Growth marketing – A holistic and analytical approach to marketing with a focus on growth
What is Growth Marketing?
Growth marketing, a rapidly expanding professional field, has gained momentum in recent years, particularly with the rise of startups and scaleups - companies that prioritize growth but have limited advertising budgets.
Why is Growth Marketing relevant for your business?
Growth marketing focuses on identifying and maximizing growth opportunities throughout the customer journey. Companies that employ this strategy understand that the customer journey is interconnected and use data-driven tactics at every stage, including branding, product development, design, digital and traditional marketing, communication, and customer relationship management.
Focus on growth: Relevant and effective in all industries
Growth marketing techniques are effective across industries and business models, including B2C, B2B, and e-commerce. For an online store, growth marketing can shift the focus from acquiring new traffic through paid advertising to converting that traffic into sales and increasing repeat purchases.
For a retail chain, it can redirect advertising spend from traditional channels such as TV to search engine optimization, resulting in higher visibility in search results when people look for local businesses.
For a membership organization or loyalty program, growth marketing can prioritize retention and prevent existing members from canceling their membership.
Companies that work smart with growth marketing start from the fact that the entire customer journey is connected and use data actively at all stages.
Holistic and multidisciplinary
The growth marketing team collaborates closely with various departments within the company, utilizing data analysis to identify opportunities for growth and continually implementing optimization strategies throughout the customer journey.
The growth marketing team frequently partners with product teams to evaluate user testing data, which is then utilized to refine the product roadmap and strategy for "product-led growth." Additionally, they collaborate with the customer support team to identify recurring user issues, and work with design, product, and tech teams to develop testing and optimization plans.
They also collaborate with UX teams to create seamless purchase experiences that allow for ongoing testing and optimization, as well as analyzing and optimizing the company's website to drive increased organic traffic.
In simpler terms: Growth marketing is a holistic and interdisciplinary approach that recognizes the entire customer journey as a potential driver for growth. By identifying areas with the greatest growth potential, and continuously adjusting, testing, analyzing, and implementing strategies, the budget is effectively allocated to maximize potential and gain a competitive advantage in a demanding market.
Get started with growth marketing!
At Forte Optimize, we firmly hold that growth will be a crucial area of focus in 2023, particularly in the face of macroeconomic difficulties which necessitate a strategic approach to growth throughout the entire customer journey. We believe that even in challenging markets, growth marketing can unlock a multitude of opportunities for those who approach it with strategic thinking and smart execution.
Agnete Tøien Pedersen is incoming manager of Forte Optimize. She will take up the position on 1 February 2023.
Learn more about Forte Optimize