Marketing is a world in constant evolution. As the years go by and Information and Communication Technologies advance, new techniques are being developed in many areas, including digital marketing. Among these new techniques we find growth marketing, a new way of marketing, with more flexible, agile and competitive methods.
It is a new way of marketing, with more flexible, agile and competitive methods, an approach with practices adapted to the speed and business models of the new digital economy.
Many companies that want to grow, even today do not know how to do it. That is why, in recent years, the term growth marketing has become indispensable for business models. It is a fundamental tool to achieve the formula for the growth of your company with successful results.
Below, we are going to explain what this term means and which are the phases that develop it.
what is growth marketing?
The development of the digital world and the amount of data circulating on the web has transformed the marketing industry over the last few years. Trends are becoming the instruments of visibility on social networks, and we are getting closer and closer to the idea that they will play a fundamental role in the companies of the future.
Traditional marketing has always focused on one stage of the conversion funnel, without paying special attention to the others. Growth marketing is the idea of fully observing the different stages of the funnel, to fully understand the lifecycle of a funnel and thus generate good returns with much more engaged consumers.
When we refer to the funnel, we are talking about data. We need to look at all the data that a customer or potential customer can give us in order to find new ways to increase users, build customer loyalty and even turn them into brand ambassadors.
Having said all this, we can say that Growth Marketing is the set of techniques that uses analytical thinking, creativity and scientific data from websites and social networks along the sales funnel of a customer to achieve different marketing objectives.
It uses a scientific method based on fundamental pillars such as objectives, experimentation, collaboration and speed. The main objective is to attract and retain customers. Thanks to these experiments, designed and tested, we adjust to the commercial and financial needs of the client in the long term.
This is the result of small actions that the company takes on a daily basis, always oriented towards growth.
We can mention some of the strengths of this technique:
- It brings innovation and scalability to the company.
- It focuses mainly on the customer.
- Decision-making occurs at all stages of the sales funnel.
- It seeks to grow the companies' marketing.
- The focus is not so much on the perfection of processes, but on the fast execution of processes. The aim is to design small, modulated experiments that can ensure faster launch strategies.
- It improves ROI (Return on Investment), which creates better planning and budgeting opportunities.
- Specialised growth marketing teams are made up of creative, agile and analytical professionals with good operational excellence.
Phases of growth marketing
- Acquisition:
This is the first step of both the funnel and the stages of growth marketing. It is about getting our brand name in front of people, making them aware of it. We must look at the number of people who are being exposed to our company's message and the traffic to our website.
To do this it is important to look at the performance of our advertising or SEO analysis, among other things. We must find a key metric that can help us to represent long-term growth. In this way it will be easier to design a strategy.
- Experimentation
This is the stage in which the user experiments with our products and services for the first time. The starting point of this phase is the scientific method. Before launching a product or service, it is necessary to carry out a series of analyses and tests, and to develop creativity and innovation to analyse whether these products are good for my business strategy, for my brand.
We must be continuously testing new models to improve our business.
- Retention
This is one of the most important stages. It consists of getting users to return again to consume my products, so that they end up using our products in such a way that it becomes habitual for them within the sales funnel. It can be executed in the following way:
- New users are those who are just getting to know the product and are in the process of becoming loyal customers .
- Committed users: These are regular customers who use our products constantly. We must pay special attention to these users, so that they keep buying our products and services. With these users we can go to the next level and make them become "powerful customers", taking their usage rate to very high levels.
- Resurrected users: Those users who have previously used our products, and who suddenly come back to buy again.
Retention analyses and measures how many users return and how many abandon. How you study this data will impact how you approach your customers.
- Scalability
Technology is an essential tool to achieve results in growth. Scalability is about maximising the value of the company towards success through the results obtained. In this way, with minimal costs, we can multiply our revenue.
Growth marketing is a relatively new tool in digital marketing. It applies traditional marketing methods in a more analytical and scientific way. Many companies are incorporating this technique into their business models to increase their growth. It focuses on all stages of the sales funnel. What are you waiting for to incorporate it into your business?
