Growth Marketing Vs Demand Generation
Growth is important to every organization, as we live in the era of AI where the business are changing their landscape and their operation every now and then. So to be in the fierce competition and survive we have to take the path of Growth.
When you have the below listing then you should think about Growth Marketing.
- You are launching the product for your company
- Your Sales are slumping day by day in spite of having a team for marketing.
- Your marketing campaigns didn’t work well and all your funds went into toss.
- You don’t know how to measure your campaign ROI?
- Your Ads are not resonating with the problem which you want to solve.
If these are your problems at the moment then you are not prepared for the growth.
Let me tell you why.
Before going for scaling or growth of your business lets understand when you should go for growth.
- Market Penetration
- Market Development
- Product Development
Market Penetration:- Market penetration is all about selling the product or service to your total market size and increasing your market share of a particular product. This will help you to go deeper for your own product.
How do you calculate the market penetration?
( No of customer / Target Market size)✖ 100 = Market Penetration Rate.
Market Development:- Market Development is the most common activity while growing your business. It is also called as the Market share development.
How do you calculate the Market Development?
( Your company sale / Total Industry sale ) ✖ 100 = Market Share Rate or Ratio.
Product Development:- In product development it about understanding the burning problem of your industry and how you can solve it with your unique product that people love to buy to solve their immediate problem.
How do you go about it?
Instead of a formula, we have a steps process of it for developing a good product.
- Ideation & Proof of concept
- Product research
- Scale to the market.
These steps would help you to get an understanding how to create the MVP of product development.
Diversification of the product is more in the last stage of the growth strategy. It’s a stage of your business where you want to get out of an existing product or looking to venture into a new market or existing market with new product.
There is no as such defined formula for this activity but you can define the difference with “ Product Diversification vs. Market Diversification”.
Let’s first understand what is growth Marketing.
Its nothing but the strategic approach to your business growth problems and solve them with unique data-based solutions for sustainable business growth. This process can be called as Growth Marketing.
Why there is a need of growth marketers in the current age?
As we know being AI into play in the field of marketing we need expert opinions and contributions to real business problems with data-based solutions. Real experts with Domain-based knowledge can make a difference in the industry and business growth.
You must have heard of T shaped Marketers
Let me explain who they are and how they work as Tshape marketer.
This marketer are a versatile marketer who knows the market and gets the most out of any campaign. They come up with a wide range of skill sets and depth of knowledge with a good amount of experience.
As we can learn from the image they are well-versed with the experience which can save your time and cost of implementation.
What is Difference Between Growth Marketing And Demand Generation?
Before understanding the difference we should understand how it has evolved. And how they have been using to solve the business problem.
Growth Marketing is nothing but a holistic approach to the all-funnel and second stage of any campaign.
It drives real growth with experimentation of your existing strategy, be it TOFU, MOFU or BOFU content strategy. But to understand more in detail lets see one by one.
Below are few items that help us implement growth marketing.
- AB testing–
AB Testing is way of working in the marketing campaign which help you to take the right decision on the basis of what is working and what need to change.
This experiment of AB testing if does well will help you drive more conversion.
Few tactics in AB Testing-
- Landing page design.
- Email Copy
- Email Headline
- Page Navigation
- UI & UX of page.
- Trust factor with Social Media review.
- Creating the custom landing pages–
Creating the custom landing pages to convert the traffic from the website. This pages are dedicatedly built for the conversion point of view.
When creating custom landing pages we need to understand the pain point of your Ideal Customer Profile.
You need to keep in mind that crafting the content should evolve around the problem your Ideal customer is facing. And it should convey in the form of Copywriting.
If you use the right word and along with right CTA on you landing page you can skyrocket your Conversion.
And to track the conversion you can simply head out the Google Analytics and paste the code on the dedicated page which you want to add and track the conversion. Be it sale, or subscriber count or any other.
- Email newsletter–
In B2B email marketing works well if you use it wisely. As we know in b2b the Prospect doesn’t go with a linear way it takes time to become your paid customer. In that case you can nurture them with your newsletter.
Which can be in the form of your case study, or new product launch or any new offer for the year & many more. In this way, it becomes very handy for growth marketer to leverage the email newsletter for their business.
- Referral Marketing-
Referral marketing or loyalty programs are the backbone of referral marketing in growth marketing. When you serve any customer with good value and he becomes a happy customer of your service or products you may use his voice or review to target a large audience and ask him to refer the same in your community. Where you can get a quick sale with objection handling and he gets the commission as well by referral.
Below are some tools that might be helpful for you to create your referral marketing program.
