There are several key differences between growth marketing and traditional marketing in Australia. Perhaps one significant difference is the focus on growth. Traditional marketing is often about building brand awareness and generating leads.
Meanwhile, growth marketing is all about driving growth for the business and getting many more customers. This means that growth marketing is focused on metrics such as acquisition, retention and engagement.
Regardless, both growth marketing and traditional marketing are important to consider when it comes to branding. However, it can help to understand the distinctions between the two to understand how to best optimise them for the business.
Continue reading to learn more.
Traditional Marketing
The term
traditional marketing generally refers to marketing activities that are undertaken offline, such as TV or print advertising, direct mail, and trade shows. While the rise of digital marketing has led to a decline in the importance of traditional marketing, it still has a place in many businesses’ marketing mix, especially when utilised with other strategies.
The Approach
The traditional marketing approach is based on the 4Ps of marketing: product, price, promotion, and place. This approach is also known as the marketing mix. This is a good way to think about marketing because it helps businesses to consider all of the different elements that they need to take into account when marketing their products or services.
Goals
The general goals of traditional marketing are to increase brand awareness, create interest in a product or service, generate leads, and boost sales. The main objectives of traditional marketing campaigns are to build brand equity, create customer loyalty, and increase market share, generating interest in what they are selling and getting potential customers to take action.
Channels
There are many ways to market a product or service via traditional marketing, given that it's quite an old and common form of marketing. It involves using offline channels to reach potential customers. Some of them are listed below,
1. Print ads (Newspaper and Flyers)
2. Billboards,
3. Television commercials
4. Radio ads.
Just remember to consider your target audience and objectives before investing in any of the above.
Skillset
A successful traditional marketing team should have a strong foundation in marketing concepts and principles. They should understand the various marketing channels and how to use them to reach their target audience. Additionally, a traditional marketing team should have strong copywriting and design skills to create engaging and effective marketing collateral.
Growth Marketing
Growth marketing, also known as growth hacking, is known to focus on achieving sustainable growth. Unlike traditional marketing, which is focused on branding and awareness, growth marketing is all about acquisition and retention. Many startups and tech companies have been adopting this approach since 2010 to scale up as quickly and efficiently as possible.
The Approach
Growth marketing is such a data-driven approach to marketing, focusing on achieving sustainable growth for a business. A good growth marketing strategy will take into account all aspects of the customer journey, whether it's initial awareness all the way through or post-purchase retention., tracking and measuring results to make informed decisions.
Goals
The primary goal of growth marketing is to drive sustainable and scalable growth for a company. This can be carried out in many ways, but the most common are acquiring new customers or increasing customer retention/lifetime value. Several different growth strategies can be employed in order to achieve these goals.
Channels
Growth marketing is a methodology that focuses on quickly acquiring and retaining users. It’s a data-driven approach that looks at the entire customer lifecycle, from acquisition to retention and everything in between. There are several different growth hacking techniques that you can use to grow any business. To name a few,
- Viral videos on social channels
- Email Marketing
- Affiliate Marketing
-
Google ads
-
SEO/Content Marketing
- Influencer Marketing
Skillset
To be successful in growth marketing, you need to have a strong skill set in both marketing and data. A strong understanding of marketing concepts and strategies is necessary to develop and execute different marketing plans that ensure success. Especially with the rise of digitisation and social media, knowing how to market in a competitive space is a must.
As for data skills, familiarity with data analysis tools and techniques is a must. To be successful, you need to collect, analyse, and interpret data to make informed decisions. Such experience and expertise can equip your team to effectively and accurately draw insights from that data for your company's future growth.
How to take advantage of both
While growth marketing and traditional marketing may have some key differences, there are also a few similarities between the two. For one, both growth marketing and traditional marketing focus on branding and promotion to create an impact. Here's an outline of the three key points that the two marketing methods choose:
- Branding.
Branding is one of the most important aspects of any marketing strategy, whether it is growth-oriented or traditional. A truly strong brand can help a company to attract and retain customers, as well as create a sense of trust and loyalty. Both growth marketing and traditional marketing both aim to work towards that.
- Impact.
Marketing impact is another important element of both growth and traditional marketing. To be successful, marketing campaigns must be able to create a significant impact on their target audience, as well as the company. This could be in the form of increased sales, brand awareness, or even simply engagement with the campaign itself.
- Promotion.
Promotion is a necessary component of any marketing strategy. Without promotion, even the strongest campaigns will struggle to reach their target audience. Fortunately, there are several ways to promote both growth and traditional marketing campaigns, such as through advertising, public relations, or even word-of-mouth.
Conclusion
In Australia, growth marketing is a relatively new concept, but it is quickly gaining traction as more and more businesses recognise the significance of acquiring new customers. Using this in conjunction with traditional marketing is best for your business.
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