Why Growth Marketing, when we have Digital Marketing?
In order to target the right customers, create brand awareness and make revenue, your business needs to use the right marketing mix. With many strategies and approaches, it is often hard and confusing to analyse and make a choice. Therefore, it is crucial to understand the major types of marketing and their differences.
In this article we are going to break down growth and digital marketing approaches and how to manage the conflict between them when using both.
Digital marketing exclusively relies on digital channels for promotion and focuses on capturing new customers, converting them, and attracting them successfully to reinforce retention prices for the company.
Growth marketing is basically an experimental way to increase the growth of a company. In order to make the growth in marketing the growth marketing consulters comes with various innovative data-driven techniques and starts to experiment with these.
What is the Difference and How to Combine
The main differences between Growth marketing and Digital marketing:
- Growth marketing is about taking bigger risks as it will generally have lower scale strategies whereas Digital marketing focuses on long term strategies for the growth of the company and the building of the brand. They carefully measure the risks.
- Growth Marketing requires a lower budget and is mainly associated with startups whereas Digital Marketing has a larger budget for paid promotions and campaigns.
- Growth Marketing largely affects product development while Digital Marketers tend to sit in their own team.
- Growth Marketing tends to look at the full customer journey, which includes acquisition, activation, revenue, retention and referral. Digital Marketing focuses on spreading awareness on their brands.
We have asked our team member Shawn McCoy to share his experience and say a few words about combining these two approaches and building the perfect marketing mix. Here’s what he thinks:
Growth marketers concentrate on all stages of the customer pipeline, from recognition to conversion, engagement, and retention whereas Digital marketers utilize a range of methodologies to improve performance, gain insights from data analysis, establish action plans, experiment with, measure, and adapt campaigns across various marketing channels.
Growth marketers always think out of box to achieve a larger goal in a shorter span of time, they don’t hesitate. They take the entire process in hand from designing, developing to execution of the project. The efforts of a digital marketer get success when it is guided by a brilliant growth marketer. With so much online competition, simply posting on social media or running a few advertisements on Google Display Network will not be sufficient to develop a firm.
Growth marketing comes into play in this situation. It utilizes many digital channels, but with a more adaptive, fast, as well as a strong data-driven approach. Growth Marketing is relevant, unique, and effective for companies that have a product/App/Service and really want to scale quickly.
In Conclusion, Despite the fact that digital marketing and growth marketing are two different approaches, both are required to succeed in today’s digital world. Growth marketing and digital marketing are inextricably linked.
For a more detailed and specialized consultation and help feel free to contact us.