- Building Audience on Competitors’ Traffic-
We need to find out where your audience is hanging out. If your customer has solved the puzzle of your industry then you should look out for them and see how much traction they are getting.
- Build the custom audience with competitors’ keywords.
How it works- THis will help you to build a video and discovery campaign to appear in front of the people who searched for the competitors.
- Create a Custom Audience with competitors’ URLs.
How it works- In this strategy you take the URL of your competitor’s domain and upload it in your campaign and use it for detailed targeting.
- Place YouTube Ads on your competitor’s Video-
How It works- In this strategy your video will be put in front of the competitors audience when they search for their video or watch or scrolling the similar videos.
In this way you will be increasing the brand visibility of your brand and making the new audience come to your site.
- Quora Ads by Topics and Interest-
How it works- As we all know quora is a Question and answer site. It gives you all varieties of answers to your query. In Quora, you can put the ads on the specific question answered by your competition and ask users to come and visit your Answer.
We suggest you to target the topics and interest first then go down with specific question.
- Linkedin Group-
How it Works- As everyone says LinkedIn ads are always expensive but i have a different opinion rather than going for the Job title, Company, and are-wise its always cost-effective if we target the group-wise. It would be very cost effective and we can target a larger audience base and it converts well.
- Influencer Marketing-
In today’s world, the Influencers are the backbone of any brand-building activities. So when it comes to growth marketing we should not forget to add the layer of influencer Marketing.
There are many software tools that would help you to find the relevant influencer of your niche.
I am listing below few of them which might be helpful for you.
- Content Marketing–
Content marketing has become Driver in the field of content marketing. As compare to other field of marketing where as it talks about the selling the product. Where as in content marketing with the help of content it delves into educating the customer in very simple language but gives detailed information which would help them to make their purchase decision journey very easy.
If we go by definition- its the idea of creating and sharing the valuable information with its user and engage the specific audience, rather than simply promoting the product.
Types of Content Marketing-
- Educational Content– It is the type of content that help user to educate about your product/service rather than directly selling them. In this type of content, you can talk about their problem and offer them detailed solutions in form of content.
Types- How to article, Tutorial, explainer video. Etc…..
- User-generated Content– In this type of content its created by user as the name suggest. In this content your customer reaction or feedback will help you to make the other person trust to go with you for your product / service in your favour.
Types- Review, shoutout, and Testimonial content helpful to generate the user-generated content.
- Interactive Content- Interactive content is a form of content that helps the user to interact in the form of a reaction or give validation for your opinion or in other ways to mark their opinion.
Types of Content- Quiz, Surveys, & Games something like this.
- Visual Content – Visual Content is a form of all types of content in your portfolio. It starts with Infographic images, Creative images, and Video (short form and long form as well) this wide range of visual content is helping your user to get engaged with your content more.
- Personalized Content– It is part of the content that makes in view one set of users / their problems/ideas to form your solution with personalized content. It could be in the form of Ebook, survey, or customized images. In this content tend to be engaged and shared more as compare with other normal content. So often brand tend to create more such content in their content marketing activity.
How to Measure Success of Growth Marketing-
In the growth marketing the success is measured by different ways. But here are the few KPI which we can monitor while running the growth marketing campaign.
- Customer acquisition cost.
- Conversion rate
- Cost per click
- Customer lifetime value
- Return on Investment
- Monthly recurring revenue
- Engagement rate
- Retention rate
- Website traffic
- Churn rate
- Activation Rate
- Page view
- Click through rate
- Exit rate
What is the best way to choose one over the other?
There are many reason where you can choose the one over other. But in my personal opinion i would suggest to go for first to create the demand of your product/services by creating value for your customer.
Then you can go for the Growth marketing.
Strategy in Demand Generation and how one can start?
There are many ways we can create the demand for your product and services. But
here are few which i would like to mention.
This activity can be divided in the 3 parts.
In this demand creation activity we focused on creating the crystalize ICP ( Ideal Customer Profile) of your product or services. Conducting the webinar with the problem statement they are facing.
Launching the newsletter,
Creating authority-based content on LinkedIn.
Reaching out the people who are showing engagement to your content.
Create an Video content of your podcast and publish it to get it wider audience.
Targeting with your social proof case study/whitepaper.
Retarget to highly intent leads which might get converted easily
Non sells touching points.
Flip from inbound to outbound.
Capturing demand with high intent.
Following with the winning ICP & use mixed attribution module ( self + Technological)
- Leverage Highly responsive accounts.
- Use Omnichannel Outreach strategy.
- Regular followup with recent case studies.
- Cowork with your sales and Marketing team.
- Implement & Scale ABM.
So these are unique approaches that would be helpful for you to take action on the demand creation, capturing & nurturing.