The Learning Curve | Elevate your strategies: Intro to Growth Marketing
Ever wondered why some businesses still operate like it's the Stone Age?
I get it.
I've worked in places where the sales team ruled the world but couldn't create a simple PowerPoint slide.
It's frustrating, right?
But here's the good news: marketing has come a long way. Even if the old suits don't realise it, there are smart minds out there focusing on making our efforts count.
So, dear reader, this one's for you.
Translation:
Subscriber: Have you heard about the concept of growth marketing?
Me: Yes
Subscriber: So do a post or newsletter because I haven't
Are you tired of hearing that marketing is just about colouring inside the lines?
Do you think departments should work together for global success?
If so, you're in the right place.
At a glance:
What is growth marketing?
Growth loops
How to implement growth loops
What is growth marketing?
It's not rocket science, promise. Growth marketing is all about getting and keeping customers using smart, data-driven tactics. Think of it as turbocharged targeted marketing.
Traditional marketing? Well, it's like using the same old tricks over and over, expecting different results.
AAARR Framework. Leaky bucket. Outdated.
Remember the old marketing funnel? It's outdated. Think of it as a leaky bucket. Money is poured in, but customers keep slipping away.
Benefits of growth marketing
Better decisions: Say goodbye to gut feelings. Growth marketing uses data to make smarter choices.
Enhanced Reputation: By focusing on customer experience, we build great relationships and boost our rep.
Teamwork: Growth marketing brings everyone together—marketing, product, sales, and more.
Growth Loops
Growth loops are different. They function as dynamic cogs that bring in more users. If given the time and patience required, they keep growing on their own.
Why growth loops are great:
Team Unity: Everyone works towards common goals.
Sustainable Growth: It keeps growing, like a snowball effect.
Unique to the business: Harder for others to copy.
Types of Growth Loops:
The Viral Loop: Users share with friends, creating a cycle of growth.
The UGC Loop: User Generated Content attracts more users via search engines.
The Paid Loop: Money from users is reinvested to acquire even more users.
Examples of Growth Loops:
Netflix's Content Recommendation Engine: Ever wondered why Netflix seems to know exactly what shows you'll love? It's not magic; it's a growth loop in action. Netflix's recommendation engine suggests shows based on what you've watched. You watch more content, and it recommends more tailored shows to you. This loop keeps getting stronger as you consume more, ensuring you stay engaged and keep coming back for more.
Netflix revenue using growth loops vs how linear growth may have looked if using traditional funnel. Source: Ortto
The UGC Loop: LinkedIn's Network Expansion: When you sign up, LinkedIn suggests syncing your contacts. You connect with people you know, and then LinkedIn prompts you to invite more contacts. Your connections grow, and the loop continues. Your new connections might do the same, expanding the network further. It's a cycle that not only brings in new users but also keeps existing ones engaged.
LinkedIn’s growth loop. Source: Ortto
How to implement loops
Ready to try it out for yourself?
Start with your existing funnel. Think about how users find you, how they stick around, and how they can bring new people in.
Involve your whole team, and stay flexible.
Test, learn, and tweak until you find the perfect loop for your business.
To help you get started, here is the ChatGPT prompt that will get you on your way. It will provide you with detailed guidance on identifying the most suitable growth loop for your business and effectively putting it into action.
Conclusion:
If you got this far, thank you.
Today, we buried the myth that marketing is just about pretty PowerPoint slides. With growth loops, every user you gain becomes more valuable. Work together, break old frameworks, build meaningful connections and sustainable growth.
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See you in two weeks.
Peace,
Has
