Put very, very simply, one is a plan; the other is a set of activities you undertake using the guidance of that plan.
The main difference between “growth strategy” and “growth marketing” is that growth strategy refers to a company’s roadmap for achieving sustainable growth. In contrast, growth marketing refers to the specific tactics and techniques to drive customer acquisition, retention, and revenue growth.
Growth strategy involves identifying and pursuing opportunities for expanding a business, such as:
Crafting and adhering to an appropriate, long-term growth strategy is essential to sustainable growth. It involves a comprehensive approach considering market trends, competitive landscape, and customer needs. It’s so important we’ve written a separate article dedicated to the subject. In brief, throwing tactics out into the market hoping you’ll achieve growth is misguided, at best. You need a strategy that helps you choose which tactics, when to deploy them, and against which targets.
On the other hand, growth marketing involves using a variety of tactics and techniques that actually engage customers and drive their rapid and scalable acquisition and increased revenue.
Creating and distributing valuable, relevant, consistent content to attract and retain a clearly-defined audience.
Search engine optimization (SEO)
Improving your website and content to get better search engine rankings will help draw more visitors.
Paying to display your ads on search engines, social media platforms, or other websites to drive traffic and generate leads.
Social media marketing
Using social media platforms to promote your brand, engage with customers, and drive traffic to your website.
Sending targeted and personalized emails to your subscribers to build relationships, drive engagement, and increase sales.
Connecting with well-known and respected people in the same field as you to expand the number of people who know about your business and create trust in your company.
Encourage customers to refer friends and family to your business through incentives or rewards.
Focusing on retaining existing customers through loyalty programs, personalized experiences, and exceptional customer service.
Experiment with different marketing tactics and measure their effectiveness to optimize your marketing strategy.
Conversion rate optimization (CRO)
Improving the user experience on your website to increase conversions and drive revenue.
Using video content to educate, entertain, and engage your audience and build brand awareness.
Creating a podcast that aligns with your brand and using it as a platform to promote your products or services.
Hosting online seminars to educate your audience on a specific topic and generate leads.
Public relations (PR)
Building relationships with journalists and media outlets to gain exposure for your brand and increase your credibility.
Building an online community around your brand to engage with your audience, build relationships, and drive loyalty.
Partner with affiliates who promote your products or services and receive a commission for each sale they generate.
Mobile app marketing
Using app store optimization (ASO), in-app advertising, and other tactics to promote your mobile app and drive downloads.
Using chatbots to automate customer service and engage with customers on your website or social media platforms.
Using data and technology to personalize the customer experience and increase engagement and loyalty.
While growth strategy focuses on the big picture of long-term growth, growth marketing focuses on the immediate tactics and techniques that can be used to achieve short-term growth objectives. Both growth strategy and growth marketing are important components of overall business growth, and companies that effectively combine the two are more likely to achieve sustained and scalable growth over time.
There’s no shame in seeking outside help when you’re trying to grow a company or a brand. There are so many moving parts! At BS LLC, we’re experts at the marriage of growth strategy and growth tactics. We understand the necessary research, how to craft strategies that work, and how to report on the effort. Give us as little as 15 minutes, and we could change the trajectory of your business.