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Growth

Demand Generation

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How To Leverage Growth Marketing

How To Leverage Growth Marketing

Traditional marketing is where brands broadcast a one-size-fits-all marketing message describing the product’s features. It is expensive, broad, and doesn’t consider the unique requirements of the customer.

This doesn’t work well for budding businesses that are targeting a particular niche and have a limited marketing budget.

Enter growth marketing

Growth marketing focuses on sending personalized customer-centric messages to the target audience explaining how the product will give them the value they are looking for.

In this article, you’ll learn what makes growth marketing unique, its strategy and characteristics, and how you can leverage it.

Growth Marketing Vs. Regular Marketing

Growth marketing attracts prospects, keeps them hooked, and turns them into loyal buyers. With techniques such as content marketing and lead nurturing, customers are nudged through the funnel until they make a purchase. 

Various marketing channels are auto-optimized through the latest tools and data-backed processes for sustainable growth. The primary advantage of growth marketing is that it nurtures customer relationships and increases your average customer lifetime value.

Traditional marketing approaches include ideation of marketing operations, publishing the ad copy and design, implementing Call-To-Actions (CTAs), outlining the ad spend for the campaign, and so on. 

All these efforts follow a traditional “set it and forget it” strategy. This strategy is great for increasing brand awareness by focusing on the top of the sales funnel.

The image below highlights the difference between traditional and growth marketing.

Source: Mondial Trends. A graphic showing the differences between traditional and growth marketing.

What a Growth Marketing Strategy Includes

Market Penetration

Growth marketers exclusively focus on the niche where you offer products/services or look for potential customers in your competitors' niche to penetrate the market better.

This growth hacking technique pushes brands to look for differentiators. Here, growth marketers answer two specific questions:

  1. What sets you apart from your competition?
  2. What are the specific areas you are better than your rivals?

Strategic Collaborations and Partnerships

Growth marketing teams facilitate rapid growth by finding and teaming up with other brands that offer products your target audience uses — for instance, telecom providers partnering with smartphone manufacturers.

Apart from keeping customer acquisition costs low, this strategy could get you lots of new customers and result in sustainable growth. Sometimes, you might have to create new products or services to form a partnership.

Market Development

This strategy involves running growth marketing campaigns where you advertise the products or services to new markets to facilitate demand generation. It is done in two ways:

  1. Targeting new niches and buyer personas.
  2. Moving to new geographic regions.

Product Development

Your product development growth strategy has to be tailored to your brand’s specific needs. To attain rapid growth, you should diversify your marketing efforts to find creative solutions in the following ways:

  • Product Updates. Build on what you have (this is also great for customer retention). 
  • New Products. A great way to enter new markets and target different user personas.

Characteristics of a Growth Marketing Strategy

Data-driven

Before growth marketers invest in a new marketing tactic aiming for rapid growth, the idea has to be backed by data. As growth marketing tactics involve taking risks, intuitions and “do this because competitors are too” have no place.

Read: “How to Create a Successful Growth Marketing Strategy.”

Product Focused

Your business needs to consistently improve its product to remain competitive in the market. Whether it is adding more features or functionalities, your product needs to evolve with the changing needs of your target audience. 

Growth marketing facilitates this by collecting data that can guide this product development and keep your target audience updated about the values you offer.

Limited fear of failure

Apart from being data-driven, the high success rate of growth marketing can be attributed to the diversification of efforts. With multiple marketing strategies at play at once, the best growth marketers keep a close eye on the numbers and scale up the efforts that have the highest marketing ROI.

Storytelling

Considering our endless appetites for stories, growth marketers use a story where a person with similar problems to the target audience gets their problem solved with their product. This makes the brand’s message more realistic and relatable, motivating more prospects to make a purchase.

Retargeting

Retargeting reminds your website visitors, prospects, leads, and customers about the value your product offers. This also keeps the customer acquisition costs low.

Should You Hire a Growth Hacker or Outsource Growth Marketing to an Agency?

Having an in-house growth marketer has the following pros:

  1. They will be familiar with your product and processes completely.
  2. 100% dedication towards your brand growth.
  3. You can gain a lot of insights into your industry.

However, it is challenging for the following reasons:

  1. It's expensive to hire new professionals, get new tools, and set up new growth marketing strategies.
  2. After some time, they could run out of ideas by falling into a "creative rut".
  3. You still have to pay your growth marketing team even if you pause your strategy. 

Growing brands with a limited budget risk a lot in this scenario.

