Learn Growth Marketing – How To Get Started.

How to start with growth marketing

What is growth marketing? And what does it actually mean?

Introduction

Growth marketing is a term that is used a lot in the marketing world, but what does it actually mean?

At its simplest, growth marketing is all about driving growth for a business through marketing activities. This can be done through acquisition, conversion or retention activities, or a combination of all three.

It is not a new concept, but it has gained a lot of traction in recent years as businesses have become more focused on growth and scale.

Polything partners with companies that want to use the power of growth marketing and storytelling to elevate their businesses. We believe in a data-driven, agile and collaborative approach to marketing; and our goal is to deliver clear direction and innovative strategy that has a positive impact on your business.

Contents

The basics of growth marketing

There are several different approaches ,but at its core, it is about making data-driven decisions and taking an experimental approach to marketing.

One of the most important things to remember is that it should be constantly evolving. As your business changes, so too should your strategy. Growth marketing is not a one-time event or campaign, but rather it should be an ongoing process that is constantly adapted to the changing needs of your business.

The difference between growth hacking and growth marketing

Growth hacking and growth marketing are often used interchangeably, but there is a subtle difference between the two terms.

Growth hacking is a more technical approach to growth marketing and it tends to focus on using creative and innovative methods to grow a business. Growth hacking is often associated with start-ups, as it is a relatively new concept.

Growth marketing, on the other hand, is a more strategic approach to growth. It takes into account all aspects of the marketing mix, and it focuses on making data-driven decisions to drive growth.

How it can help your business grow

There are many different ways in which growth marketing can help your business grow. Some of the most common strategies include:

Acquisition: Acquisition strategies are all about attracting new customers or users to your business. This can be done through various marketing channels such as paid advertising, organic search, social media, email marketing and more. It also involves understanding the merits of each of these channels and how they contribute to changing a cold prospect into a customer.

Conversion: Once you have acquired new users or customers, the next step is to convert them into paying customers. This can be done through effective lead nurturing and conversion optimisation tactics. It may also involve conversion rate optimisation depending on how your customer journey has been constructed. Better conversions will reduce your CPA and extend your LTV.

Retention: The next step is to keep your customers happy and engaged so they continue to do business with you. This can be done through various retention strategies such as customer loyalty programs, customer service and more. The benefit of this, is that customers will stay for longer and spend more on average.

Upselling and cross-selling: Once you have acquired, converted and retained customers, the next step is to upsell and cross-sell to them. This can be done by offering additional products and services that complement their existing purchase, or by bundling products and services together to create better LTV (Lifetime Value).

Product-market fit: Finding the right product-market fit is essential for any business. This can be done through market research, customer feedback, and experimentation. By creating a better fit between your product and consumer, you will increase repeat purchases, lower your acquisition costs and even reach a point where your consumers are marketing your product for you.

Customer segmentation: Another important strategy is to segment your customers so you can better target them with your marketing efforts. This can be done through various methods such as demographics, psychographics and more. Once segmentation has been completed you can focus your marketing activities in a more tailored way to these individual segments, who will have different reasons for being interested in your product.

Customer needs: Understanding the needs of your customers is essential for any business. This can be done through market research, customer surveys, and interviews. By becoming customer-centric your business will be better able to serve your customers’ existing needs and even anticipate future needs; resulting in greater value for both business and consumer.

New product development: Finally, once a customer-centric view has been embedded in your organisation, it can also help you discover and develop new products that meet the needs of your customers.

Growth marketing is a holistic and strategic approach to growth that takes into account all aspects of the marketing mix. And when done correctly and consistently, it can transform a business.

Tips for implementing growth marketing in your own business

There are a few key things to remember when implementing growth marketing in your own business.

1. Plan and execute campaigns in a timely fashion

Marketing campaigns need to be planned and executed in a timely fashion in order to be effective. If you wait too long, the campaign may be irrelevant by the time it’s launched. Only by undertaking an activity will your get hard evidence and hard results are the key ingredients to base learnings on. Done is better than perfect!

2. Have a systematic plan of what you need to test and what you want to learn

Your campaigns need to be targeted and relevant to your audience to be effective. This means doing your research and understanding who your target market is. Once you know this, you can create campaigns that are designed to reach them.

3. Always be learning and constantly iterating

The process is cyclical and never done. You should always be learning from your campaigns and constantly iterating to improve your results. This means testing new things, trying new tactics, and generally being open to change. It is an ongoing process and a mindset, not a one-time event.

4. Be prepared to invest

Growth marketing requires time, effort and sometimes money. To be successful, you need to be prepared to invest in it. This could mean engaging a growth marketer or agency, investing in marketing software, or simply spending more time on marketing activities. Set an overall budget and give someone the responsibility of spending it. Gauge this against your existing cost of acquiring a customer and extrapolate the two to give them a target of new customers to go and acquire.

5. Use a variety of channels

Don’t just rely on one channel, use a variety of them. This will ensure that your message is reaching a wider audience and that you’re not putting all your eggs in one basket. Interview your existing customers to see how they use and engage with different channels to formulate a hypothesis of the best mix.

6. Measure, track, and analyse your results

Always, always measure, and analyse your results so you can see what’s working and what’s not. This will help you to refine and adjust your strategy over time. So many companies fail at this level and do not benchmark new activity against previous campaigns or programmes.

By following these tips, you’ll be well on your way to successfully implementing growth marketing in your own business. When done correctly and consistently can completely transform a business

By following these tips, you’ll be well on your way to successfully implementing growth marketing in your own business. When done correctly and consistently can completely transform a business.

Resources for learning more about growth marketing

There are lots of resources available to learn more; a quick Google search will yield 217m results! So to give you a starting point, here are a few of our favourites:

HubSpot Academy’s growth marketing course

This free online course from HubSpot Academy is a great way to learn the basics. It covers everything from understanding the theory, to planning and executing campaigns.

GrowthLab’s growth marketing blog

GrowthLab is a website dedicated to helping entrepreneurs grow their businesses. Their blog is full of articles on topics like growth hacking, conversion optimisation, and growth strategy.

The Growth Marketers Podcast

The Growth Marketers Podcast is a great way to learn from growth marketers who are working in the trenches. Every episode features a different growth marketer, who shares their insights, tips, and stories.

Rand Fiskin YouTube Channel

Polything

A shameless plug here, but if you would like to understand more and how it could help your business specifically, then please do drop us a line at Polything to learn about growth marketing.

Conclusion

Growth marketing can be an incredibly effective way to grow your business. It is all about understanding who your target consumer is and creating campaigns that are highly relevant to them. You need to be prepared to invest time, money, and resources. Finally, always track and analyse your results so you can constantly improve your strategy.

About Polything

At Polything, we help companies use the power of storytelling to elevate their marketing and grow their business. Our collaborative and strategic approach to marketing can be applied to any direct-to-consumer business, and we work with clients all over the UK and further afield. Our team is experienced and passionate about helping businesses to achieve their goals, and we’re always on the lookout for new and innovative ways to market products and services. If you’re interested in learning more about how we can help your business, get in touch today.