Marketing growth system
Many times, when I meet the clients, they take my card and look at my designation ( My designation is Head of Growth). The majority of them ask me the meaning of ‘Growth’. Many say that nowadays, salespeople come with different fancy designations.
‘There is a lot of confusion out there about the growth function. In fact, people use the Growth function alternatively for marketing and some times for digital marketing. There is a lot of difference between growth function, marketing, and growth hacking. Let us look at the difference between marketing and growth first.
“Growth function is not marketing”
Building a fundamental marketing system is a must for GROWTH. One can say that a marketing foundation is a pre-requisite for building growth. There is a fundamental difference between the marketing function and the growth function.
Marketing — Establish the process so that your probable customer know, like, and believe in your products. The marketing function involves
- GTM ( Go To Market) strategy
- Identifying the right customer
- Clear Value proposition
- Content creation
Growth function- Establishing the processes for Buy, repeat, and refer your products to others. This is a process of identifying the right channels and the right marketing tactics to grow the business. Shifting from ‘sales-based business’ to ‘content marketing-based business’, shifting from ‘customer support centric business’ to ‘customer success’ based approaches are great examples of growth function. I am not saying that with a growth-based approach, we are removing the role of the sales function. Rather, we are enabling the salespeople to be involved in the customer journey in the early stage of the process. With a growth-based approach, we can position the salespeople as an ‘authority’ in solving the customer’s problem.
Now let us look at the difference between growth hacking and growth system.
“Growth system is not growth hacking”
Yes. building a growth system is entirely different from growth hacking. Growth hacking is a process of identifying that little difference or identifying that value proposition of the product that pulls the customers towards you by differentiating you compared to the competitors.
For example, identifying a campaign that works better to increase the leads and repeating the same can be a growth hacking tactic. However, growth function is a bigger process of establishing a system wherein many growth hacking tactics are measured and improved on a continuous basis.
To build concrete growth business processes, we need to define the outcome we are looking for out of growth function. Is it profit? is it a brand-building? is it momentum which we are looking for as a result of building a growth system.
There are many channels ( Email marketing, content marketing, affiliate marketing, SEO, Influencer marketing, etc) available now to try the growth function, and sometimes, it is very difficult to build and measure the effectiveness in all these channels. It is better to identify the core channels which are relevant to you and focussing on these channels to attract and engage the customers.
In the second step, we have to measure the effectiveness of the identified channels. For every channel, we need to define measurement metrics. For example, for a Webinar, we may want to measure the number of registrations for the webinar and the number of conversions for the next step ( Demo or trial demo login id).
For example, let us assume that there is a software company that is providing plagiarism tools to Educational institutes. Through the sales channel, the company can reach a certain level but to grow exponentially, the company needs to identify other channels apart from sales to grow faster. Because in the Education market, sale cycles are long and seasonal in nature. Relying only on sales channels may affect growth.
The following are the alternative channels for growth.
- Collaborating with LMS providers or ERP/Exam software companies already working with educational institutes.
- Content marketing as a channel
Sateesh Hedge Growth Head NetAnalytiks Technologies on Linkedin
Originally published at https://www.linkedin.com.