What is Growth Marketing?
Growth marketing is a highly effective and new approach to drive growth measured in different ways based on a company's stage (growth or mature), business model, and industry, etc.
Marketing has traditionally leveraged a marketing funnel approach: brand awareness, leads nurturing, and conversion or performance marketing. In marketing, a team's activities are organized by the priorities of the funnel and team members specialize in some of these activities, like, brand marketing or performance marketing. The goals and KPIs tend to be specific to these activities and so it often leads to the creation of siloed teams and processes.
Growth marketing, on the other hand, takes a customer-focused approach and applies cross-functional and data-driven processes to achieve growth objectives. Today, customers do not follow a straight-line approach to choosing a brand or selecting an enterprise to conduct business with, and so the marketing funnel has become largely ineffective.
In the customer-focused approach, represented through a customer lifecycle, growth marketers apply a broader set of skills than a traditional marketer to make decisions that provide the right customer experience. and and rely on advanced martech tools. They leverage experimentation or A/B testing to validate hypotheses and creative ideas, prioritize high ROI strategies and then apply the learning to any of the relevant marketing strategies -- content marketing, influencer marketing, email marketing, SEO, or social media marketing, etc. Most successful marketers apply an iterative cycle -- new ideas/hypotheses, set up experiments, and apply the new data-driven insights to achieve growth KPIs. These iterative cycles may impact marketing decisions and results on just one channel or multiple channels.
In the first few years of digital marketing, starting with programmatic and search engine marketing (SEO, SEM) and then with social media, traditional marketing teams typically planned their budgets to apply the traditional funnel approach of awareness, nurturing, and conversion. Whereas, advanced marketing channels like Google, Facebook, etc. provide hundreds and thousands of data points and metrics to target & acquire customers. In addition, specific tools provide customer-product experience data points, attribution, and marketing performance measurements. Leveraging these data points, growth marketers scale cross-channel customer acquisition, orchestrate customer journeys, and deliver repeatable results through loyalty, subscriptions, and/or referral programs.
Another major industry development has been the focus on first-party data and consent-based marketing (with the rollout of regulations like GDPR and CCPA). With the customer-focused approach of successful growth marketers, they offer value through each customer’s interaction with the brand and/or the product. This motivates customers to provide consent for further communication and build a long-lasting relationship.
"StatsLateral team added great value to our growth strategy through new product innovation, customer focus, and transparency. StatsLateral has a deep understanding of the ad-tech, mar-tech, and CRM/customer data. They delivered a differentiated SaaS product fast and cost-effectively. StatsLateral's approach of integrated strategy helped with our product launch, go-to-market, and revenue growth.
We work hard to create a partnership based on success and apply our core values to each client engagement:
We have in-depth expertise covering the breadth and depth of the marketing, CRM, and growth ecosystems.
Our people have delivered success as C-level mar-tech and ad-tech executives, product strategists & managers, and growth marketers.
We have partnered and worked closely in the industry with both dominant players like Facebook, Google, Salesforce, etc., and with new AI startups that provide innovative machine learning-powered emails, and content/copies, etc.
We have been part of tech startups, top strategy consulting teams, and engineering and data science teams to build innovative software.
We apply our unique skill-set to understand the breadth of 7000+ mar-tech solutions and provide depth of customer journeys and experience management for business success.
Our clients drive these benefits from our approach:
Applying our expertise to truly understand a problem and provide a strategic solution
Fully transparent pricing based on the impact our consultants generate and low-cost alternatives just like we will do for our own business
Our Core Values
Customer success: We do not declare victory without customer success
Complete ownership: We are responsible for every success and failure. Period.
Simplify: We find ways to explain it to a 4th grader and to a granny
Fast & Scrappy: We believe speedy and low-cost innovations are secret to growth
Measurable: If we can’t measure, we won’t do it (or recommend doing it)