Published: August 19, 2021
Author: Phoebe Martell-Crawford
The traditional marketing funnel is collapsing. Focusing on the bottom of the funnel is no longer sustainable, which is why we rolled out the 3Q Digital Growth Model in 2021. We wanted to offer our clients a more holistic way to drive growth across the entire customer journey. To accompany the release of the growth model, we coined this approach as “growth marketing.”
Performance marketing has been the traditional tactic, but only relying on performance marketing is not enough. Growth marketing is a new term, and we needed to know marketers’ understanding and perception of it compared to performance marketing. To get more insight, we surveyed 400 marketing leaders, with titles ranging from Senior Manager up to CMO, from four industries: retail, technology/Software-as-a-Service, financial services, and healthcare. This survey uncovered four key takeaways:
1. There is a lot of confusion in the marketplace around the definitions of performance marketing, growth marketing, and how the two differ from each other.
We wanted to determine whether the survey respondents truly knew the definitions of performance and growth marketing. While the overwhelming majority said they were confident in the definitions, the results indicated the opposite. Senior marketing leaders will need to understand more clearly how these approaches differ in order to engineer a sustainable and successful growth marketing strategy.