Marketing; One of the repeated questions that I always receive is: How can we breakthrough the noise and stand out from the crowd?
In the era of extreme change and technology disruption marketing is not anymore such department that responsible for promotions, newsletter, social media or any of the misconception fixed rules that limited by conventional barriers of achievement. Marketing now is about the entire funnel -rather than simply winning new customers- using behavioral and contextual data that drives engagement and deliver personalized experience. If your desire is to build effective strategy to cut through the noise, you must see growth as fundamental end goal of your marketing efforts. When you adopt growth marketing mindset, you will get clear view of the customer experience funnel and focus only on the activities that grow the top-line not only to attract new customers or retain current customers but also to turn them into brand ambassadors.
When you adopt growth marketing mindset, you will get clear view of the customer experience funnel and focus only on the activities that grow the top-line not only to attract new customers or retain current customers but also to turn them into brand ambassadors.
5 DIFFERENCES BETWEEN MARKETING TRADITIONAL MINDSET AND GROWTH MINDSET
Channels
Both use almost the same channels but traditional mindset cares more about branding, promotions, storytelling and emotions. Instead, growth mindset looks for creative solutions and new ways for the ultimate utilization of the channels. Growth mindset will create opportunities for every customer to promote and refer the product to their family and friends. Likewise, growth mindset will test the channels and focus only on those which create growth both from the acquisition and retention side at the minimum or no cost. Growth mindset will focus only on the right channel to put the product in front of the right people, at the right time and become their default choice.
Product
Traditional marketing mindset focuses on GETTING THE CUSTOMER TO WANT OR LIKE THE PRODUCT. Growth mindset instead develops and offers A PRODUCT THAT CUSTOMER WANT and validate the product before thinking of the market fit. Growth mindset involves in the product development process and testing every touch-point in the customer experience funnel. Growth mindset will work to get the product out there, as fast as possible, and adjust based on feedback and keep improving on a regular basis.
Data
Traditional mindset considers data as measurement for the results. Most of the insights is about impressions, conversion rate, click-through rate, and unique visitors. These are important metrics, but they don’t translate well into business objectives. Growth mindset instead is a data driven marketing practices that properly utilize data and set of measurements to optimize and test the marketing activities. It is not limited to marketing channels but also extended to every step of the customer journey. Growth mindset transfers data into actions to improve customers’ experience, develop the product, kill bad ideas/designs quickly and scale good ones as fast as possible. Data could also be guidance to determine which channel to focus or where to spend the time and money.
Experiment
Traditional mindset relies on the old-style methods such as set and forget model, mass campaigns, follow trends or copycat which is not effective anymore. Instead, growth mindset comes up with hypotheses and fast trials. The growth mindset doesn’t be afraid to fail fast knowing that no one gets it right at first time so they adopt their mind to the LEAN approach “TRY, FAIL, LEARN and REPEAT”. Worth to mention that growth doesn’t come quickly instead it is built on consistent actions that add up over time. Rather than spending weeks developing ideas, design and message hoping for the best, come up with an idea, create a hypothesis, pick a growth metric, select targeted customers, develop a minimum campaign and launch it on a small scale until you get the scalable idea.
Relationship
Traditional mindset doesn’t take advantage to harness the power of relationship marketing, just result oriented focuses only on attracting new customers, once done, it’s over. Growth mindset focuses instead on building long lasting relationships with customers, suppliers and all other businesses. It invests in the experiences of the current customers, focus on customer success over customer service, promote the customers that use the product and promote other businesses at the same time. Growth mindset gives everyone the reason to promote the business as referral and spread the word around it. Likewise, partnership with other business which might will not buy or pay for the product, but definitely will tell others about it, will give the opportunity to use their channels to market your product and will give the constructive feedback you need to develop the product.
Traditional marketing mindset is not anymore an option, and those companies which don’t adapt to growth mindset and go beyond the comfort zone, will be left behind.
By viewing growth as fundamental end goal of the marketing efforts, you can build effect strategy that cut through the noise. Traditional marketing mindset is not anymore an option, and those companies which don’t adapt to growth mindset and go beyond the comfort zone, will be left behind. The growth mindset is required for all types of business and any function of marketing as long as you wish to grow your business. Growth mindset can be applied to all members of your business; however, it isn’t trick or silver bullet. Growth mindset is more strategic and data driven than quick magical solution. Creativity and innovations replaced the big budgets to follow the quick move of the customers. Growth mindset begins with the team and not with the strategy to breakdown silos, and gets all team members to work toward growth, identify the growth opportunities and the right ideas to grow such opportunities.