New businesses are launched each day and have to compete to capture an area of an already saturated market, so they turn to marketers to help their business get the exposure it needs to become profitable.
On the other hand, older businesses need to compete with new and innovative startups that might steal their clients. They, too, turn to marketers to increase customer retention and maintain a steady profit. All of this shows how crucial marketing is for a business.
That’s why picking the right channel to market your business is important. Because if you don’t capture your audience fast, someone else might. Growth marketing is the latest strategy in digital marketing. Take a look at how it helps businesses succeed.
What Is Growth Marketing?
Growth marketing is a form of digital marketing that’s data-driven and experimental. It’s more about creating brand awareness than developing ads. With growth marketing, companies need time before they see any meaningful results. Additionally, the marketing strategies need to be constantly updated according to the data analysis of the campaigns.
As a result, the campaigns get a chance to reach the target audience easily and increase the customer conversion rate. Instead of just relying on marketers, growth marketing takes help from business development managers, financial managers, and growth marketers that increase the success ratio of the developed strategies. Moreover, growth marketing has the power to convert a faceless brand into a well-known one in a short amount of time.
What Is Traditional Marketing?
Traditional marketing is any marketing strategy that isn’t online. It includes print media, broadcasting agencies, direct mail, cold calling, and outdoor advertising. Traditional marketing is one of the oldest forms of marketing still relevant today too. However, the main drawback with traditional marketing is that it needs to reach a wide audience to convert a small number of customers.
Moreover, aggressive traditional marketing techniques can often have the opposite effect, and customers might turn away from the product. There are a lot of hits and misses when it comes to traditional marketing, and successful marketing campaigns are few and far between.
How Is Growth Marketing Beneficial?
Create Measurable Goals
You can never be sure if your campaigns reach your audience with traditional marketing, but the effects are always measurable with growth marketing. These campaigns are product/service focused and allow businesses to make measurable goals regarding their customer conversion.
Growth marketing experts can estimate how many customers can be ideally converted with your chosen marketing plan in terms of data. Your business can then review the data and decide whether it’s the right approach for your business or not. That’s why each step of growth marketing is quantifiable.
Monitor Campaigns In Real-Time
Once the campaigns have been deployed, they can be constantly monitored in real-time. This allows businesses to track their progress and determine whether they want to continue with the campaign or not. If they continue working on the campaign, it can be deployed to a wider audience and increase the customer conversion rate without any added strategies.
If not, the marketers can simply add modifications until the campaign generates meaningful results. All of this progress can be modified at any time, thanks to the data available in real-time.
Use Data Analytics
User engagement and conversion in growth marketing can be easily measured using data analytic tools such as Google Analytics. These tools tell the number of potential customers engaging with the business at any given time. This allows businesses to modify their campaigns and helps in other areas of business development to optimize the user experience.
Moreover, growth marketers can also conduct competitor analysis to get ahead of the competitors and gain a bigger market share.
One of the most widely used growth marketing strategies is A/B testing. In this, marketers create two marketing campaigns and run them for different users. Whichever campaign generates the most favorable results is considered the winner and is used in future marketing operations.
The winning campaign also acts as a blueprint for future marketing campaigns. The method used in determining the winner is based on data analytics which measures user engagement metrics and conversion rate. Moreover, A/B testing can also help businesses retain their old customers and prolong their customer lifecycle.
Because of the data-driven nature of growth marketing, campaigns can be modified quickly to present a more personalized approach to reaching customers. For example, if the personalized ads for one of your services aren’t getting traction, growth marketers can switch to another service or product to see the customer’s reaction. It also helps narrow down the target demographic of the service/product.
Want To Give Growth Marketing A Try?
Business Growth Managers is a top-notch growth marketing agency operating in Manhattan. The company uses the latest growth marketing techniques to help startups reach a wider customer base and increase their conversion rate.
Moreover, their experts include digital marketers, financial managers, social media marketers, and business development executives. These experts analyze different aspects of the startup for proper optimization. Take a look at their services and reach out to them today for a free strategy plan.
About The Author
The author is a marketing manager that has been in the industry for over a decade. He has also worked with Business Growth Managers in designing campaigns for their clients. He’s currently interested in writing a book on new-age marketing and is researching topics related to it.