Quite often, people confuse the concept of growth marketing with digital marketing. At times, growth marketing and digital marketing are even used interchangeably, which is inaccurate and misleading.
This article will highlight the key differences between growth marketing and digital marketing, painting a clear picture of growth marketing vs digital marketing.
What is Growth Marketing?
Growth marketing is a form of data-driven marketing where the emphasis is upon looking at the entire funnel and not just the top of the funnel. It is a long-term approach where a combination of out-of-the-box theories and rapid recalculations can help scale the business.
Growth marketing is made up of the following elements:
- Targeting the entire pirate funnel and not just the top of it. The Pirate Funnel comprises five levels, i.e., Acquisition, Activation, Revenue, Retention and Referral.
- Using experimentation and A/B testing to make data-driven efficient decisions on the go.
- Ranges across various fields like digital marketing, performance marketing and product development.
- It makes use of agile systems to implement solutions.
Amura, a growth marketing agency based out of Pune, is well known to leverage agility and technology to attain long-term success for its consumers.
Digital marketing is when a business uses online media to create brand awareness and increase the conversion rate. Digital marketing growth in the past few years has been immense, leading to higher lead generation and customer acquisition rates.
The critical elements of digital marketing are –
- Search Engine Optimization
- Social Media Optimization
- Email Marketing
- Search Engine Marketing and Social Media Ads
However, this approach is only restricted to the top of the pirate funnel. It is focused on increasing awareness, customer acquisition and brand activation.
5 Key Differences in Growth Marketing vs Digital Marketing
The process of digital marketing is campaign centred. After narrowing down the brand’s goal and developing user personas, a campaign strategy is created and implemented on various digital media. Then the performance metrics of the campaign are evaluated. It is a simple process and is restricted by the boundaries of digital channels.
On the other hand, the growth marketing process involves selecting one metric that matters as the goal.
Based on the goal, channel personas are looked into, followed by experimentation and A/B testing using data.
Return On Investment (ROI)
Growth marketing is a superset of digital marketing. It involves digital marketing activities and growth hacking activities like creative hacks, agile systems, marketing automation, and data-driven lean analytics.
Digital marketing might not always yield a high ROI, but growth marketing helps set SMART goals constantly being fine-tuned. It helps determine which is the best channel/activities for growth and thus yield a higher ROI.
A good growth marketing agency can be instrumental in ensuring that you get a higher ROI on your marketing activities.
Most digital marketing strategies are focused on positioning the product to meet the customer’s needs and wants. Digital marketing growth has led to the opening up of opportunities for a lot of businesses worldwide.
But growth marketing aims to push the product in the market to benefit the company more holistically. The approach is more product-centric.
For example, Uber allows people who don’t own a car to get to their destination and those who have a car, which they are trying to earn. It was a very product-centric strategy.
Digital marketing strategies can yield high ROI on the campaigns running and profitable in the short run. It promotes the product’s credibility.
On the other hand, growth marketing can only work when there is a product-market fit. It happens when the product meets the expectation of the customer and the target audience. It is focused on making the product scalable instead of proving its credibility.
While a growth marketing manager would need to possess all the skills of a digital marketing manager, it might not be the same for a digital manager.
Growth marketers work across departments like marketing, sales, operations and product development to find a successful solution.
A growth marketing manager should have technical skills like working with big data, AI, ML, automation, UI/UX, and digital marketing skills. A growth manager should have wider skills along with an entrepreneurial mindset.
Despite the massive digital marketing agency growth, not every business can be scaled using digital marketing alone. As startups keep springing up, every business will need a growth marketing agency that can exclusively work on rapid scaling. Going by the success stories of Airbnb, Dropbox and Netflix, businesses are adopting growth marketing techniques and are also succeeding at it.
Are you thinking of adopting growth marketing for your organization? Amura, a renowned growth marketing agency, is what you need to unlock growth for your business.