Online marketing has gained significant attention in the last few years. In this fast-moving digital world, most businesses face problems in targeting customers and getting traffic to their websites. Marketers help with new and innovative marketing techniques to boost the growth of a business.
If you own a business and are looking to invest in marketing, you should have heard about the two types of online marketing: growth marketing and digital marketing. These two terms are often used interchangeably but these are two different terms. Scroll below to learn the comparison of growth marketing and digital marketing and which one generates the best ROI.
What is Growth Marketing?
Growth marketing is a data-driven marketing strategy that focuses on the growth of a business. It aims to obtain and retain customers. Growth marketers use effective content marketing strategies by conducting multiple experiments to select strategies that give accurate results. They collect data from previous experiments, analyse them, and aim for considerable growth.
In Growth Marketing, several strategies are used like customising customer experiences, providing incentives, and creating unique content that educates and encourages customers. The main strategies used in Growth Marketing are cross-channel personalization, A/B testing, cohort analysis, brand recognition, and data-driven content optimisation. All these techniques are used to grow an understanding of customer behaviour and optimise campaigns for extreme growth.
What is Digital Marketing?
Digital marketing is the umbrella term for many types of online marketing. If you organise and execute your marketing efforts on a digital platform, it comes under digital marketing. This type of marketing is the use of digital platforms to promote products and services. Channels like websites, and social media are used to reach target audiences by providing them with helpful and relevant content.
Marketers use digital marketing techniques in various ways like content marketing, search engine optimization (SEO), social media marketing, email marketing, and pay-per-click (PPC) advertising. They use each of these methods to reach their target audiences with content that provides value and inspires customers to take action.
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Growth Marketing Vs. Digital marketing: What are the Differences?
Both growth marketing and digital marketing are very different strategies to follow. The differences are as follows.
Methodology
One of the main differences between growth marketing and digital marketing is their methodology or the way these two apply strategies to connect with their customers. Growth marketers create effective marketing strategies by conducting various experiments and selecting the one that gives the best results.
Whereas, digital marketers apply marketing strategies to create brand awareness among potential customers and bring them to their landing pages or websites.
Pirate Funnel
The Pirate Funnel is a framework for understanding customer behaviour. The stages of the pirate funnel are awareness, acquisition, activation, retention, revenue, and referral. Growth marketing focuses on full-funnel growth. It aims to acquire, engage, and retain customers.
Whereas, digital marketing only focuses on the top-of-the-funnel activity. They make customers aware of the brand and generate leads.
Budget
In the case of growth marketing, you will not require a big budget to get things started. You can first test and find the best strategy to apply. Then you can just spend your money to promote your chosen strategy.
For digital marketing, you can follow various ways like social media marketing, SEO, email marketing and many more. To organise and maintain all these things together you will need to spend a large amount of money. And in this case, you cannot be sure whether your efforts will be fruitful or not.
Is Digital Marketing Good for Return on Investments (ROI)?
When it is a matter of Return on Investments (ROI), Digital Marketing is not that effective. You can surely generate leads and convert them to sales, which makes free time and budget for more campaigns. But budgets are usually high, so you have to spend your money continuously.
Is Growth Marketing Good for Return on Investments (ROI)?
While Digital Marketing focuses on awareness, lead generation and acquisition, Growth Marketing focuses on awareness, acquisition, activation, revenue, retention, and referral (Pirate Funnel). This is important because you can track and measure the content marketing ROI across customer engagement and use data to apply the marketing strategies.
You can start with a small budget and target for success. You can apply a variety of digital marketing strategies and see good ROI. But, when you apply those same digital marketing strategies with a growth marketing mindset, your company is likely to see the better ROI that you are looking for.
Conclusion
Both Growth Marketing and Digital Marketing show different approaches to achieving their goals focusing on customer acquisition and retention. If you look at the comparison of Growth Marketing vs Digital Marketing, you will see that Growth Marketing is more efficient and effective than Digital Marketing.
