How to Build a Growth Marketing Plan in 2023

Your growth strategy is your company strategy. Learn how to craft a growth marketing strategy including messaging, marketing channels, customer acquisition, and customer retention.

As a marketer, you know that the landscape is constantly changing. Staying ahead of the game and finding new ways to drive growth is essential for the success of any business. That's where growth marketing comes in. But what exactly is growth marketing, and how do you go about building a growth marketing plan? In this article, we'll break down the basics and provide you with a growth marketing strategy template to get you started.

What is growth marketing?

Growth marketing is a data-driven approach to marketing that focuses on finding and implementing strategies for growth. It's all about experimentation, iteration, and continuous optimization of key marketing metrics. Unlike traditional marketing, which is often focused on one-off campaigns or tactics, growth marketing is a holistic approach that considers the entire customer journey and seeks to drive sustainable growth over the long term.
Growth marketers use a variety of tactics and techniques to drive growth with digital marketing including SEO, content marketing, email marketing, social media marketing, and more. They also rely on data and analytics to inform their decision-making and continually optimize their efforts.

What does a growth marketer do?

A growth marketer's primary goal is to identify and exploit growth opportunities for their business. This might involve anything from finding new customer segments to targeting to improving the customer experience. A growth marketer's responsibilities might include:
  • Conducting market research to identify growth opportunities
  • Developing light-weight experiments to test assumptions
  • Using data and analytics to track progress and optimize efforts
  • Collaborating with other teams, such as product and engineering, to identify and implement growth opportunities within their product

Growth marketing vs. traditional marketing

While growth marketing and traditional marketing have some overlapping tactics, there are some key differences between the two approaches. Traditional marketing is often focused on one-off campaigns or tactics, such as television commercials or print ads. It's typically more top-of-funnel focused on brand exposure and is less focused on data and analytics.
On the other hand, growth marketing is proactive and continuous. It's focused on finding and exploiting growth opportunities over the long term, and relies heavily on data and analytics to inform decision-making and optimize efforts. Growth marketers are also more likely to experiment and iterate in order to find what works best for their business. Growth marketing takes place at all stages of the marketing conversion funnel, from brand marketing to customer retention.

Examples of growth marketing

Growth marketing involves the use of data-driven, customer-centric strategies to drive sustainable growth for a business. Here are three examples of growth marketing in action:
A/B Testing
A/B testing is a type of growth marketing strategy that involves comparing two versions of a product or marketing campaign to see which performs better. For example, a company that sells surfboards online may want to test two different versions of their landing page to see which one leads to more purchases. They could create a control group, which sees the original landing page, and a treatment group, which sees a modified version of the landing page with a different headline or call to action. By comparing the conversion rates of the two groups, the company can determine which version of the landing page is more effective at driving surfboard sales.
Referral Marketing
Referral marketing is a growth strategy that involves encouraging existing customers to refer new customers to a business. This can be done through referral programs, which offer incentives to customers for referring their friends and family, or by simply making it easy for customers to share products or services with their network.
For example, a company that sells fitness apps may offer a referral program that gives existing customers a discount on their next subscription if they refer a friend who signs up for the app. This can be a highly effective way to drive growth, as referred customers are often more likely to make a purchase and are more likely to become loyal customers.
Personalization is a growth marketing strategy that involves tailoring marketing efforts to the specific needs and preferences of individual customers. This can be done through the use of personalization algorithms, which analyze customer data to create personalized recommendations or offers, or through the use of personalized email campaigns or website experiences.
For example, an e-commerce company may use personalization to recommend products to customers based on their previous purchases or browsing history. By providing a more personalized experience, companies can increase customer satisfaction and loyalty, leading to increased growth.

Growth marketing strategy template

Now that you have a better understanding of what growth marketing is and some examples of how it can be used, let's dive into how you can build a growth marketing plan for your business. Here's a basic template to get you started:
  1. Define your growth goals: What do you want to achieve with your growth marketing efforts? Be specific and make sure your goals are measurable.
  2. Identify your target audience: Who are you trying to reach with your growth marketing efforts? Be as specific as possible about your target audience.
  3. Conduct market research: Use a variety of methods, such as customer surveys, focus groups, and data analysis, to gather insights about your target audience and identify growth opportunities.
  4. Develop your growth strategy: Based on your goals and market research, determine the tactics and techniques you'll use to drive growth. This might include things like SEO, Twitter marketing, email marketing, a Linkedin strategy, and more.
  5. Implement your growth strategy: Put your growth plan into action and start experimenting and iterating to find what works best for your business.
  6. Track and analyze your progress: Use data and analytics to track the success of your growth marketing efforts and continually optimize your strategy.
  7. Adjust and iterate: As you gather more data and insights, continually adjust and iterate your growth marketing efforts to drive even better results.
Building a growth marketing plan can seem daunting at first, but by following this template and continually testing and iterating, you can drive sustainable growth for your business. Remember, the key to success in growth marketing is to be proactive, data-driven, and always on the lookout for new opportunities to drive growth.

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