opportunity to promote his new dating app. A sustainable and profitable growth marketing team develops better over time as data improve its workflow. Instead, aim to try a few growth marketing initiatives each quarter. Growth is fundamental to a business' survival. Growth Marketing is a combination of marketing (notably digital marketing), technical expertise, product development, and sales. That's why social proof remains the #1 instrument in both sales copywriting and overall marketing content, and that's why most brands draw focus toward their online reputation. All users of our online services subject to Privacy Statement and agree to be bound by Terms of Service. The service requires full cookie support in order to view this website. A few different strategies can help yield this kind of growth. After the process will be easier to understand and implement as the strategy develops. Planning Goals -> Testing – > Data and Analytics -> Decicions. So what's your plan? The service hit its million users milestone by April 2009, doubled that figure only five months later, and made it to three million just two months after that. Recognize your companies potential to collect data and lead with it. Aiming to "grow sales by 30% quarter-over-quarter for the next three years" is much clearer than "increasing sales.". Addition of new locations or branches of your business. The company also hired a bouncer, and any student who wanted to get into the party had to download Tinder at the door. Word-of-mouth is organic and effective. It’s great that you want to grow your business, but what exactly do you want to grow? It's also a good way to focus on creating the most growth potential possible across the customer experience. We recommend downloading this free Growth Strategy Template and working off the included section prompts to outline your intended process for growth in your organization. Resellers are currently exploring marketing-lead growth strategies as a result of the coronavirus pandemic. A growth strategy is a plan of action that allows you to achieve a higher level of market share than you currently have. In 2014, co-founder Steward Butterfield stated, "The growth has been completely insane and almost entirely on word of mouth. How Much Google Search Traffic For Ranking First? Want more? But if anything, doing so could potentially be damaging across the board, rather than selectively effective. How many sales are generated in a given time? You may unsubscribe from these communications at any time. With a modest budget, create a content marketing strategy … Free and premium plans, Sales CRM software. Highlight what you find, and get users talking. A concrete growth strategy is more than a marketing strategy, it's a crucial cog in your business machine. They're offered a valuable incentive to share it with others, New users sign up, see the incentive for themselves, and share with. Also note that what originally may have started them on the journey may not be what actually drives the final purchase. Success today doesn’t guarantee success in the future. Recognize the potential of your technical team. Because if you want to add revenue to your bottom line fast, growth marketing can get you there. A concrete growth strategy is more than a marketing strategy, it's a crucial cog in your business machine. That marked an impressive uplift from the 2017 figures of 46% and 9%, respectively. They also handed out fliers, discussed the app with prospects in coffee shops, and stopped people on the street to demonstrate the application’s value. People started to use and share it as a result — so much so that WhatsApp's growth outpaced the likes of Facebook, Skype, and Gmail in its first four years. The overarching goals of growth marketing are common goals for any business: 1. retain existing customers 2. acquire new customers 3. increase profits. Growth strategy is a strategy to win increasing market shares so that the business is always on a growing trajectory. Roughly 66% of businesses survive their first two years in operation, about half make it to the five-year mark, and just 33% will celebrate their tenth anniversary. Today, the service boasts over 10 million DAUs. After you’ve chosen what you want to grow, you’ll need to justify why you want to grow in this area (and if growth is even possible). WhatsApp wasn't the first cross-platform messaging app when it launched in 2009, but it has gone on to become one of the most successful. Part of the appeal is that the viral loop flips the traditional funnel upside-down: Instead of needing as many leads as possible at the top, a viral loop funnel requires just one satisfied user to share with others. Mateen’s brother had arranged for buses to transport partygoers between campus and his parents’ home. For example, growing your unit sales will result in a growth in revenue, and possibly additional locations and headcount to support the increased sales. In the last phase, decisions are made based on the available data. Growth marketing is an increasingly in-demand skill in the startup and small business world. Conducting research on the state of your industry is the best way to determine if your desired growth is both necessary and feasible. But how did Slack do it? It just had to get the word out. Common focuses of strategic growth initiatives might include: It’s possible that your growth plan will encompass multiple of the initiatives outlined above, which makes sense – the best growth is not in a vacuum. Once some of the tactics begin to generate growth, you can reinvest more revenue in digital marketing initiatives. Depending on the kind of company you're building, your growth strategy might include aspects like: Your particular industry and target market will influence your decisions, but it's almost universally true that new customer acquisition will play a sizable role. Why is growth marketing so popular these days? Those numbers are remarkably consistent across most industries — but they also highlight how important it is to plan for growth from day one. It was simple to share, easy to hit the milestones, and delivered a tangible product as a reward. Instead, it made savvy use of something called milestone referrals. Only utilizing one aspect of the tool kit doesn’t generate a powerful growth marketing strategy to be implemented. HubSpot uses the information you provide to us to contact you about our relevant content, products, and services. In the process, we can take into consideration the key metrics of a sales funnel and classify them with AAARRR- metrics (Pirate Metrics). But growth marketing doesn't just happen. The benefit of growth marketing cycle is that every phase develops even further with every iteration. Which brings us to step four…. Tinder paid for the whole event. Throughout this time, make sure you’re holding your stakeholders accountable, keeping the line of communication open, and comparing initial results to your forecasted growth goals to see if your projected results are still achievable or if anything needs to be adjusted. For more information, check out our privacy policy. Growth can be achieved by practices like adding new locations, investing in customer acquisition, or expanding a product line. Find the strategy that works for the business and scale it accordingly. How many leads have been generated in a given time? Automating as many tasks as possible can help further reduce costs. All rights reserved, Insights and Inspiration to Help Grow Your Business. Only then, the best strategies for growth are found. But the potential is still there. Technical/Engineering Capabilities (Website and product development). In this case, the "milestones" were X number of referred friends. They earn it. Effective growth marketing strategies consist of an aggressive content marketing strategy that helps you focus on customer feedback and market your product with ease. Please enable cookies on your browser and try again. Being able to align strategy with marketing initiatives is part of the concept of growth marketing. But it succeeded. Growth marketing is the process to effectively scale a company. The service grew by 3,900% over a 15-month span. Growth marketing doesn’t only focus on the end of the sales funnel. Best results are taken into consideration when planning the next round testing. Co-founder Justin Mateen’s younger brother was throwing a birthday party at his parents’ house for one of his classmates with 500 or so students planning to attend.