Growth marketing, also known as “growth hacking”, is often seen by businesses today as “marketing 2.0”. It’s a process that aims to capture and retain as large of a customer base as possible – optimising various marketing channels, constantly experimenting with new and creative strategies, and allowing data analytics to take the wheel.
As such, the profession has garnered strong demand in recent years, providing companies with newer, better ways of promoting themselves in our digital era.
Below, we explore the various day-to-day tasks of a growth marketer, how it differs from traditional marketing strategies, and what your job prospects currently look like in this innovative sector.
What are the day-to-day tasks of a growth marketer?
Constant testing and experimentation
Since growth marketers are hired for their aptitude in “hacking” one’s business growth, much of the work they’ll be doing will be centered around A/B or multivariate tests. This essentially involves experimenting with an “A” or “B” test – or a series of tests (multivariate) – to help you pinpoint the digital marketing approaches and content that works best with, and converts the most, audiences.
This process involves throwing things at the wall to see what sticks. For the ones that do, you can then build upon these strategies in future marketing campaigns; adding iterative tweaks or enhancements to improve performance with every test.
It’s also important to note that while one test may be unsuccessful with one type of audience, it may find success with another. It’s thus important to carefully tailor your experiments for each, helping you identify the type of content that resonates best with a particular audience group.
Optimising the sales funnel
The sales funnel is typically made up of six levels: starting with “awareness”, and working its way down to “acquisition”, “activation”, “retention”, “revenue”, and “referral”.
While traditional marketing typically limits itself to achieving only the top two levels of this funnel, growth marketers regularly aim to optimise the entire model. This involves further engagement with potential customers beyond simply catching their attention – starting with the “activation” stage. This is where growth marketers “activate” customer interest through introductory campaigns such as onboarding processes (where customers may be asked of their service/product preferences for a more tailored sales experience) or trials.
Once this stage successfully establishes a company’s credibility, growth marketers can then retain interest (the “retention” stage) through engaging content and promotions such as brand sales, newsletters, and business updates.
Finally, “revenue” and “referral” typically focus on ways of re-engaging customers and maintaining their loyalty. This is commonly achieved through campaigns such as loyalty programs, win-backs, or referral programs – a tactic that incentivizes users to refer your company to friends or family members.
Implementing cross-channel marketing
Going hand-in-hand with A/B testing, growth marketers will spend much of their daily duties exploring cross-channel marketing methods. This strategy involves optimising various online marketing channels – such as e-mail campaigns, SMS notifications, or in-app messages – based on your particular audience’s communication preferences.
A/B and multivariate testing will play a major role here, as you’ll typically need to test out a variety of channels to see the ones users respond to best. It’s also generally recommended to include multiple channels into your strategy, helping you optimise the potential reach from each.
On top of e-mail, text, and digital message updates, growth marketers also typically make use of paid advertising and content marketing. The former can effectively garner more eyes on your brand through demographic and location targeting; while the latter can further engage audiences through valuable, personalised, and even educational content related to your business.
While much of growth marketing comprises constant creation, experimentation, and innovative problem-solving; taking a step back to analyse campaign performance and ROI is imperative to improving your growth strategies.
Data analysis plays a critical role in the daily tasks of growth marketers; helping them understand the failure or success of certain approaches, pinpoint areas for improvement, and trends in user or customer behaviour. This information can then allow them to better plan for future campaigns or marketing tests.
General metrics that growth marketers often observe are organic, referral, and paid traffic to one’s social channels or website. On-site metrics also offer helpful data on user behaviour (website bounce rate, how long they stay on the site for, their navigation on the site, etc.) and traffic sources.
Additionally, growth marketers will typically analyse the conversion rates of their online content, whether this be the company’s landing page, e-mail updates, or customer upgrades from free trials to paid subscription plans.
What is the difference between growth marketing and traditional marketing?
As mentioned, the primary difference between growth marketing and traditional marketing is the holistic approach taken by those in the former.
Traditional marketing typically relies on “set and forget” tactics, whether this be implementing the same Google Ads campaigns or e-mail-based sale promotions. This therefore only captures the top two levels of the sales funnel (“awareness” and “acquisition”), neglecting any further audience engagement and retention.
On the other hand, growth marketing’s constant experimentation of new ideas, approaches, and marketing channels allows businesses to broaden their potential reach in the digital space. The priority placed on audience engagement additionally leads to greater customer retention and loyalty in the long-term.
What does the job market for growth marketing look like?
The general digital marketing space is expecting strong growth in the next half decade, with an expected 11.4% jump in Australian employment. This bodes plenty of opportunity for those looking to enter the growth hacking/marketing field, with plenty of high paying roles available; according to Indeed, the average base salary for growth marketers currently sits at $111,702 AUD per year.
Ready to dive into growth marketing?
With its innovative approach to business and online technology, growth marketing is bound to stay as one of the marketing sector’s most exciting career paths for years to come.
If you’re looking to enter this field yourself, Lumify Learn currently offers a bootcamp Growth Marketing Professional course to get you started in the fundamentals. You’ll explore essential areas of quantitative and qualitative data analysis, content marketing, SEO, social media, and more – with internationally-recognised training in Google Ads and Google Analytics to boot. Best of all, the course is delivered completely online, helping you train at a time, place, and pace that suits your needs best.
Expand your business skills in growth marketing today, and enquire with us on the course.