CXL Institute — Growth Marketing Minidegree Review 1 of 12
Hello there! I was recently admitted into the CXL Institute Scholarship program, and I am very excited to tell you about my upcoming studies! I’ll be delving into the definition of growth marketing for the next 12 weeks. The Growth Marketing Minidegree Program consists of 7 tracks, 33 courses and takes approximately 111h to complete. The course includes the below sections.
- Growth Marketing Foundations
- Running Experiments
- Data and Analytics
- Channel-specific growth skills
- Growth Program Management
After the initial excitement of stepping into the shoes of a marketer, I learned the hard way that there is no single formula for success. As a result, I developed a new way of thinking about marketing and its future. There’s a lot more to “traditional” marketing than newspapers and flyers in mailboxes; there’s also Growth Marketing, which is a modern way of thinking.
As I learned more about these methods, I began looking for programs that focused on the specifics of growth marketing. I came across CXL Institute, which led me to the CXL Institute’s Growth Marketing Minidegree.
I am confident that this intensive Growth Marketing Minidegree Program will allow me to synthesize what I’ve learned so far about marketing and develop a holistic understanding of growth marketing across all channels through an experimental approach. I’ll learn how to implement marketing strategies in order to achieve consistent and exponential growth.
Every week, I’ll share my insights and learnings from the program in an article that I hope will be helpful to anyone interested in joining the program or learning about growth marketing from the ground up.
In this first post, I’ll describe “growth marketing” and clarify how it differs from traditional marketing by laying out the foundations of growth marketing. John McBride, a former Lyft growth manager who now runs B2B Growth at meditation app Calm, discusses it in the following two titles.
1. Growth mindset: growth vs traditional marketing
2. Building a growth process
Growth Mindset: How are traditional brand marketing and growth marketing different?
There are two major distinctions:
· Traditional brand marketing focuses on recognition and acquisition at the top of the funnel. From recognition to retention to referrals, growth marketing focuses on the whole funnel.
· Experimentation is at the heart of growth marketing. You’re constantly experimenting with promotions, services, product features, and other things that increase conversion, enhance consumer interactions, and produce data that you can learn from and improve in the quickest and most productive way possible.
Traditional brand marketing is focused on consumer segment assumptions. Market research, surveys, and consumer reviews provide a foundation on which to create a campaign in the hopes of reaching those who are interested enough to act. It almost never entails checking. Growth marketing, on the other hand, is built on the idea that you don’t know your consumers, so you need to establish a hypothesis about what they want up front, find the quickest and simplest way to test that hypothesis, and then plan an experiment to confirm or disprove your hypothesis.
And if the experiment fails, you will understand what was not useful, and you will be able to use the information to step forward to test the next hypothesis and hypothesis. This method is known as “Lean Start-up Methodology,” and it is a key component of growth marketing.
Experimentation as a distinguishing characteristic of development and growth
Set an S.M.A.R.T aim for yourself => Experiment on a regular basis => Compile your findings.
The experimental process entails deciding on an objective and then determining a series of experiments that can be used to achieve that goal while still collecting data.
With an experiment, you can go to three different levels of depth. The first is simply determining whether or not sending an email, sending a push notification, or sending a landing page has any effect on conversion. It is possible to discover that sending an email boosts conversion. That’s fantastic. It’s likely that your rivals are doing the same thing.
So, if you want to dig a little deeper, it’s about finding out what the right post, deal, or campaign is. What steps should you take to improve your email marketing? Or, to put it another way, how can you build better landing pages? So, how do you build the best experience for your entire audience in order to drive 10% or 20% additional growth on top of the most basic? Even if it’s the worst email campaign ever, sending an email is better than not sending one at all. So, how do you craft the best email possible? Then, once you’ve figured that out, or at the very least, you’ve seen some gains and realized that some messages work better than others, the third layer, when you can actually tailor the message to individual customers, that’s when things get really strong. Determine which campaign, bid, or message resonates more strongly with customer A than with customer B.
The ideal state of any growth process is to know what the correct message, product, and customer service are for each individual customer in your company so that you can have the best experience and performance.
One of the most crucial aspects of designing experiments is deciding the simplest working version as easily as possible by using the fewest resources possible. How do you create a minimum viable marketing strategy that you can test and run to see if it’s effective? There are no magic bullets in growth marketing, and there is no such thing as a one-size-fits-all approach. It’s a series of trials and errors to get to your target as quickly and efficiently as possible.
Creating a growth process
John McBride was also guiding me through the second very interesting course, which consists of three key phases and is called “Building a Growth Process.”
Phase 1: Define the growth model, map out the customer path, and recognize all potential growth channels.
Phase 2: develop a high-level plan and set quarterly objectives
Phase 3: completing end-of-quarter execution as well as a fast-paced development process
Dave McClure’s Pirate Metrics for Startups, the AARRR system (acquisition, activation, retention, sales, and referrals), will most likely stick with me for the rest of my life. While it appears to be complex, the framework’s playful name makes it simple to remember.
There are several ways to expand, and the first step is to determine the metrics to use for the brand. After that is worked out, the next and most critical step is to walk through the customer’s path, which many advertisers overlook or refuse to consider. It’s one thing to plan the trip, but it’s quite another to actually take it, which can lead to a slew of errors that go unnoticed throughout the planning stage.
I never considered going as in-depth with our marketing strategy, let alone creating a growth model for our business. I now understand how important it is, and I want to go through all of the stages of the growth process with my own brand.
Week 1 Highlights
The first week went well, and I’m looking forward to the next! The first three courses provided a solid foundation for understanding what “growth marketing” entails. Visit the CXL Institute’s website for more information on this initiative.
If I piqued your interest and you read all the way to the end, I have good news for you: I’ll be back next week with the next installment, so stay tuned!