What exactly is growth marketing? It targets each stage of the buying funnel with multiple marketing channels, such as search and email, growth marketing acquires, and retains clients. It revolves around creative, data-driven strategies that consider the unique wants, pain points, and questions of users throughout the buying funnel.
Growth marketing vs. traditional marketing
Your team leverages television, radio, and print with traditional marketing to reach and transform individuals in your target audience. While conventional marketing tends to under-deliver, one of the oldest forms of marketing, more consumers rely on digital channels when researching their next purchase.
In contrast, Growth Marketing Systems take a broad approach to reach and convert your target audience and maximize the retention rates of your customers. It uses a range of channels to interact with potential and current customers, from traditional to digital.
Why does marketing for growth matter?
Growth marketing requires a complete reevaluation of your approach to reaching, converting, and retaining potential and current customers for many companies and marketing teams.
Growth marketing systems, however, is worth the investment for these reasons:
- Customers opt to take a non-linear purchasing journey: Consumers have followed a linear path to purchasing in the past, moving at a predictable rate from awareness to purchase. That has changed with the rise of modern technology, as well as the internet. With growth marketing, you can continue to move your business forward by focusing on every step a user takes before and after purchase.
- High turnover rates tend to decimate revenues: Gaining a new client is costly and has been for decades. Although acquiring a new customer costs ten times more than retaining an existing one, many businesses fail to prioritize customer retention, resulting in a high turnover rate for customers. Your company can start focusing on your current clients with growth marketing. You can create strategies for building their trust and loyalty, as well as continued investment in your business. This proactive approach can result in online reviews and word-of-mouth recommendations.
- Introduces the intersection of merchandising and marketing: The combination of merchandising and marketing presents a new challenge. Companies need to think about where users are purchasing the funnel when browsing a product or reading an article to provide the best follow-up action. Your team can recommend products and services to current and potential customers with this new approach to increase your sales and profits.
- Unmatched insight into consumers’ data offers: Whether your company operates offline or online, information can provide your organization with tremendous insight into your target market. It can also provide valuable consumer information at various stages of the purchasing funnel, informing your marketing strategies for growth. You can leverage data from a website, ad campaigns, and email marketing strategy to develop a detailed approach to targeting future and existing customers, from tracking the conversion journeys of new customers to monitoring current customers’ actions.