Growth is one of the most important words for the average CEO or business manager. Marketing professionals seem to be obsessed with the word, too, and it is not uncommon to hear or read about it severally in important articles and business posts. Growth marketing is another buzzword you probably have been hearing about in recent years. You must have picked an interest in growth marketing framework, which is the subject of this post.
While a growth marketing framework may sound new, the principle is not new in the business world. In fact, growth marketing is a concept that has been around for a while. Building a growth marketing framework will involve ascertaining where the business stands, understanding where the business needs to get too, and distilling all the tools, strategies, and concepts into something the marketing team and the entire organization can work with.
Before building a growth marketing framework that can efficiently grow your business, a good understanding of the concept is essential. This post is aimed at improving your knowledge of the concept and helping you build one. To make that possible, we will answer some critical questions around the topic before discussing how to build the framework.
What Is A Growth Marketing Framework?
To put it in simple terms, growth marketing framework is a tool developed to help a business grow in the most strategic manner. It is not just another program designed by some rookie marketers, but a unique approach to stimulating growth, involving critical steps that takes the position of the business and where it needs to get to into account.
In creating a growth marketing framework, a growth hacker will examine a company’s existing condition, identify problems militating growth, and implementing innovative and proven improvements to get the organization on the path of notable growth. In all instances, designing the framework involves marketing and psychology, technological tools and automation, as well as data and experimentation.
Why Is Growth Marketing Framework Important?
Growth marketing framework is super-important for businesses in this age. It is becoming popular daily because companies and business executives are beginning to realize that marketing can be hacked in ways that will grow the business powerfully without blowing up the marketing budget. A competent growth marketing manager will find ways to get leads fast with minimal cost.
Growth marketing framework is crucial because it is a new and better approach to long-term marketing. A growth marketing framework is always savvier, gets the brand in front of the right audience, and get quality leads cheap and fast.
Another major reason growth marketing framework is so important is because it doesn’t focus on the top funnel but the entire customer funnel. If a growth marketing agency is hired, it will work on different aspects of the company’s marketing campaign for real growth. The framework to be worked with will be designed based on the position of the company and what growth really means for the same company. Overall, a significantly more informed and data-oriented approach is deployed by the framework to bring about sustainable business growth.
Who is a Growth Marketing Framework For?
Ideally, we can answer that a growth marketing framework is for every business. There are important considerations to make, however, if a company wants to benefit from growth marketing. The first is to understand the importance of the marketing approach and what it can do for the organization.
To put it in the right perspective, a growth marketing framework is for businesses that want data-driven marketing for adding revenue to the bottom-line of the business. It is also for businesses that want a sustainable approach to modern-day marketing without all the bullshits.
How Do You Build A Growth Marketing Framework?
As mentioned already, a growth marketing framework is a unique approach to stimulating growth. For every business organization, different tools may be needed to implement the framework, but the approach is similar when it comes to building it. Here are important steps that can be taken to create a growth marketing framework:
Define Objectives and Key Results
It has been stated severally here that a growth marketing framework will depend on the position of the company and where it needs to go. The first step, therefore, has to be a definition of objectives of the marketing endeavors. You need to understand what growth means for the particular organization. This is referred to as the ‘North Star Metric’ by many. In addition to the core objectives, identify the key results you need. These have to be specific numbers based on the objectives.
Data and Analysis
The next important step is to obtain all relevant data and analyze them to know why the business is at where it is at the moment. This mostly involves identifying bottlenecks and poor practices militating against business growth.
During data collection and analysis, the ideas on how to achieve the business objectives will start coming up naturally. It is at this point that the right tools for improvement will be identified or developed. You should also prioritize the ideas to work on the most important ones you are sure will yield the right results.
Test the Major Ideas
Testing is an essential aspect of marketing that shouldn’t be taken for granted. Even in growth marketing framework, testing is critical. Testing should be conducted with hypotheses. Assumptions should be justified with quantitative, qualitative, and secondary information.
Implement Best Ideas
Real experimentation in creating a growth marketing framework should last between 30 to 90 days. This will either validate a proven method of improvement or show that it may not be the best approach to solving the company’s marketing problems.
Analyze the Solutions
From experimentation, you will have a perfect idea of what it will take to address the marketing needs of the organization in the long run. There are always so many things to learn after implementing the ideas, and you have to analyze all.
Systemize the Process
The idea of growth marketing framework is to develop a strategic and step-by-step approach to marketing a business efficiently. The growth strategy can be used for long-term marketing. It is important, therefore, to get it into a streamlined, repeatable process that can serve the organization for a reasonable while.
Growth marketing framework is a lot more than an ordinary marketing program. It is best left in the hands of growth hackers who have relevant experience and are keen on improving a particular company.