DropBox is famous for accelerating its growth by leveraging its products. It provided storage space for each new referral to the business.
This integration of product and marketing was new at the time. Sean Ellis, And DropBox’s first marketer called it a “growth hack.”
Another marketer, Andrew Chen, described the growth hacker as “New marketing VP.. Coupled with the success of Facebook’s own growth team, many high-growth technology companies such as Uber, Airbnb, and Pinterest have begun building and developing what is known as growth marketing.
In this post, you will learn the following:
Growth marketing is a holistic, data-driven approach to marketing.It focuses on The whole funnel And apply (not just on the top of the funnel) Scientific method-Make hypotheses, test these hypotheses, and then improve or eliminate them.
Originally known as growth hacking, Sean intended the term to mean “creating creative and collaborative ideas and solving problems in difficult challenges.”
However, subsequent growth marketers focused too much on the “hacking” aspect and treated it as a “silver bullet” to solve marketing problems. The term “growth marketing” was promoted to refocus discipline.
Traditional marketing has two main problems.
- Mutual collaboration between teams is (almost) nonexistent
- Marketing teams often don’t know what’s working
Let’s take a closer look at both.
1. There is (almost) no mutual collaboration between teams
Companies often form teams at each layer of the marketing funnel.
- The marketing team owns the awareness and interest that is at the top of the goal-achieving process.
- The sales team owns the revenue — review and conversion to customers.
- The product team owns loyalty and retention of advocacy.
Each team is then given a measure of their success at each layer of the goal-achieving process. But the problem is that the teams sacrifice each other to optimize the metrics.
For example, a marketing team’s general goal is the number of leads. However, these leads can be of poor quality and affect other teams (for example, poor quality leads are difficult to convert and retain).
That’s just one problem. Another problem is that these teams rarely communicate or collaborate with each other. For example, in these scenarios, the product team misses the opportunity to leverage the marketing team’s expertise in how to market new features.this Silo One of the reasons DropBox’s innovative referral program wasn’t done in most companies is the number of departments.
Growth marketing solves this by focusing on the entire goal-achieving process.
2. Marketing teams often don’t know what’s working
Traditional marketing is difficult to measure. The famous American merchant John Wanamaker was once equipped, “Half of the money I spend on advertising is wasted. The problem is I don’t know which half.”
With little knowledge of what worked, marketers came up with campaigns and tactics based on instinct and (hopefully) knowledge-based speculation. This created a desire for a rigorous methodology that could generate experimental ideas, measure whether they were working, and redirect / eliminate resources from what wasn’t to what wasn’t.
Growth marketing is that methodology.
According to Sean’s book, “Growth hack, ”The core elements of growth marketing are:
- Creating a cross-functional team that combines marketing and products.
- Use of qualitative research and quantitative data analysis (to gain insight into customer behavior).
- Generating and testing ideas (and using metrics to assess whether they are working).
1. Creating a cross-functional team
The goal of the growth marketing team is to work on the entire goal achievement process, so the team Marketing skills.. Sean suggests that the team should consist of:
- Growth Lead – Select the core focus area (any part of the goal achievement process), select the metrics you want to measure, and manage your team
- Product Manager- Manage products and their changes
- Software Engineer – Work on the product and run the experiment
- Marketing Specialist –Understand different marketing channels and how to run experiments
- Data analyst- Design experiments, extract data, and provide insights
- Product Designer-
Work on the product and design a better experience
2. Qualitative research and quantitative data
Data is the key to the growth marketing process. It should be easy to access and analyze. In addition, it must be accurate.
It’s important that your team has data about each part of the customer experience. This is so that we can analyze at a detailed level, not just how often and how long we stay on our website, so that we can identify how people are actually using the product. Against how they planned to use it. This means marketers, data scientists, and engineers need to work together to add appropriate tracking to websites, mobile apps, point-of-sale systems, email marketing, and customer databases. Once properly tracked, multiple sources of user information need to be stitched together to provide a detailed and robust overview of user behavior that data teams can analyze. What you want to create is what is called a data lake / data warehouse. It’s a single place where all customer information is stored and you can actually explore and discover a distinctive group of users who may be using your product differently than any other group.
