Qué es Growth Marketing

Growth Marketing is a process to create and carry out experiments to test hypotheses on how to optimize certain areas of a company. With the scientific method at its core, it seeks to create exponential growth models that can be measured and allow a company to grow at a fast and sustainable pace.

What is Growth Marketing?

The also called Growth Marketing combines techniques such as web analytics, Digital Marketing strategies, product improvement and agile methodologies to develop their experiments. If you decide to apply it in your business keep in mind that part of the process is about failing and iterating.

Remember that experimentation work involves having different solutions to problems that may result. So the analytical mindset and the revision of hypotheses will be a fundamental component when doing Growth Marketing.

Do you want to know more? We tell you other details you need to know about the Growth methodology.

What is Growth Marketing for and why apply it?

Growth Marketing helps you deliver content at all stages of the conversion funnel to the right people at the right time. What is so important about this? It is essential if you want your business to really grow and start focusing on strategies that work.

For this reason Growth Marketing will be beneficial in these points:

• Improve ROI by implementing strategies that do not require high economic costs.
• Help brand recognition.
• Scale in an accelerated and stable way the business.
• Understand the consumer to be able to innovate.

That is why Growth Marketing is based on scientific methods to achieve results, that is:

• Hypotheses are raised.
• Ideas are designed and tested with experiments.
• It is determined which strategies work and which do not.
• It is applied what allowed the growth.

The elements within a Growth Marketing strategy

The methodology of Growth Marketing is usually of continuous experimentation and very analytical. To define the appropriate growth strategies, take into account 3 points:

1. Omnichannel Marketing

That is, understand what your audience needs and help them through a presence on Facebook, Twitter and others. Do not hesitate to create Content Marketing strategies that focus on engaging with your users and evaluate their behavior on each channel.

Here using public relations to promote your brand's reputation will be a plus.

2. The conversion funnel

Where it is necessary to devise campaigns for each stage, since none is less important than the other. Growth Marketing adapts to the needs of its users and takes care to meet them.

3. A/B testing

Where testing and measuring is a fundamental part of Growth Marketing. Create A/B testing to increase the conversion rate and understand what content works best.

Do you need to develop projects and design a good research? Start the Digital Marketing Research Course we have for you.

How to do Growth Marketing? Strategies you should apply

In a Growth Marketing strategy it is important that the consumer is the center, therefore, the strategy must be effective for all points of the conversion funnel from recognition to beyond retention.

1. Understand your market growth

Before setting objectives, a good start is to understand the needs of consumers, how is the market you want to target and do a research of the product or service you want to develop and how competitive it is.

2. Determine conversion goals

From the above analysis you can determine which KPIs you will use to accelerate your growth. These will help you measure results and make strategic decisions to iterate and scale. For example, your goals may be to convert readers of your blog to subscribers or increase the number of users that go from free to paid.

In turn, creating funnels for those KPIs will be useful to devise campaigns at all stages without leaving any out. Data analysis will play an important role in optimizing the efforts you create.

3. Write your strategy

What does it mean to design a Growth Marketing strategy? Make clear the objectives and how you are going to achieve them, that is, through what actions or steps that will lead you to measurable results.

At this point, take into account methodologies such as inbound marketing and outbound marketing that will help you reach your consumers, define the channels where they are and the advertising you should use.

4. Use digital tools

A growth strategy must have measurement tools for the channels you have chosen to reach your consumers. Using tools will help you to experiment and iterate in the best way.

What tools can you use?

• If you need to create landing pages there is Unbounce or Leadpages.
• For A/B testing you have Optimizely.
• If you need analytical tools you have Google Analytics or Amplitude.
• To understand the behavior of your users you have User Testing or you can create surveys with Typeform.

No matter which tool you use, you will have enough information to make data-driven decisions to help you reach your growth goals.

And who could carry out this task of defining a strategy? We tell you about it below.

What is a Growth Manager or Growth Marketer

The Growth Manager is the person who:

• Researches
• Experiments
• Learns

In other words, to be a Growth Manager you need to have a holistic view of who your consumer is, what your product or service is like and how the market behaves. All these elements will be fundamental when creating growth strategies and driving growth.

In addition, digital communication and knowing the user experience will be key to understand what consumers need. This is because you need to execute, measure and iterate the experiments you implement and achieve results with the minimum of expense and risk.

So, what are the characteristics that stand out in a Growth Marketer? Essentially:

• Curiosity
• Creativity
• Analytical

What does a Growth Marketer or Growth Manager: the Growth Marketing specialist do?

For a business to grow, the Growth Manager needs to base his decisions on data, focus on each purchase phase and look for creative alternatives to save time and money.

To achieve this, there are 5 actions on which he pays special attention:

1. The use of web analytics tools such as Google Analytics.
2. Knowledge in basic programming
3. The knowledge of Copywriting techniques to persuade
4. The use of SEO tools to optimize content
5. Knowledge of digital marketing strategies

And thanks to the fact that you work leading teams, you will guide and analyze the ideas that will make the business grow.

Want to learn more? Take the Introduction to Growth Marketing course to optimize and grow your brand.

Examples of Growth Marketing: companies that accelerated their growth

Growing a business in a fast and sustainable way is possible. Here are 2 examples of established companies that managed to break into the market through experimentation and iteration.

Slack

If you work in a company where online communication is paramount, you've probably heard of this application for work teams. Slack focused on researching what their customers' communication pain points were and made it a point to help solve those problems.

What tactics did they use?

• They defined a new marketplace where the tool went from being seen as a chat to a highly functional software.
• They improved thanks to the feedback they received from their users.
• They understood the needs of their target audience and optimized the features that the application had.

Now, Slack is considered the fastest growing B2B application in the market.

Spotify

This streaming app had to face the challenge of piracy in its early days. They now have approximately 299 million users worldwide.

What tactics did they use?

• They applied the freemium concept, i.e. listen to free music with certain limitations or access a premium plan to listen to music without limitations.
• Partnering with other platforms to scale globally, in this case with Facebook.
• Personalize the user's music experience through features that would address pain points.

Today Spotify is the company with the most striking disruptive model within Growth Marketing, as they knew how to bring free and legal music to millions of people around the world.

What are the differences between Growth Marketing and Growth Hacking?

Both disciplines are in charge of growing a business, but they do it from different perspectives.

Growth Hacking seeks accelerated growth in the short term and prioritizes it over everything else:

• Acquire as many users as possible in the shortest time possible.
• Flexibility and change strategies to adapt to any company.
• Creativity to design disruptive strategies

Growth Marketing seeks accelerated but sustainable growth, i.e., one that has long-term results. It does this by:

• Focusing on each stage of the funnel or funnel and optimizing the customer experience.
• Connecting the brand with the audience
• Creating creative tactics and strategies that don't require a lot of financial outlay

Want to learn more about these concepts? We leave you with this video by Christian Van Der Henst on Growth Hacking and Growth Marketing, product growth and how to understand users.

CHALLENGE:

Do you know any other successful Growth Marketing case? Write in the comments what their strategies were.

Conclusion

Growth Marketing is the process of finding creative and economical alternatives to grow your business. Experimentation, hypothesis and measurement will be the key for you to achieve your goals and find better solutions.

Start by joining our community of students learning at the School of Digital Marketing. The first 5 classes of all courses are open, see you there!