If you’re related to a business venture either during a startup phase or expansion, it’s highly likely that you simply have heard about the term “Growth Marketing”. While many assume growth marketing is a simple way or a fast route for exponential growth, actually, it involves doing tons of activities — identifying problems, arising with innovative solutions, building hypothesis, testing them by conducting several experiments across product, marketing, sales & other areas. For a neater understanding, consider growth marketing as a strategic approach to growing your business, during a most cost-effective & efficient way, within the least possible time-frame.
Growth marketing, if done the proper way, can take your startup to the subsequent level. But if growth principles aren’t followed or executed by a marketing team that’s operational, the result might not be an excellent one and hence, doesn’t meet the business’s strategic objectives. Below are the 4 things that you simply should consider before growth marketing your business venture
Ensure you have Product-Market Fit
Developing a product is merely a little a part of the startup lifecycle. Once the merchandise is prepared, it’s to be tested within the real market to ascertain if there are buyers for the merchandise that’s built. to understand if the start-up has achieved product-market fit, one has got to answer this easy question — are customers paying to urge this product? Achieving a product-market fit is one among the foremost important objectives for any startup. Isn’t it? Before this phase, the startup is during a phase called as “traction” — a phase where founders & startup executives find innovative ways, mainly for acquiring customers and understanding “how” the merchandise is employed by their customers or what’s the necessity for this product/service or just, within customer’s journey where will this product/services comes handy. If the expansion marketing process is completed without a transparent understanding of proper product-market fit, you finish up burning tons of cash and can leave you confused. Only after you achieve this holy-grail of reaching your product-market fit, you ought to consider…