Growth marketing helps you grow your business by better understanding what your customers want. It was once enough for a company to produce good products or services. In this article we discuss What Is Growth Marketing, Why & How It’s Important For Your Business?
You could simply advertise them in the right locations, make them available in the local store, at an attractive price and people would come buying. However, this is no longer true in today’s age of information overload where you have numerous competitors providing similar goods and services.
Your product might be better but if it does not appeal to your target market then it will do nothing for you except add overhead cost which you eventually need to recover.
Today marketing has become very competitive, so strong marketing efforts are needed. And these efforts should not only include advertising but also imaginative strategies that help stimulate demand for your product.
As a business owner, it is important for you to know your customers and their wants and needs very well. You need to conduct proper research before launching any marketing campaign or product.
What’s more? It is always better if you come up with new ideas as opposed to recycling old ones. A lot of companies, SEO resellers are already doing growth marketing as part of their strategy leading to more sales and revenue generation.
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What Does Growth Marketing Mean?
To achieve growth in your business, it is important to know your customers well so that you can better understand their requirements. What are the things they care about? What are the problems they face? A successful growth marketing campaign always aims at improving customer experience and solve their pain points in a unique way.
Basically… when you do strong research on what your potential customers want, then it helps you formulate different strategies to reach them and get them interested in buying your products and services.
It is all about understanding customers, identifying their needs, and making sure that the company’s product or service has something unique that interests them enough to make a purchase decision.
Why should We Use Growth Marketing?
Doing growth marketing allows companies to ride on the opportunities created by various new technologies that are now available. It is no longer enough to make a product and let it become successful by sheer luck.
We now live in the age of information overload where every customer has 500+ alternatives to choose from when they want to buy your product or service.
So why should you invest in growth marketing? The answer is very simple: Creating awareness for your brand among customers, through effective promotional strategies like advertising, public relations, social media outreach, etc., helps generate business leads which eventually lead to revenue generation.
It’s important to note that you don’t have to do everything yourself. For example, if your business doesn’t have the resources or workforce to run marketing campaigns to generate leads, you can always turn to professionals.
Suppose you’re a small-time solar installer, you can tap third-party providers to generate solar leads for your business. This minimizes the risk for you since these agencies have the resources and expertise to verify those leads, ensuring a higher chance of a conversion.
This makes it easier for businesses to continue producing more products and/or services while maintaining their market share.
Advantages of Growth Marketing
The following are the advantages of growth marketing that scale your business faster and let you onboard more customers faster:
More Customer Satisfaction:
It is easier to please existing customers than attract new ones. By knowing customers better, you can create a product or service that has something unique to offer them.
This automatically makes them feel happy and satisfied as they witness some positive changes in their life that were made possible by using your products or services.
More Revenue:
More revenue means more growth for your business which ensures the future prospects of the company are secure and it is financially stable enough to continue offering its goods and/or services without any problem.
This also gives opportunities for the employees and shareholders of the company to be rewarded for their efforts and time (in terms of salaries, benefits, etc.).
Higher brand value:
Strong brand value helps you acquire clients more easily and makes them stick with your company even when there are other alternatives available.
The chances of success for a business depend on how able it is to create awareness within the customer base and keep them interested in making repeat purchases, all of which are achievable only if the business invests in growth marketing strategies.
Growth Hacking vs. Growth Marketing
Growth hacking is one such term that has been used often these days by entrepreneurs, product managers, marketers, etc. while talking about strategies required to help scale up their business.
There’s no fixed demarcation between growth hacking and growth marketing but basically, growth marketing means reaching out to more people who can be potential customers while growth hacking is just aimed at bringing in more customers faster.
We can say that growth marketing is a broader term that encompasses different strategies to increase business while growth hacking is a focused approach towards achieving the same goal.
Even though both approaches are similar, there are significant differences between them that should be understood by entrepreneurs and marketing professionals before they start using these terms.
Wrapping up!
Growth marketing is a powerful phenomenon to accelerate profitability and traction towards your business. Get ahead of the competition by preparing a custom growth strategy for your business and forming a higher trust among customers.
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