In these instances, outsourcing growth marketing to an established agency such as Matter Made is ideal because:

  1. You get experienced, accountable professionals.
  2. It’s cost-efficient; pay until you are leveraging their services.
  3. You will be kept in the loop at every stage through timely reports.
  4. You can reinvest the saved resources elsewhere.
  5. You get expertise from successful growth marketers. 

Growth Hacking, Demand Generation, and Matter Made

Matter Made has helped product-led companies like Dropbox and Loom achieve hypergrowth through demand generation, product-led growth, and bespoke growth strategies

Our seasoned marketing team can help your brand achieve similar results.

Interested in knowing what a growth marketing strategy brings to the table for your brand? Let’s talk.

Blog Post

Demand Generation

Growth

How to Choose the Right B2B Marketing Agency

B2B marketing is a different beast than B2C marketing and can be more challenging, even for experienced digital marketing teams. To build successful growth marketing strategies, working with a B2B marketing agency might be the most productive route to take. 

With that said, it’s not a good idea to join efforts with the first agency that shows up on search engine result pages. 

Finding the right agency that will meet a business's unique needs is easier said than done, and this article will discuss how to identify the right B2B marketing agency.

#1. Know Exactly What You Need

Even a rudimentary content marketing strategy (or any strategy, for that matter) requires a good understanding of goals and aims. It’s important that all objectives are made clear before a B2B marketing agency is approached.

When a business knows exactly what they want to achieve, it will be much easier for the agency to develop an effective strategy. 

This doesn’t mean a complete and fully developed digital marketing strategy or paid media campaign needs to be prepared, but the main ideas should already be identified. It’s also a good idea to already know the target market and potential strategic foundations that could work best. 

Having already-planned brand messaging and a fleshed-out brand identity will help the agency better understand the business as well, making the marketing and sales team’s work easier. 

#2. Ask the Agency For Examples of Their Work

Before deciding which marketing agency has made the cut, it’s a great idea to get an understanding of what they can do and how they go about meeting goals. Naturally, no marketing agency can show off all the work they've done, but they should have suitable examples and archives to display their skills and abilities.

Keep in mind that finding the right agency isn’t necessarily about working with one that has done exactly what you need. 

It is highly important that the agency has an understanding of appropriate industry trends (such as the PLG funnel), though. If the team is not up-to-date with what’s going on in your industry, the agency can easily miss the mark with its strategic planning.

#3. Read Their Websites Carefully 

Once you have compiled a list of reliable and interesting marketing agencies, it’s time to see how they created their own website. An easy way to see what a prospective agency is capable of is by taking a look at its own website.

If an agency can’t show examples of how it satisfied existing customers (or previous customers), it might be best to move on to the next agency. Getting a glimpse of previous work allows for an understanding of how an agency can achieve the goals it’s given.

At Matter Made, for example, we offer case studies from many brands — including Dropbox, Productboard, Calm, Loom, and more.

The website should also highlight information such as pricing, customer reviews, and how the teams behind the agency’s success do the things they do. You’ll get an understanding of the agency’s workflow and how that can help with "speed to lead" strategies.

#4. Have a Meeting With Each Agency

Getting together with the marketing agencies and personally meeting every potential agency partner is essential. Although a lot can be learned from the agencies’ websites and brochures, etc, nothing compares to physically meeting the marketing and sales teams you'll be working with.

Allowing a business’ in-house marketing team to meet with the agencies’ team members will help everyone involved to decide if they can work together. A successful digital marketing strategy depends on every person working on it, and if there isn’t harmony, the final results may be lackluster.

Asking questions in person also gives a business the chance to gauge how the agency’s team responds and get a feel for what working with them will be like.

#5. Slowly Weigh Up Your Options As a Team 

When all potential agency partners have been looked at, it’s time to sit back and carefully compare them. It’s important to not rush the decision and think carefully, taking portfolios, track records, skills, and pricing into consideration.

Taking enough time to make this decision can feel somewhat frustrating, but it’s important not to make an emotional or hurried choice. 

Keep in mind your desired marketing campaign — will you use content marketing or social media marketing? How important is search engine optimization to you? Will the agencies be able to achieve the goals you have? How will they do that, and how long will it take them? How will their approach affect your revenue operations? The answers to these questions will help make the final decision easier.

Is Matter Made the Right B2B Marketing Agency For You?

Choosing a B2B marketing agency to work with is more complex than one might expect, and having everyone on the same page about goals and ambitions is important. 

Although working with a good agency can make digital marketing easier, teaming up with the wrong one can cause frustration and waste money as well as time. 

Matter Made’s team of experienced experts could be just what you’re looking for. Interested? 

Let’s talk!

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