What is Growth Marketing?

Top Image.jpg

What is Growth Marketing?

Traditional marketing works a little like this: businesses funnel efforts (manpower, budgets, time) into getting as many customers as possible. Growth marketing, takes that age-old method and tweaks it slightly. Rather than attempting to get as many customers as possible, growth marketing attempts to get as many lifelong customers as possible, in order to facilitate a relationship the company can benefit from for as long as the company is around.

SO, WHY THE CHANGE?

Let's bring in an example.

Let's say you're an on-demand lawn mowing service, and you recently developed a mobile app to help people order your service. After you've established your business in the marketplace, you can continue to market that particular service and you'll probably generate revenue for as long as people have lawns.

But you already have a base of customers, and you know a few things about them (market intelligence) - they have homes and they care about the aesthetic of their homes, they like using mobile applications, and they have money to spend. So why not branch out and re-market to your existing customers? It's much easier to market to someone who has already purchased your product, because they already have faith in your company. Going out and finding new clients is a little trickier. It's time to growth hack: start offering window cleaning, landscaping, painting, or another home care service.

WHERE DO GROWTH MARKETERS WORK?

Marketing teams in any company can benefit from hiring a growth marketer. Most likely you'll find growth marketers at both established companies who are looking to grow into new verticals (perhaps they've maxed out their current market, or are just intelligently expanding) as well as startups who are conducting research about their clients.