As an organization grows, it may find that it struggles to maintain the same level of effectiveness across multiple geographies, product lines or industries. This is where growth marketing comes in. Growth marketing is the strategic planning and implementation of marketing activities that drive revenue growth by attracting new customers and/or expanding the share of existing customers. There are many benefits to implementing growth marketing strategies, including the ability to scale marketing efforts more quickly, greater focus on key products or services and increased collaboration between departments – both inside and outside the organization. Growth marketing also comes with its own set of challenges, including increased complexity in the decision-making process, increased scope of marketing activities and limited resources to execute on these activities. To help you better understand the benefits and limitations of growth marketing, we’ve outlined five key takeaways below.
In order to effectively grow revenue, marketers must have access to timely, reliable customer information. If data is not centralized or easily accessible, marketers will struggle to identify the right opportunities to pursue. Data can be used to identify new target customers, product attributes that resonate with customers and which promotional channels are most effective at driving sales. In order to scale marketing efforts more quickly and improve the effectiveness of each campaign, marketers should invest in data-driven marketing automation software that provides a centralized view of customer information, including customer profiles, purchase histories and product usage data. - Increased data transparency makes it easier for marketers to identify target customers, use data to identify the best promotional channels for sales and track progress toward marketing and sales goals.
As an organization grows, it may find that it struggles to maintain the same level of effectiveness across multiple geographies, product lines or industries. This can be challenging because it often requires marketers to take a team-based approach to marketing – which can be inconsistent with an organization’s centralized decision-making process. However, it’s important for marketers to maintain a focus on key products or services to ensure that they remain profitable and attract new customers. In order to scale marketing efforts more quickly, organize marketing activities around key products or services. This allows marketers to quickly adapt their efforts based on changes in customer behavior and market conditions. Focusing on key products or services also improves the effectiveness of marketing efforts by reducing the number of products or services offered and allows marketers to allocate more resources to each product or service. - Successful growth marketing strategies should be product- or service-focused.
Digital marketing platforms are designed to help marketers reach their audiences through online and mobile channels. These platforms allow marketers to target specific audiences and deliver content in the most effective ways possible. Platforms can be customized to meet the needs of a specific organization, including product lines, channels and target audiences. They can also be used to manage large volumes of data, create highly-targeted marketing campaigns and measure marketing performance. When paired with a centralized marketing automation system, digital marketing platforms can provide an even more comprehensive view of customer information and make it easier for marketers to identify target customers and measure marketing performance. - Leveraging digital marketing platforms can help marketers to build brand recognition by increasing the amount of content available that promotes the brand. It also provides marketers with the ability to measure marketing performance and identify areas for improvement.
As organizations grow, it often becomes challenging for marketers to align marketing and sales teams to identify new opportunities that drive new business. This can be problematic for organizations that hope to grow revenue by launching new products or services. Successful growth marketing strategies should include collaboration between marketing and sales departments to identify new opportunities and generate demand for new products or services. In order to scale marketing efforts more quickly, marketers should proactively collaborate with sales teams to identify new markets that are likely to respond to marketing initiatives. Successful marketing strategies should also include ongoing collaboration between marketing and product development teams to identify new product features that can be integrated with existing marketing initiatives and drive demand for new revenue- generating products or services. - Successful growth marketing strategies should include collaboration between marketing and sales teams.
Growth marketing is the strategic planning and implementation of marketing activities that drive revenue growth by attracting new customers and/or expanding the share of existing customers. There are many benefits to implementing growth marketing strategies, including the ability to scale marketing efforts more quickly, greater focus on key products or services and increased collaboration between departments – both inside and outside the organization. However, growth marketing comes with its own set of challenges, including increased complexity in the decision-making process, increased scope of marketing activities and limited resources to execute on these activities.