How ‘growth marketing’ utilises the special forces approach to scale a business.
Firstly, what is growth marketing?
Essentially, it is the adoption of several dynamic new tactics that utilise data-driven insights and experimentation to fuel rapid business expansion. Key elements of growth marketing include a collaborative 'whole business' approach that involves all company departments (some have realised that brand perception is not just the marketing or PR department’s responsibility), from product development, HR, sales, right through to customer support. All departments realise they can be a brand touchpoint that helps grow the business.
Just like the SF community uses marginal gains theory (aka the 1% Factor that helped propel the British Cycling team to success) that revolves around the concept of small continuous improvements to adapt to changeable scenarios – especially important with the rapid growth of generative AI platforms over the last 9 months, growth marketers use an iterative, agile process that’s highly adaptable to market changes.
Growth marketers understand and combine well developed system 1 and system 2 decision making to delve into data and user feedback to discern effective tactics and identify areas for development.
Unlike traditional marketing that focuses on one-way communication, growth marketing's goal is to drive loyalty and engagement by employing techniques such as A/B testing, strong SEO, influencers, community engagement, social media and email marketing.
By shortening innovation cycles and responding to more immediate and unconventional needs, growth marketing achieves growth through informed decision-making and focuses on post-sale loyalty to bring repeat business – the journey doesn’t end at the cash register!
Furthermore, one of the prime distinguishing features of growth marketing is its comprehensive perspective of the customer journey.
Unlike conventional marketing's focus on customer acquisition, growth marketing encompasses the entire marketing funnel, including brand awareness, customer engagement, and retention. This holistic view aims to convert users into brand advocates.
Lastly, the heart of growth marketing lies in its ability to connect with customers on various digital platforms, meeting them where they are most active—be it on social media, email, or the web. The old models of B2B and B2C marketing have merged now as CEOs and CMOs realise businesses are actually run by people who have social lives and relationships outside of their offices.
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