Are you curious about the secret ingredient behind the success of companies like Airbnb and Apple? Wondering how they managed to disrupt the market and achieve unprecedented growth? The answer lies in growth marketing.
The emergence of growth marketers has redefined the traditional role of product managers, combining their expertise in product development with marketing strategies to drive business growth like never before.
In this article, we'll dive into the changing landscape of product roles and explore how growth marketers drive business growth.
But first, what is growth marketing?
Growth marketing is a data-driven marketing approach that focuses on driving business growth. This collaboration between growth marketers and product teams helps identify growth opportunities, develop strategies to achieve that growth, and measure those strategies' success.
Here's why you need to shift from product managers to growth marketers:
Changing customer expectations
Today's customers expect more than just a great product. They expect a seamless user experience, personalized recommendations, and exceptional customer service. Growth marketers are uniquely positioned to meet these expectations by focusing on user acquisition and retention, optimizing the product for engagement and retention, and creating a seamless user experience.
Increasing competition
As competition in the market increases, you need to find new ways to stand out and differentiate yourself. Growth marketers can help you create innovative marketing campaigns and optimize the product for user engagement and retention.
Data-driven decision-making
In today's data-driven world, you need to be able to make decisions based on data and analytics. With the power of data-driven marketing, you can make informed decisions about user acquisition and retention, product optimization, and marketing campaigns.
Focus on growth
Traditional product managers are focused on creating a great product, while growth marketers are focused on driving user acquisition and retention. And the collaboration between growth marketers and product teams reflects the changing needs of today's businesses and prioritizes growth.
Let's look at Airbnb's success story and the role of growth marketers in their growth. Airbnb transitioned from a product-focused approach to a growth-focused process by creating a growth team responsible for driving user acquisition and retention. The team optimized the product for engagement and retention, created innovative marketing campaigns, and experimented with new growth strategies.
This shift has been successful, making Airbnb one of the fastest-growing companies in the travel industry. As of 2023, Airbnb has over 150 million users worldwide, with one billion+ bookings.
Strategies of growth marketers
At the heart of growth marketers' success lies their ability to harness the power of data-driven marketing. They can optimize every aspect of the customer journey by analyzing user behavior, conducting A/B tests, and iterating on campaigns. Additionally, growth marketers focus on identifying and removing bottlenecks, driving conversions, and maximizing customer lifetime value.
Skills & traits of successful growth marketers
- Analytical thinkers: Growth marketers can analyze complex data sets and derive actionable insights. They use data-driven decision-making to identify trends, optimize campaigns, and drive growth.
- Marketing expertise: Growth marketers deeply understand marketing strategies, channels, and tactics. They know how to leverage social media, content marketing, and SEO to reach the right audience and drive engagement.
- Experimentation & adaptability: Growth marketers thrive on experimentation. They are not afraid to try new approaches, run A/B tests, and iterate on campaigns to find what works best. They adapt quickly to changing market dynamics and consumer behavior.
- Data-driven approach: Growth marketers rely on data to guide their decisions. They track key metrics, analyze user behavior, and use data insights to optimize campaigns, improve user experience, and drive conversions.
- Tech savviness: Growth marketers are well-versed in technology and automation tools. They leverage advanced analytics platforms, marketing automation software, and data visualization tools to streamline their efforts and maximize efficiency.
Benefits of a growth product manager
As the lines between product management and marketing blur, the scope of a growth product manager emerges. These individuals take charge of digital product development while prioritizing growth and customer acquisition.
They work closely with engineers, designers, and marketers to optimize product features, enhance user experience, and drive business growth. The growth product manager acts as a strategic visionary, guiding the development process with a laser focus on measurable outcomes.
Here's why you need a growth product manager:
A better understanding of customer needs
Combining product management and marketing expertise lets you understand your customers' needs and preferences. Product managers can use their knowledge of the product to identify areas for improvement, while marketers can use their understanding of the market to identify customer pain points and opportunities.
With this collaboration between growth marketers and product teams, you can better meet the needs of your target customers.
Improved user acquisition and retention
Using the strategies of growth marketers, you can improve user acquisition and retention. Product managers can create optimized products for engagement and retention, while marketers can create campaigns that drive user acquisition and engagement.
By working together, product managers and marketers can create a seamless user experience that encourages users to stay engaged with the product. Facebook is one of the pioneers of growth marketing. In the company's early days, Facebook's growth team focused on driving user acquisition through viral features like the News Feed and the Like button.
These features helped Facebook grow from a small network of college students to a global platform with nearly 3 billion monthly active users.
Faster time-to-market
By leveraging the emergence of growth marketers, you can bring your products to market faster. Product managers can work with marketers to identify market opportunities and create products that meet those needs, while marketers can create campaigns that generate buzz and anticipation for the product.
As a result, growth product managers are well-equipped to create a streamlined process that reduces time-to-market.
Increased revenue
Combining product management and marketing expertise can ultimately lead to increased revenue for your company. You can generate more revenue from their products by creating products that better meet customer needs, improving user acquisition and retention, and bringing products to market faster.
By creating a seamless user experience, you can encourage users to purchase additional products or services. Apple is one of the most successful companies transitioning from a product-focused approach to a growth-focused process.
In the company's early days, Apple focused on creating innovative products like the Macintosh computer and the iPod. However, in recent years, Apple has shifted its focus to driving user acquisition and retention through services like the App Store and Apple Music. This transition has helped Apple become the first company to reach a $2 trillion market cap.
The rise of growth marketers is transforming the traditional landscape of product roles. Their ability to combine product management with marketing expertise unlocks new avenues for growth and success.
There is no doubt that the future of growth marketers is promising. We believe that the synergy between product development and marketing will continue to evolve, driven by the need for innovation and sustainable growth.
So, are you ready to embrace the power of growth marketers and drive your business to new heights? The future awaits!