Driving the growth of a business is something that every business owner strives for. On this journey towards growth, every business owner may come across a term that is known as growth hacking. However, there is no such thing as hacking when it comes to growth hacking. It is essentially just marketing driven by data, which is used to optimize demand generation. Although, when you think about it, the term, growth hacking, just doesn’t drive home that meaning. So, growth marketing is a much better name.
1. What Is Growth Marketing
Growth marketing is a process that involves designing as well as conducting experiments that will help a business in optimizing and improving their target areas’ results. So, if a business has a particular metric that they want to increase, a great method that they can utilize is growth marketing.
What Are Growth Marketing Teams Responsible For
There are four different activities, which are inter-related, that come under the responsibilities of a growth marketing team. These four responsibilities include determining the areas in which the business has to test and improve on, developing experiments that will help optimize different processes, testing hypothesized improvements by conducting experiments, and, lastly, analyzing the results along with conducting more experiments, if needed.
2. Specifications Of The Experiments Conducted
These experiments are specifically aimed towards improving the process used to drive growth and scalability. However, in order for it to work, a growth marketing team must be comfortable with the idea of failing and must plan on what they must do after failing. This way, if their experiment does not go according to plan and does not produce the results that are favorable for the business, they will still have a backup plan lined up.
3. How Does A Growth Marketing Team Determine The Type Of Experiment They Are Supposed To Run
If a business does not have an in-house growth marketing team then instead of hiring and training a new one, the more economical option for the business is to outsource. This outsourced marketing team can then conduct the experiments for the business.
Although, how exactly does a growth marketing team determine the type of experiments they should conduct? Well, while choosing their experiments, they must first consider the type of impact the experiment could possibly have. Particularly, the number of people their experiment will impact along with whether or not the people will reach the step that they are experimenting on.
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The team will also be ensuring that their experiment collects the information through the use of a relatively large sample size so that they may be able to deliver results that are conclusive. So, if the team designs a particular experiment that revolves around something that they don’t receive a large amount of views on, then they will have to extend the time period of their experiment in order to collect data. Essentially, an audience of a significant amount is required.
All in all, the scale of growth marketing can be as minuscule as something like changing the color of a button or as complex and large as something like completely redoing the onboard process. However, it is important to note that these marketing may not be the right fit for every type of company.
A business must, first, have a strong foundation so that they can grow from it. So, every single business that is currently in its start-up phase should first work on establishing themselves before they devote a significant amount of their resources on implementing growth marketing. Although, if a business’s goal is to scale itself then they can adapt their marketing strategies according to growth marketing.