Desperate times call for desperate measures.
The Covid-19 outbreak turned the tables around, forcing companies to either shut their businesses for a while or adopt virtual operations. But now when businesses have started operating across the world, they are facing challenges to pick up from where they left it.
So the question here is how can companies bolster their business in the short term?
This brings us to today’s topic: Traditional or growth marketing?
Many in the marketing industry are familiar with the term growth marketing and if not, then let me explain.
Traditional marketing is where you come up with a marketing plan, execute it using an allotted budget, and hope that the campaign works. These strategies are great to build traffic at the top of the sales funnel by building awareness, however, they fail at activation, retention, revenue and referral.
You may wonder how growth marketing is different from traditional marketing.
Growth marketing is marketing 2.0, which builds on top of traditional marketing approaches by adding a layer of A/B testing, blog posts with value addition, data-driven campaigns, technical analysis of user’s experience, among others.
The insights gained from these strategies can be implemented quickly to achieve sustainable growth. And when done right, it helps your brand to attract new and existing users, engage and retain them.
Data-driven growth marketers are involved in shaping a strategy, open to new experiments, and okay with failing to learn and not repeating the same ideas.
Gone are the days when marketers used to take action based on their gut feeling or make decisions based on the highest-paid person's opinion. Today's market requires deep analysis of existing market data based on which figures decide what strategies will work.
Today the market and market demand are shuffling massively. Once when businesses used to mostly rely on traditional marketing, today they are constantly trying to find new ways of operation to promote their products or services. Here creativity in marketing goes a long way and helps your business stand out from your competitors and grab customers' attention. It can help your business generate leads, lock in sales and grow profits.
It's a fact that a sales personnel can't sell products or services until s/he understands it himself. Since growth marketers are also in business to build traction at the top and convert them as a lead, the same rule applies. Here, the goal of a growth marketer is to build products/services awareness by elucidating the benefits that they truly believe will help resolve customers' pain problems.
Possessing a hacker mentality is not everyone's cup of tea. That being said, a growth marketer needs to be a jack of all trades when it comes to marketing. They need to have a varied skill set and knowledge from creating a marketing video to optimizing sales collateral to writing ad copy, sharing insight on design, development and maintenance of a website to analyzing numbers. Having all the aforementioned skill sets will help them contribute better and add value to the organization.
Nobody is perfect. A growth marketer believes in learning, unlearning and relearning. For them, a failed experiment is not a bad thing, instead it helps to gain valuable information quickly. A growth marketer attempts anything and everything to see and understand what works. If not, they come up with a different experiment or approach and with this to eventually hit on something that helps them succeed and achieve what they are looking for. This doesn't stop here. The same experiment needs to be optimized continuously to improve results.
Want to explore growth marketing? TransFunnel will help you pick your best bet. Connect with us.