Every company certainly has the best strategy to improve business performance. There is a growth vs performance marketing strategy in the marketing world. How to distinguish the two easily?
What Is Growth Marketing?
Growth marketing is a process that combines brand strategy with performance marketing. The main goal is to get customers who match the company's criteria.
This strategy will later assist customers in finding the most appropriate product. That way, customers will become loyal because they buy continuously.
Not only that, but customers can also become ambassadors for the company and the product. They can voluntarily share the company's products and services with others.
A growth strategy is a strategy that focuses more on marketing data and doesn't put too much emphasis on creativity. The purpose of the trial is to increase business growth.
With a growth strategy, the targeted market is more focused. As a result, the relationship that exists with customers is even closer. In addition, so that the brand can attract more customers, regular product users can also become a marketing funnel.
Get to Know Performance Marketing.
If taken literally, performance means marketing based on performance. Performance is widely known in the digital marketing world. This strategy requires the advertiser to pay for every action from the ad served.
This type is used specifically to drive, track, and measure customer actions. By paying when there is action, the costs incurred are not wasted. The reason is the company already gets the results first before.
Similarity
Currently, both can have similarities in terms of the facilities used. Both of these strategies now use online activities. These facilities make it easier for companies to promote their products.
These two strategies can also use the same tools to achieve their goals. For example, both growth and performance use social media to build customer relationships.
Differences
Despite having similarities, there are still fundamental differences between them. The following are some of the differences:
1. Focus Difference
Performance focuses on several goals. Therefore, this strategy uses various tools and methods related to digital. As a result, the plans vary, ranging from brand awareness, product promotion, and retaining customers to getting new ones.
Meanwhile, growth functions like a guide or standard that determines where to focus, complete with strategies to get the goal. Growth does not focus on a specific method, but the goal is growth.
2. Differences in Engagement With Consumers
Performance is generally more focused on attracting new customers and, as much as possible, making them loyal. Meanwhile, growth strategy also tries to make consumers a marketing funnel.
3. Differences in Facilities
Performance usually uses as many digital platforms as possible. Starting from the company's official website, online advertising, and social media. Meanwhile, growth must be connected to digital platforms. But growth can add other conventional outlets.
4. System Difference
As mentioned earlier, Performance Marketing is freer. There are no binding rules to run it. No need to follow the first, second, third, and so on. So the differences between growth vs performance are on the system.
This system is very different from growth which has been very measurable from the start. The goal is clear. The steps are clear and are compiled based on data obtained from the market.
Each company has the right to choose which strategy will be used to improve the performance indicators that have been determined.
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