The 15 Minute Guide to Growth Marketing
The conversation around growth marketing is at an all time high. Startups are hiring growth teams and implementing growth strategies with increased frequency. Growth is growing.
If you want a jumpstart in bringing growth strategies to your team, or to begin branding yourself as a growth marketer, here’s everything you need to know in a short and simple blog post.
1. Know the influencers in growth marketing
There are 3 people you should follow on Twitter. Each has a bit of a unique approach, but they’re sure to provide you with a waterfall of information on growth marketing.
2. Know the growth framework
The key to growth is what Sean and Brian refer to as “high tempo testing”. High tempo testing requires a team to launch new experiments at a high frequency in order to shake out insights to create a repeatable process.
In order for high tempo testing to be successful, a team needs to align around just 1—3 key metrics. There should be one for the top of the funnel such as ‘new site visitors’, one for the middle like ‘sales appointments closed’ and one for the bottom like ‘content created.’
The process for running high tempo tests can go something like this:
- Set a goal: X launches/week
- Brainstorm ideas with your team
- Prioritize your ideas by way of predicted outcome
- Implement the experiments
- Measure the outcomes
- Continue with the good and scrap the bad
Your ideation and prioritization processes will probably be ongoing, and formally established by monthly or quarterly meetings—whatever system that gets your experiments to meet your goals, which hopefully result in exponential growth curves.
3. Know the key conversion points for growth
There are a few key points that growth marketers often focus on as opportunities. Each point functions at a specific stage in the funnel, to help attract an audience and convert them into high-paying customers.
Growth marketers are CRO (conversion rate optimization) focused when it comes to these key conversion points:
Turn blog readers into blog subscribers
- If blogging is one of your primary ways of gaining traffic, converting readers into subscribers is often the first CTA to focus on when considering the funnel towards a sale.
Increase free-to-paid or trial-to-paid conversions
- Many companies have a freemium offering or a trial to get users in the door. They then implement a variety of tactics such as paywalls or limiting product usage to advance users through the funnel.
Drive towards aha! moment during user onboarding
- When a user first signs up for your product, you often have just one shot to show them value. By focusing on giving your new users an experience that makes them say "aha!", your users are more likely to become active users.
Increase product stickiness
- There is often a point in your users’ experiences where they reach a point of no return—they become committed users. Sometimes this point in the experience is easily identifiable and can become a focus for your team. Facebook famously found that it needed users to add 7 friends within 10 days in order for them to stick around. Growth teams have focused on this data as well.
Achieve viral growth
- Viral growth is often seen as the holy grail that will give a startup undeniable success. Know these three stories about viral growth. Hotmail put a link at the bottom of every email their users sent. Dropbox used a referral program, giving away free storage for every friend a user invited. And Airbnb hacked Craigslist to email promotions to people who were posting temporary apartment rentals.
Increase upgrades and reach negative churn
- Not only is retention a focus for growth, but getting customers to pay more for a product is also an important aspect. Growth-oriented teams often provide excellent customer support and employ pricing models based on the amount of usage. That way, as a customer’s usage increases, so does, theoretically, the value they gain from your product, and naturally the price they are paying for it.
4. Know and embrace growth software tools
Growth marketers and product people are typically quick to embrace new tools. They understand that leverage often comes from saving time, and third party softwares can help drive results faster.
Here are a few growth marketing softwares/tools:
- Social tools —Buffer: increase your social engagement by scheduling recurring tweets. Narrow.io: grow your audience by auto-favoriting and following.
- Lead capture —Sumo: creative CTAs to gain blog subscribers.
- Engagement tools —Appcues: engage your customers better with in-app experiences. Olark: give your users a personal touch with live chat support that works inside of your application. Vero: email your customers based on actions they are taking (or not taking) in your app.
- Analytics tools —MixPanel: get actionable product and usage data from your app.
If you really want to dive deep, check out our favorite growth hacking tools.
Now that you’re an insider, welcome to the community
Growth marketing startupers are often trading ideas. There is one strong community naturally called GrowthHackers that seems to attract a lot of like-minded people.
Here you can engage with growth leaders such as Sean, Brian and Nichole, as well as many others from the 150 list.
There is a ton of content published every day on growth, but here are a few recommendations for further reading: