Do you want growth in your business? Then you will say who don’t? Every businessman or entrepreneur wants to drive growth. You would have also some strategy to do so. Growth hacking is a trending word for new generation hacks for doing business online. But there is no such hack associated. This is just small steps which is very important to bring some value to your business in a very short duration.
Here, we will understand the 3 w’s of Growth Marketing.
What is Growth Marketing?
It is the process of redefining a company sales targets. The growth hacking process involves designing, experimenting to improve the return of investment means result. It is primarily focused on the growth of the company. It is latest emerging field in the marketing or digital marketing field. A growth marketing agency designs some strategies to attain some metrics if you have any. . The focus of growth marketing strategy is generally to increase as many customers as possible while spending less. Growth hacking entails marketers, developers, content writers, managers who are always focused on b2b growth, b2c growth, and engaging the user base of a business. Growth hacker often stays tuned in finding smarter and low-cost alternatives to traditional marketing. For example, social media marketing, influencer marketing, targeted advertising instead of buying advertising through more television and radio.
Why growth marketing?
Growth hacking is focused on minimizing the cost spent on per prospect acquisition. A better-designed program and so implemented gives good success in a short time. And maybe your business will rocket in the sky. If your business plummets and you need retention then growth marketing can be a game-changer. Every growth hacking agency invests their time in understanding business, product, and their customer to design the strategy. As it has immense benefits it is very important to understand why to implement growth hacking. Here we are giving a list of benefits below.
5 main benefits of growth Marketing.
- Low-cost Approach– It doesn’t require to spend on buying advertisement through tv or radio. People involved in growth hacking engage in cost-cutting and alternate ideas to make customers. For startup companies, they have some limitations of budget so they go for growth marketing. Social Media Marketing is a true example of this term.
- Effective-it gives a good gain in a short interval of time. Like branding, product awareness, promotions, customer retention, etc. all the product or service based company is focused on customer retention and long term relationship. No one would like to fill the bucket with multiple holes in it, means engaging with the new customer does not mean that loosing old ones. Growth marketing establishes reliability, integrity, and updated.
- Data-Driven.- Decision making on gut feeling is now over. Marketing trends have so developed as the company discusses strategy on data analysis. The modern growth marketer considers the strategy which is analytically developed. It is based on data and accuracy which is obtained by market analysis.
- Product Focused-An accepted truth in the marketing & sales world is that you can’t sell services or products you don’t understand. The goal of sales is not to force people into buying something they don’t want to buy, but rather listing out benefits and values which they will get in the purchase. After all businesses form to solve some problems and making people’s life easy.
- Economy– Growth hacking results in short term goal accomplishment as discussed above and so the value. Wide marketing and creative content make people curious about your product and services. If things go well people won’t hesitate in taking your services or product. It adds rapid value to businesses and establishes itself among society. Creative content enhances the effectiveness of marketing and falls into major considerations of growth marketing strategy.
When to do growth Marketing?
There is no fix stage to do growth marketing. it doesn’t matter in which stage your business falls. Generally, startups consider this to tackle budget, experience, technology factors involve in the growth. growth hackers approach marketing with a focus on innovation, growth, and customer connectivity. Doing growth marketing is periodic like if you are not gaining product awareness, or bringing some offers. If you have some restrictions like money, experienced human resources then growth marketing is a better option to consider. While the exact time and method vary from company to company. You can apply this at an early stage or in mid-level or any time.
Whenever traditional methods don’t work out you can switch to this. startup practices growth marketing in getting organic growth. It also makes website search engine optimization friendly. The crucial part of growth marketing is the vigilant focus on growth as the only scale that truly matters. Many entrepreneurs like Mark Zuckerberg considered this while growing Facebook and Instagram. While the methods depend upon company to company and from one industry to another, the common factor is always growth. Companies that have successfully “growth hacked” have high retention, economy, identity, and recognition.