Growth marketing has been around for quite some time, but in the era when companies are looking for solutions that provide visible growth, and often quickly, it has become a new focal point. Who doesn’t want marketing that leads to growth? Growth marketing isn’t always the best move for everyone, but you don’t have to adopt it in its entirety. Taking bits and pieces and adding them to your traditional marketing tactics can be advantageous for your company. Here, we take a look at growth marketing, and how it is shaping up in the B2B space.

Who Should Utilize Growth Marketing?

Growth marketing is centered around moving quickly and efficiently, helping companies scale rapidly. Any company can utilize growth marketing, including startups to long-established companies. For startups, they need to know what is or isn’t working right away and improve upon it. If they’re sending out emails for a first product launch and they aren’t capturing any leads from it, they need to dive in right away and apply adjustments to ensure they’re getting their products or services in front of the right prospects and with the right messages. For long-established companies, they can try out and test new marketing initiatives that may move away from what they’ve been doing for some time. If things feel stagnant, growth marketing can implement a few new strategies to test without tearing down what’s already been built.

Pillars of Growth Marketing

Testing and Experimentation
For marketing efforts to grow, there must be a level of trial and error that allows you to understand what methods truly work. It is not about creating a certain checkpoint of ads and emails that you put into your automation tools and check back on in a month. Instead, growth marketing is focused on constantly and consistently tweaking and adjusting those components so you can see results right away. Whether it is after every email or every few days of ads, the adjustments are constant with aims to make changes and achieve results.

Decision Making with Data
While growth marketing appears to be a fast and furious tactic, it’s actually rooted in facts and figures. Focusing on the data collection and analysis components make for better decision making. Tools utilized in making marketing decisions include, Google Analytics, HubSpot, Bizible, Marketo, Salesforce, and more. Between A/B testing results, surveys, and campaign performance, compiling and interpreting data across a variety of sources helps in making strategic decisions that push the business forward toward growth goals.

Focus on the Full Funnel
Growth marketing that’s done well is going to hit every part of the funnel, not just the top. It’s going to attract potential clients and pull them to your brand, engage them and give them a reason to stay around and eventually turn them into loyal customers and brand advocates. How do you build a strategy that targets everything in your funnel? A large part comes from the other two aspects of growth marketing. You must move quickly by testing and trying things that may or may not work, as well as using data and key insights to build out various hypotheses and tests.

Applying Growth Marketing to Your Organization

The growth marketing mentality is adoptable by all organizations in the B2B sector. Here are a few ways your B2B marketing team can employ growth marketing tactics to your traditional marketing efforts.

Narrowed Audience Segmentation
With growth marketing, you want to see results, fast. Targeting high-value prospects can help your goals come to fruition quicker. Whether they are prospects you’ve been nurturing for a while or are ideal customers ready for an Account-Based Marketing (ABM) campaign, target prospects that are ready to move their buying process forward.

Focus on Data
It is essential to actively collect data from your marketing efforts. But this data can often start to pool up without ever really being looked at. While you’re trying to jump on your next campaign concept, you’re missing all the valuable data from your last campaign that could be informing your next effort. Take the time to analyze your data and use performance results to inform your next campaign. If a certain type of ad doesn’t result in any leads, don’t use that type again. Switch it up. While this seems like a very simple example, if you don’t take the time to analyze and understand your data, you will continue to waste resources and budget on efforts that aren’t working or generating results.

Create Content for Multi-Channel Campaigns
A big payoff from focused data analysis can be discovering the types of content your audience wants to see and on what channels. Maybe you’re a financial services company and you realize from your analytics that most of the content your prospects are downloading or clicking to is focused on budgeting. From just that kernel of data, you can create more pieces centered around budgeting, vary the forms of content that your budgeting pieces take, and then promote this stronger content through the channels your audience interacts with the most.

Track Performance
You don’t know what kind of results you’re getting from your campaigns without tracking performance. Plus, you can’t execute any type of data analysis without it. Each channel might vary in exactly what metrics, but overall, there are several overarching performance metrics you need to be tracking that really show if you are achieving growth. Here are a few examples.

• Conversion Rate: What percentage of people are converting to a known lead compared to who is engaging with your ads, content, or campaigns?
• Cost Per Lead (CPL): How much is it costing you to generate a conversion?
• Lead-to-Customer Ratio: What percentage of those conversions are turning into customers?

Take Your Growth to the Next Level

Whether you’re ready to incorporate growth marketing tactics into your traditional marketing or ready to run a full-scale analysis into your efforts to identify growth opportunities, we’re here to help. We’re not just marketers, we’re collaborators, problem-solvers, and champions of your success. Whether we’re building a brand from the ground up or accelerating demand with proven programs, we bring energy, expertise, and a deep love for what we do. Because when our clients win, we win. Contact us today to get started!