What is Growth Marketing?
Growth marketing, also known as growth hacking, refers to the use of a variety of marketing tactics that work systematically to attract and keep paying consumers, so businesses will grow efficiently. Through the use of creative thinking and analytical data from social media markets, etc., strategies are developed to reach customers from different aspects.
Growth marketing is an ongoing process of tweaking ads and analyzing data in an effort of acquiring more sales. Focus is not placed on a single tactic but rather on multiple ways that will increase growth, regardless of how small or large that growth may be. For example, if Google Adwords cost 30% more than Facebook ads, money would be shifted to Facebook. Dropbox offers another example. Dropbox increased its customer base after offering existing customers additional storage in return for linking their accounts to Facebook and sharing Dropbox ads on the social site. The additional exposure grew their client base substantially, from 100k to 4 million customers in just over a year, which in the end cost them very little.
Below are five ways growth marketing and adaptive Ad-buying mays to benefit your company.
#1 SEO Benefits
If you’re on social media and run PPC campaigns then the data compiled provides insight into which keywords are your high performers. Regardless if searchers actively engage in social media, social media affects the overall search results. Take advantage of the data and use the keywords in your website content and social media content.
#2 Branding Recognition
Make your brand relatable to consumers by identifying a need or pain point of your audience. This can be accomplished in a few different ways including checking in on your Facebook or Twitter accounts, as well as those of your competitors. Be a part of the conversations and offer valuable information. Dollar Shave Club is a prime example of honing in on a customer issue that competitors never addressed and then using it to their advantage to grow their own company.
Take full advantage of the leads acquired from your existing campaigns by following them on the social media platforms or exploring new ways of gathering additional information on their buying habits. Another way to maximize the data is to measure if monetary differences between lead sources.
#4 Prevent PPC Overload
Through the diversification of growth marketing, you’ll avoid PPC saturation. Although PPC for adaptive Ad-buying works, it involves devoting more money to a single campaign in an effort to attract more leads and ultimately the bigger competitors will increase their PPC funding as well, which eventually results in increased expense with ROI likely not being worthy.
#5 Attracting New Customers
Growth marketing will use the data compiled from the new customers that are gained and identify the specifics of what attracted them through the sales funnel. Then with the new information, the marketing strategy can be altered in a way that resonates better with the audience.
Growth marketing requires ongoing attention and analyzing of data to work, but with innovative ideas, the same dollars can work for you in multiple ways.