Rob Sobers said about the marketing growth strategy, “It’s not about tactics—it’s about people and process.”
And when it comes to people, you need buy-in from all over the organization. Growth is everyone’s business.
When it comes to process, growth marketers must learn to fail. And fail fast.
A marketing growth strategy is about small and incremental wins that build up over time.
In this article, you’ll learn how to build a marketing growth strategy to increase your market penetration, market share, and revenue.
Rapid experimentation is critical to your growth marketing strategy
Growth marketing is about process over tactics. A marketing growth strategy goes deeper into customer relationships to uncover opportunities that engage, activate, and retain.
Growth marketing aims to add value throughout the entire marketing funnel, whereas brand marketing focuses on top-of-funnel activities like awareness.
The growth marketing process is all about rapid experimentation, learning, and adaptability. To drive growth, test ideas, implement what works, scrap the failures, and keep experimenting.
To say the business landscape is competitive is an understatement. In 2020, there were 8,000 martech solutions.
In such a fast-paced environment, to “fail fast” is to win.
Failing fast is different from failing often. The goal is to test ideas intentionally and get answers quickly, then iterate and continuously improve.
This philosophy comes from The Lean Startup methodology, which relies on testing hypotheses to better understand your customers’ pain points and goals.
The reality is that we don’t know what our customers want most of the time.
Running experiments allows you to test what you think you know about your customers, rather than investing time, resources, and budget into an idea that ends up not yielding results.
Each experiment helps you learn more about your customers and generate foundational data for future experiments and marketing efforts. In this way, they are continuous feedback loops that help you find the message and marketing approaches that will achieve your growth goals.
Your customers want different things. To drive loyalty, tailor the experience to what each customer values.
To truly differentiate your brand, center your growth strategy around creating unique and personalized customer experiences.
Getting to know the 4 major types of growth strategies in marketing
The Ansoff Matrix, named for its strategist creator Igor Ansoff, can be a helpful tool as you evaluate growth opportunities.
It outlines four major growth strategies: market penetration, market development, product development, and diversification.
Marketers can use this framework to evaluate the risks associated with different growth strategies. Market penetration is the least risky and diversification is the riskiest strategy.
1. Market penetration
The goal of…