make their first purchase, this strategy is optimized to encourage engagement, retention, and value delivery, all of which build lasting relationships.
If you continuously satisfy your client base with growth marketing strategies that bring delightful customer-centered experiences, they’ll keep returning for more.
Every marketing agency can confirm that this strategy produces positive results quickly. Even if it focuses on long-term benefits, you can see the desired outcomes quickly. How is it possible?
Marketers conduct rapid iteration and testing and consistently check the data for optimization. When you know what works and what doesn’t, making business decisions is more effortless.
Growth marketing strategies are not just about getting as many leads and prospects into your sales funnel as soon as possible. This strategy is more utilized in traditional marketing.
Unfortunately, there’s a need to change them since they’re no longer effective. It’s like saying that you may have hooked 100 prospects, but 99 of them were there to take advantage of the free trial. A growth mindset means expanding your reach steadily and slowly.
You can approach it by doing what works to test, evaluate data, and improve existing strategies.
To succeed, you don’t need to win over everyone. Instead, focus on finding people who are genuinely interested in what you offer. By using growth marketing tactics that prioritize people and data, you can achieve it. The more you understand your target audience, the better you can educate, inform, and serve them.
Improve and Keep Your Conversion Rate with Clicta Digital
The competition will always be fierce, regardless of the industry. Add to the challenge, your target market’s preferences and choices could change overnight. While these may sound like challenging mountains to climb for both marketing experts and business owners, it’s not impossible to overcome them.
With sound and well-implemented strategies for growth marketing, you can improve your bottom line while ensuring a delightful experience for all your customers. Clicta Digital can help you achieve this goal. We have the tools, experience, and people to get the job done well.
Talk to us and get a free estimate for your upcoming campaign.