2. Creating a Digital Growth Strategy
2.1 What is the difference between a Growth Strategy and a Marketing Strategy?
Growth Hacking and Growth Marketing are specialisms that were developed out of frustration with the traditional marketing world. Small businesses and startups were tired of paying marketing agencies to promote their products and services only to see no quantifiable results often after significant financial outlay. Growth hackers approach the problem of marketing differently, looking for quick wins that exploit flaws in the way that social media and other digital platforms (such as Google) work in order to gain visibility and conversions for companies that would otherwise cost them orders of magnitude more. Growth marketers carried on in this tradition, focusing on optimising the return on investment that was being gained from marketing activities rather than spending time and money on unmeasurable or ineffective activity.
With a growth strategy we want everything to be tied back to its effect on growing the business. Yes brand awareness and engagement are important but above all else we want to do things that are going to have a measurable effect on your bottom line by achieving the goals that we set out. This also affects the way that we approach campaign roll out. Although the rewards of running a multichannel campaign maybe be higher, when moving from no marketing to something the risks of going multichannel straight away are also higher as it means going from no media spend to significant media spend much faster. As a result for small businesses who have not run digital marketing campaigns before, we recommend rolling out activity gradually, focusing on the highest intent traffic and slowly moving to lower intent.
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2.2 Setting a clear goal