To implement a growth approach in your team, you will need a specialist who should have knowledge at the intersection of marketing, analytics, performance, content, product and project management. We will discuss the functionality of such a specialist and how to correctly allocate team resources for growth so as not to screw up your existing marketing metrics by testing growth hypotheses (possibly without results).
Let's get started.
Content
What is growth marketing and why is it needed?
How growth marketing differs from growth hacking
What a growth marketer should be able to do
Hypothesis is the basis of growth marketing
How to Build an Effective Growth Team and Maintain Its Productivity
The Andat team shares the latest news about business and digital marketing in their Telegram channel. Don't miss important information - subscribe to the link:povyi_marketing .
What is growth marketing and why is it needed?
Growth marketing is an buy phone number list approach to attracting and retaining customers that is based on constant experiments and testing hypotheses aimed at multiple business growth.
For example, a team is working on attracting customers for a cloud CRM for business. The role of traditional marketing in attracting customers for this business is to build a long-term strategy for attracting customers, building sales channels that consistently bring in applications for connection.
Growth marketing involves a different kind of work, it is aimed at finding such channels and such methods of lead generation that will help to grow multiple times and increase the flow of subscriptions for using the product several times in a short time. To do this, you need to understand the difference between a hypothesis that will bring multiple growth and a standard marketing hypothesis. Let's figure out what the difference is.
The Difference Between Traditional Marketing and Growth Marketing
The easiest way to understand the difference between the approaches is through examples. Therefore, we will immediately give two examples - a hypothesis built for traditional marketing and for growth marketing.
The hypothesis of the traditional approach
If we connect our Yandex Direct campaigns to the new contextual advertising optimization system from Andat, we will be able to increase the number of requests for connecting the CRM system by 25% over the next month.
Connecting neural optimization will help improve the quality of attracted traffic by optimizing advertising for conversions, which will lead to an increase in the number of requests with the same budget.
Growth hypothesis
If we partner with a major player in the accounting software market and offer a discount on our CRM system when purchasing their software, we can increase the number of subscriptions by 150% in three months.
Partnering with a well-known company will allow us to reach a new audience that already uses comprehensive business solutions and offer them an attractive package, which will speed up the decision to purchase
Thus, the usual marketing hypothesis is focused on gradual improvement of current indicators, while the growth hypothesis is aimed at a significant, multiple increase in key metrics in a short time.
At the same time, growth hypotheses can use solutions that lie not only in the area of marketing tools, but intersect with partnership interactions, changes in the product, changes in pricing policy and require coordinated work of different departments in your business.
The more hypotheses you can test, the higher the chances of finding working ones and increasing the company's profits.
Growth marketing is usually used by companies that want to achieve rapid and multiple growth: subscribers, customers, revenue. At the same time, it is important to increase other metrics: customer retention, cost reduction.
Another difference between the traditional and growth marketing approaches is the impact on the stages of the sales funnel.