What is Growth Marketing?
October 16, 2020 •Allison Gibbs
We have a fundamental problem with marketing. We spend so much time making prospects aware of our brand and trying to get them to convert into our nurturing programs. After that, they go into the abyss never to be heard of again. This leaves everyone frustrated by the disconnect between marketing efforts and bottom line results.
It’s time to change how we think about marketing. Marketing is no longer merely interested in visits and leads. It’s about securing revenue and sustainable growth for your company.
What is Growth Marketing
Growth marketing is a framework for building sustainable growth. The framework focuses on data-driven decisions to acquire, activate, and retain customers and ultimately turn them into referral sources for your brand.
If you’re thinking, “How do I add this in with inbound marketing, account-based marketing, etc?” take a pause. Growth marketing is about asking the “why” before you get to the “what” or “how.”
Growth marketing is the framework to know where you need to apply the tools of inbound marketing, account-based marketing and other strategies.
Growth marketing is based on the Growth Hacking framework. In this framework, we have three foundational components that will help us get in the right headspace to propel rapid growth.
1. Cross-functional teamwork
The top problem that we run into is the lack of organizational cohesion towards the same end goal. If I were to ask your Sales, Marketing, Product and Customer Service departments what the goal of the company is, would I get four separate answers?
Growth marketing is designed to break down the silos and get everyone rowing in the same direction. Everyone has to work in tandem toward the same goals for the success of the business. The more you push to get a cohesive environment for growth marketing, the more success you can all generate as a team.
2. Research and Data
There is so much data that we can look at, but what do we need to focus on in order to understand if we’re successful or not? To think about your marketing as more than just visits and leads, we need to expand our view to the entire experience. We do that through identifying our metrics that align with the stages of the journey:
Awareness: Building and growing your brand reach. Think of this as the stage before you know specific information about who you’re interacting with.
Sample Awareness Focus Metrics:
- Website Visits
- Brand Search Engine Queries
- Engaged Accounts
Acquisition: Identifying potential customers.
Sample Acquisition Focus Metrics:
- New Leads
- Pipeline Growth
Activation: Guiding the potential customer to their final decision and onboarding.
Sample Activation Focus Metrics:
- Close Rate
- Onboarding Touch Point Evaluation
Retention: Creating an amazing Customer Experience throughout the time your customer is engaged with your brand
Sample Retention Focus Metrics:
- Retention Rate
- Client Feedback Surveys
Referral: Turning your customers into brand champions.
Sample Referral Focus Metrics
- New customers from customer referral programs
Revenue: Calculating and increasing a customer’s Lifetime Value (LTV).
Sample Revenue Focus Metrics
- Customer Acquisition Costs (CAC) compared to LTV
Once you have these stages mapped out, you can figure out where you’re stuck and how to improve.
How do we get to the data needed to make decisions? Experimentation is key. With experimentation we can start generating data that leads us to what is and isn’t working as fast as possible.
“Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.” - Samuel Beckett
We’re building an environment where failure is celebrated because we’ve learned something. We’ve learned what not to do again.
A Growth Mindset
By taking a more holistic approach to marketing, we focus on what matters — driving revenue and sustainable growth. A growth marketing mindset starts with creating cross-functional teams within your organization. These teams share the same set of focus metrics — AAARRR — and use these data points together. Finally, teams will gain momentum through experimentation and data-driven decisions.
As a full-service growth marketing agency, Mojo Media Labs uses a proven process to help our clients drive business growth and get ridiculous results. Want to work with us? Let’s talk.
Listen to our podcast episode on this topic:
- Account-Based Marketing
- ah-ha moment
- big idea
- Bigger Picture
- Business Development
- Business Objectives
- business startups
- Career Goals
- Chief Vision Officer
- Community Outreach
- Company Culture
- Core Values
- Corporate Culture
- corporate website design
- Department Synergy
- digital design
- digital marketing
- Email Marketing
- employee engagement
- Great Game
- Great Game of Business
- growing pains
- Guest blog
- Inbound Marketing
- Marketing Automation
- Operational Efficiency
- organizational growth
- Pop Culture
- Press & Media
- Professional Development
- public relations
- Quick Tip
- R. Michael Rose
- remote work
- responsive design
- Sales Enablement
- social media
- talent acquisition
- Way One
- Way Three
- Way Two
- web design
- Website Design
- Workplace Communication