Welcome to the first ever Winning Wednesday Video Series from Growth Marketing Today. Every Wednesday, we’ll release a 5 to 10 minute video to help stimulate growth through winning growth marketing strategies and tactics that experts from top startups use.
First things first though, what is growth marketing?
There’s so many misconception on what it is. There’s so many job postings looking for a growth marketer, when they’re really looking for a digital marketer or even a project manager.
Traditionally, marketing is about acquiring more attention and customers on top of the funnel. That’s no longer the case. it’s about acquiring customers that are going to stick around. Just acquiring customers isn’t growth at all.
I love what Andy Johns, VP of Growth of Wealthfront said:
“If finance owns the flow of cash in and out of a company, growth owns the flow of customers in and out of a product.” – Andy Johns, VP of Growth of Wealthfront
To really understand the flow of customers in and out of your product, you need to map out your customer journey and see where they are in the marketing funnel. That’s why growth marketing takes a full-funnel approach, from acquisition, activation, retention, revenue and referral.
And a big part of the middle of the funnel – activation, retention and revenue, involves your product.
That’s why Chamath Palihapitaya, former VP of Growth at Facebook said:
“Growth starts with a deep understanding of product value and is about moving new users to the Aha! moment as quickly as possible, measurable in seconds.” – Chamath Palihapitaya, Former VP of Growth at Facebook
You can’t just pay for traffic, run ads and hope they come to your website, and your job is done.
For traditional marketing, acquisition of users of customers is key. For growth marketing, retention is the single most important strategy for growth.
This is something that the marketing lead at Pinterest have said:
“Good growth teams care about driving acquisition. Great growth teams care about acquiring users who will stick around.” – Annie Katrina Lee, Former Content Marketing Lead at Pinterest
To bring this point even further, this is what Neil Patel said:
“Retention is the single most important thing for growth.” – Neil Patel, Co-founder of Crazy Egg, Kissmetrics and Hello Bar
If that’s true, the rules of the game has changed. Growth marketing is
To achieve this, growth marketing teams use a scientific, experimental approach that you see in the Lean Startup model or UX Design sprints.
Sean Ellis, the guy who coined Growth Hacking and the CEO of GrowthHackers.com said this:
“For meaningful growth, startups must completely change the rules of traditional channels or innovate outside of those growth channels. They are too desperate and disadvantaged to adapt to the old rules of marketing. They have to dig deep creatively, and relentlessly test new ideas. If they don’t figure it out quickly, they will go out of business.”
In a space of incredible uncertainty, you test out new ideas to discover new growth opportunities and removing boundaries that take away from the whole customer experience.
The end goal of this is not to find growth hacks, but to build a growth machine. A growth machine that, according to Brian Balfour, former VP of Growth and Hubspot stated, is:
To sum up,
- Growth marketing owns the flow of customers in and out of a product
- Great growth teams care about acquiring users who will stick around
- Using an experimental approach, growth teams build a growth machine that’s scalable, predictable and repeatable.