3. Idea generation and testing
The growth marketing team runs what is called a growth hacking cycle.
Here’s how the process works:
- analysis- Growth leads work with data analysts to uncover areas of growth opportunities. This can be any part of the goal-achieving process they want to focus on. For example, you may see an event or page that causes a user to cancel or leave the product.
- idea- Members of the growth marketing team (including product managers, software engineers, etc.) provide ideas on how to improve your focus areas into your idea pipeline.
- Prioritize – – Ideas are graded as follows Impact, self-confidence, ease of execution (ICE)..
- test – Experiments are performed and the results are analyzed after a determined period.
Then this cycle repeats.
There is no doubt that growth marketing will work. After all, many companies have been successful in using it. Facebook, Twitter, DropBox and Airbnb are well-known examples.
However, if you look carefully, you will usually notice most companies that have created successful growth marketing programs.
- For consumers.
- I collected a lot of money.
- We will prepare products that can create virality. That is, more users will attract more users.
- Difficult to understand probabilities – Most people don’t understand probabilities and statistics and will run bad tests. Bad tests lead to bad results, which leads to poor programs.
- Most companies don’t have enough data – Accurate testing requires a lot of data, but most companies don’t get that much data.
- Growth team is too expensive – The amount of money you spend building a growth team makes it easy to build a blog. Top ranked on Google Generates a large amount of organic traffic.
- Growth teams have limited potential revenue – There is an upper limit to achieving a high conversion rate. Is it worth spending all that money to optimize these rates?
If Growth Marketing isn’t right for your business, what should you do instead?
In Lars’ post, he writes:
“”Properly scaled marketing channels are 10 times larger than your business. What is the best case for a growth team to optimize the goal-achieving process? 3X. I want to spend more time on a 10x strategy than on a 3x strategy. “
That’s exactly what we were Ahrefs.
Our main customer acquisition channel is Content marketing.. I regularly create content on my blog and YouTube page. Over the past few years, we have built and invested in this channel.
What you do here is not really unique, Did it Add a twist to us Content marketing strategy.. So, like growth marketing, our content is entirely focused on the goal-achieving process. Rather than tackling individual content at each stage of the marketing funnel, each part of the content plays the following role:
- Acquire new customers.
- By educating our customers about what our products do, we generate interest in our products.
- Retain your customers by educating them on how to use our products better.
Here is an example. Link building is a very searched topic. It gets about 31,000 monthly searches on Google:
Also, without the backlink research tools we provide, it is impossible to successfully build a link.So our Link building guide, We naturally talk about our products:
This single piece of content applies to all parts of the goal-achieving process. that:
- Acquire new leads and customers – It consistently generates traffic by ranking the topics that many people search on Google.
- Generate interest in our products – Our content teaches prospects how to do link building and how to do it with our products.
- Retain customers – – Our content Also We will teach existing customers how to build links with our products.
How do you do this? Here is a brief description of our strategy.
1. Target potential search traffic topics
To rank on Google, you need to target topics that people are already searching for. These topics can be found using keyword research tools like Ahrefs. Keyword Explorer..
Entering relevant keywords will generate thousands of ideas.
Then use “Business Potential” to refine the list.
This will allow you to focus on the driving topic. growth, Not vanity metric like traffic.
2. Create high quality content that deserves ranking
To rank at the top of Google, you need to create content that deserves ranking.clock This video To learn how.
3. Promote content
Publishing content does not automatically detect it. You have to push it and show it to the people you care about.Promote your content in the following ways: This checklist..
Growth marketing processes can be difficult to implement. But even if you haven’t done that, the elements of it are still useful. Experimenting, tackling the entire goal-achieving process-all of these are ideas that can be applied to your business.
If you are interested in learning how to perform growth marketing, we recommend the following resources:
Did I miss something about growth marketing?please let me know On twitter..
What is Growth Marketing?Beginner’s Guide
https://ahrefs.com/blog/growth-marketing/ What is Growth Marketing?Beginner’s Guide