Take our latest BottomUp Growth Marketing Masterclass, for practical tips and learn how a continuous process of building, measuring and learning can take your product or service from awareness to referral.
Growth marketing is at its essence about 3 things:
- Using the full marketing funnel
- Having data insights throughout the funnel
- Key activity we’re looking for is conversion throughout those steps
It’s a really powerful way to organise what is an enormous practice. So we’re really excited to share with you the world of growth marketing. I think growth truly becomes the ultimate measure of success.
I’ll give you a sense of some of the practices that make up growth marketing and where it kind of fits in the product journey. The journey of building a brand new product or service, maybe even building a business.
So what is growth marketing now? It’s very likely that you’ve probably heard about growth marketing. Like a lot of things, I think it reminds me a bit of design thinking. Everybody’s heard of it, but not everybody really knows what it is or there’s a lot of different points of view.
Well, it’s the same with growth marketing. Let me try and help you with having been on both sides of the fence on the product side and the marketing side. I think it’s made up of three core pieces, the first growth hacking. That’s really what super smart startups have done to get big results with small investments.
Then there’s the second piece of it, which is sort of more the performance marketing world, which is where people are all about cost per click, cost per action. And lastly, it’s the full funnel marketing world. Where you test every step of the user journey. For me, if you think about growth marketing, it really is made up of these three main ingredients.
And of course, different people use different balances between the three. But these really are great starting points for thinking of what has become growth marketing. Now, another way to think about growth marketing is it’s a combination of lots of data experiments in the funnel that we were talking about.
It’s Not All About Marketing
Lots of creative design, whether it’s for marketing materials. Or as some serious automation and tech, in the backend, that’s also a very good definition of growth marketing. And already you can start to feel that it’s pretty expansive because it’s not just marketing. It really is a very multidisciplinary practice.
Now I’m going to be a little bit contrarian here, and I’m going to say if you’re building a product, it begins on day zero.
That’s right. I think step one, before you’ve launched the product, you should be baking in the marketing into the product itself. And I think Strava is a great example of where the marketing really has been baked into the product from the start. And the next step before you’re into these massive global campaigns and buying lots of paid media. The growth marketing team can really get involved in the second step, validating customer satisfaction.
And then go crazy. It’s Showtime, find traction and look for what we call distribution conversion fit. Now a lot of marketers will say until you have product market fit, you shouldn’t be doing growth marketing. But I challenged that notion.
Now there’s many different case studies that you can find on growth marketing, probably the two richest, most powerful examples are Dropbox and Airbnb. Both of these companies did archetype or growth marketing thinking to transform how their products grew, how they achieved product market fit, how they got traction and how in the end, they grew.
Join us for more about Dropbox, Airbnb and the full growth marketing masterclass on BottomUp.io. We’re going to have a whole bunch of episodes dedicated to growth marketing. Stay tuned because in a couple of weeks from now, we have a very special series I’m very excited to announce.
You cannot guess when it comes to building your product, launching it, telling its story, and you don’t need to, you can work in a bottom-up way.
You can transition from the guessing mindset to the knowing and the way we kind of de-risk our product and its marketing is we go out there and we test and learn.
Stay tuned. We’ll prime you with all the info, but if you want to know more about our extensive list of bottomup.io courses and resources, head over to BottomUp.io.