Growth Marketing is a little known term, but it provides fascinating results when it comes to boosting a business. This marketing variant has been a fundamental key to the growth of renowned brands such as Facebook. Before explaining you in depth how you can get greater recognition for your company, let’s quickly review what this technique consists of.
What is Growth Marketing?
In Spanish it is known as Growth Marketing, it consists of focusing efforts on generating new clients and potential brand ambassadors. Unlike traditional marketing, this variant sets aside conventional channels to look beyond. That is, to look for new growth opportunities through the capture, retention and loyalty of users. And cut those strategies that only involve high disbursements and zero results.
It is a new way of marketing using digital techniques that allow us to offer a neat user experience. And of course sales are still a determining factor in the growth of a company. However, if you focus on offering total value to your customers, the benefits will be greater.
Growth Marketing employs tactics that allow not only initial sales, but improve the number and recurrence of future sales.
Keys to creating a growth strategy to overcome the competition
The current market is increasingly competitive, new companies are constantly emerging that offer the same products and / or services as your brand. So it is not only enough to use beautiful colors or a more modern design, your users want innovation, and that you must give them. So, let’s see how to create an effective growth strategy that gives your company the advantage it needs:
Know your most important channels
They are not the most popular nor are they the ones your competitors use; they are the ones that can give you the best results. So instead of throwing away your budget and the effort of your team trying to cover multiple channels at once, identify the most important acquisition. And above all, where you can interact with your users. For example:
Social networks, where your potential users are.
SEO and valuable content, offers solutions.
Email marketing, keep retention and interaction.
You have to identify the ideals for your brand, once you know them, focus on them.
Determine the weaknesses of your marketing strategies
If so far you have not perceived growth results, obviously something is wrong with your strategies. That is why, before boosting your Growth Marketing, you must know what it is that has your brand submerged in a constant decline. For example:
Where does your traffic come from?
How high is your content?
How much do you care about responding in real time to the requests of your potential users?
Do you really focus on guiding your users during their purchase process?
If the questions are mostly negative, you are not building trust in your users so that they want to become your customers.
Take the weaknesses and turn them into opportunities
Start to give relevance to the problem and look for the best solutions. No weakness is less important than another; ALL deserve your attention for a balanced growth.
Plan, execute, check and repeat
To work for growth! At this point you have to plan all the ideas to reduce the decline of your brand, and get beyond your competition. To do this, estimate times, costs, consequences, metrics, what is expected, and what the benefits will be.
After that, start executing the new changes, check that everything happens as expected, and repeat the process whenever necessary.
In the beginning, growth marketing is a trial and error test. You can do it!
Success stories: Facebook
The giant of Facebook during his early years did not have the success he expected; he had to face constant obstacles. And it is that users did not register to the platform as fast as planned. Although their objectives were few realistic for a website that was just beginning, (they expected to acquire 200 million users in a single year) they did. Only by applying growth marketing techniques, that is, they designed badges and widgets that users could share on their websites and blogs. With this alone, millions of entries were won.
Facebook is proof that properly targeting marketing efforts brings many benefits. Not for nothing today is one of the most successful social networks.