What are the key strategies and tactics used in growth marketing?
This depends on your product stage and goals. If your product is relatively new and has yet to achieve product-market fit, it is crucial to invest heavily in building awareness and generating demand. Paid channels (if budget allows), such as paid search and social, are often faster to scale and can have more direct impact in generating lower funnel conversions. For B2B, it is essential to prioritize lead quality alongside quantity. Monitoring metrics like LTV:CAC (customer lifetime value to customer acquisition cost) is often a solid indicator to measure the efficiency of your paid marketing efforts. In addition to paid, it’s important to strike a balance by simultaneously developing owned channels, such content marketing and SEO, while continuously doing AB testing to optimize the full user journey will help boost conversions.
On the other hand, if you already have sufficient demand, directing investment towards engagement and retention becomes crucial. Tactics such as personalized email journeys, upsell and cross-sell campaigns to increase repeat purchases and improve customer loyalty become more crucial for long term business growth.
Again, growth marketing is an iterative and agile process which require continuous testing and learning.
The foundation of growth marketing is experimentation. It's a blend of marketing, data analysis, experimentation, and collaboration in product development. Oftentimes, I think the term "growth marketing" is not truly understood and structured in the most successful way, largely due to the views of traditional marketing. That being said, here are a few examples of key strategies and tactics:
Customer acquisition or demand generation
Conversion rate optimization (CRO)
Data-driven decision making
Marketing automation
Ultimately, growth marketers are focused on acquisition, activation, engagement, and retention. Depending on your business goals, this may take different forms.
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