Growth Marketing: Basic Skills, Techniques, And Knowledge
What Is Growth Marketing?
Growth Marketing results from applying the Growth method to the marketing of companies. In this way, a marketing technique is generated with a comprehensive vision of the customer funnel, from attracting to transforming customers into fans of the brand, totally focused on the scientific method and where any action is measured with actual results through A / tests B that allow us to understand the real improvements that each specific step brings us.
Traditional and digital marketing works as a layer above our product or service, focusing solely on attracting customers to generate visibility for our brand.
Growth Marketing delves into the relationship with our product or service and is responsible for longer connections with our customers. He understands that we have to attract our users, but we have to convert them into clients, activate them, get them to understand the value we bring to them, pay them, and share with their friends.
Therefore, a Growth Marketer has the following responsibilities:
- From time to time, determine what areas of the funnel and our marketing guy are there and try and improve
- Develop and design experiments that allow us to optimize the process
- Perform those experiments to test the proposed improvements
- Analyze the results, document the process, and continuously iterate
Basic Skills, Techniques, And Knowledge
Growth Marketing has more of a philosophy than of specific techniques. There is no predefined set of tools that we can master to be Growth Marketers. But we will need a series of skills to develop this approach. These essential skills are:
- Great analytical capacity, being able to implement a measurement plan that affects the entire funnel, and be able to analyze the results of each phase
- Mastering the fundamentals of A / B tests, understanding key concepts such as statistical significance, being able to conceptually design an experiment and launch it with tools such as Google Optimize
- In-depth knowledge of the customer relationship funnel, which covers both the traditional conversion funnel (AIDA) as well as all phases of post-sales relationship
- Knowledge of all the basic techniques of attracting traffic, both organic and paid
- Knowledge of CRO (Conversion Rate Optimization), methods to increase the average order value (Cross-selling, up-selling, bundling …), UX, etc.
- Understand key concepts such as LTV (Lifetime Value), CAC (Customer Acquisition Cost) that allow us to visualize the unit economics of the business and our marketing actions in the long term
- I want to learn something new every day since the Growth Marketing approach is a holistic approach and where you always need to know something more
How To Propose A Sustainable Strategy
Growth Marketing follows the Growth method, so we rely on an in-depth analysis of the funnel to understand the main conversion drops between phases of the funnel, opportunities for improvement due to the customer experience, etc.
Based on this detailed analysis and specific problems that we found at some points in the funnel, we created an experimentation plan that will allow us to develop experiments to solve some key growth hypotheses.
When executing the plan, we will see which hypotheses we confirm. When we confirm any assumption, we will delve into that vein of knowledge by iterating our experimentation until we maximize the results.
We can be iterating this cycle continues over time, optimizing each main KPI of our Growth model to maximize our benefits over time.
One of the significant advantages of the Growth Marketing approach is that it does not always go to more. We often ask ourselves if we can grow more and faster if we optimize resources or stop doing certain things. Every action we do is analyzed from a purely return-on-investment and value-added prism. In this way, we can stop doing all those actions that consume our time but are not helping grow our business.
This is very important because, over time, organizations end up doing many things daily, using an infinite number of tools that have a high accumulated cost but are hardly generating a clear return on investment.
Also Read: How Do The Leading Companies In The Market Work On Their Product Strategies?