6 ways that growth marketing could help your business
As a business owner, I am sure you’re always looking for new ways to grow your company. You might be thinking about expanding into new markets, launching a new product, or need to increase profitability. But have you considered how growth marketing examples could help you with these goals?
There are many benefits to growth marketing for businesses. This article will explore six of the most important benefits of growth marketing. By understanding these benefits, you can see why growth marketing is so essential for businesses looking to achieve continued success.
What is growth marketing? Growth vs Marketing
Growth marketing is a customer-centric approach to business growth that focuses on identifying and exploiting new growth opportunities. By taking a data-informed, strategic approach to growth, businesses can improve their chances of success.
Growth hacking and growth marketing are two terms that are often used interchangeably, but there is a key difference between the two. Growth hacking is a more tactical approach to growth that focuses on using quick and dirty methods to achieve growth goals.
Growth marketing, on the other hand, is a more strategic and data-driven approach to growth that takes a long-term view. It differs from traditional marketing by the emphasis placed on the process rather than on developing marketing campaigns.
How growth marketing can help your business grow
By adopting a growth marketing methodology it will help your business grow in the following ways:
Uncover new market opportunities
Growth marketing is all about finding new opportunities for growth. By taking a data-driven approach to growth, businesses can uncover new markets and target customers. Being closer to your customers will naturally lead to products evolving and new product lines being created
Make more effective use of your budgets
Growth marketing enables businesses to make more effective use of their budgets. By allocating budgets based on data, and experiments, companies can ensure that they are spending money on the most effective growth strategies. Growth marketing helps businesses generate higher-quality leads. By taking a strategic approach to lead generation, businesses can improve the quality of their leads and close more deals. This in turn improves retention and lifetime value.
Evolve your products and services in conjunction with your customer base
By taking a data-driven approach to product development and marketing, businesses can ensure that they are creating products and services that people actually want. As consumer demand and adoption change over time, your business will be able to evolve with those changes and not get left behind.
6 benefits of growth marketing methodology
One of the key benefits of growth marketing is that it creates customer-centric products and organisations. This means that businesses can focus on their customers’ needs and wants, rather than just selling them products or services. By radically shifting this focus from product to consumers organisations can build better products, reach their consumers more efficiently, at the right times and build longer-term relationships with consumers that have greater value.
Another key benefit of growth marketing is that it provides a focus on strategy, rather than tactics. Trust in the process is key to developing an effective growth marketing strategy. Understanding the iterative nature and small incremental improvements will ultimately result in big breakthroughs in understanding as well as direct. This means that businesses can start developing long-term plans and objectives, rather than obsessing over short-term tactical wins.
Another benefit of growth marketing is that it enables businesses to collaborate more effectively across functions. This is because it recognises that no one department or individual can achieve growth on their own. Adopting an organisational North Star for the business creates clarity for everyone and provides context to make any decision within the business (e.g. If in accounts we’d do X does it have a positive or negative impact on Y=’Our North Star’).
Growth marketing also creates organisational alignment, which is essential for businesses that want to be successful. This is achieved by aligning the organisation’s goals, objectives, and strategies with its marketing efforts. Every department within the organisation will start to pull together to see each of its functions through the prism of how they can contribute to the North Star. Alignment of your whole business at a strategic level is a major benefit of growth marketing.
Data-informed decision making
An additional benefit of growth marketing is led by data-informed decision-making. This means that businesses can use data to inform their decisions about where to focus their efforts, rather than relying on hunches or guesswork. This removes vanity projects and avoids major decisions being made on hearsay, feelings, and hunches.
A benefit of growth marketing is that hunches can be tested, at a much smaller scale, with a valid hypothesis that will return a result that can be validated before committing large amounts of time, effort, and money to ideas that may be driven by ego alone.
Finally, by its very nature, a benefit of growth marketing is that it is focused on increasing profits for businesses. This is achieved by identifying and exploiting new growth opportunities, creating a better product/market fit, as well as pursuing efficiencies in all areas of the business. When implemented correctly it can completely change the fortunes of an ailing business.
The benefits of growth marketing are essential for businesses that want to see continued success, particularly in markets that are constantly evolving and an environment where consumers’ time is at a premium. By taking a strategic approach to lead generation, product development, and marketing, businesses can increase profits and build longer-term relationships with consumers.