According to Sujan Patel (founding partner of Web Profits), we can define growth marketing as:
“The combination of marketing, sales, customer success, support, and every other division or operation within an organization. An integrated approach to growing a business by leveraging all available marketing channels.”
3 tips for implementing a Based on this definition and focusing on the concept of an “integrated approach,” we can deduce that the main difference between this type of marketing and traditional marketing is that the latter focuses on the TOFU (top of the marketing funnel), while growth marketing encompasses the entire marketing funnel.
So the revenue growth objective isn’t just about generating short-term sales leads, but also about turning existing customers into brand ambassadors.
If you are considering implementing a Growth Marketing strategy , you should take into account 3 basic aspects:
1. Identify key metrics 3 tips for implementing a
First, you need to establish metrics to measure and monitor the success of your product . To do this, you must visualize the marketing overseas data funnel and sales channels together and be able to identify the real milestones that need to be met to achieve success. An example might be reaching a certain number of new subscriptions, measuring web traffic, the number of new customers, and the conversion rate. This is just an example, and your metrics may be completely different, but keep in mind that they shouldn’t be too numerous if you truly want to be able to measure and monitor them.
2. Identify the strengths and weaknesses of your business and your marketing channels
As its name suggests, Growth Marketing is changing the buyer’s opinion based on growth—more precisely, on growing rapidly. To achieve this goal, it’s essential to thoroughly understand our business’s strengths and weaknesses.
Although every business’s strengths and weaknesses are unique, there are two very common weaknesses in the market: lack of traffic or low conversion rates.
- Low traffic: It’s impossible to grow quickly if we don’t generate adequate levels of traffic, even with a high conversion rate.
- Low conversion rate: We manage to generate the right amount of traffic, but when it comes to converting, we fall short. This is a very common problem in organizations, and once we reach this point, we must consider whether the problem lies in our value proposition itself. Perhaps we need to make small adjustments, or perhaps we are simply not conveying it adequately to our potential customers. Perhaps we are asking for too much information; remember that the amount of data requested should always be proportional to the quality of the content you offer.
One of the best methods for identifying our betting data strengths is to look at our competitors’ weaknesses. That is,
what can I offer that truly differentiates me from the rest?
With all of the above in mind, it’s time to visualize them together to identify the most appropriate framework for operating and improve our marketing strategy. To do this, we’ll use the “bullseye framework” by Gabriel Weinberg and Justin Mares. This is a three-stage approach whose main objective is to identify and understand which sales channels help us gain traction and acquire customers.
