Both brand and growth marketing have strategies in common, but certainly have their differences. In the last couple of years, there has been increased interest in the two, so it's worth exploring them both.
What is Brand Marketing?
Brand marketing is all about focusing on the company’s brand and improving it. Brand marketers want to boost awareness, gain more recognition of the brand, and stay relevant. They do this through a series of questions and in-depth analysis such as, “Who is your target audience and what are they looking for?” “What is the brand's identity and objective?” and, “How do we appear different from our competitors?” They use these questions to solve problems in the company’s business strategy and therefore help them succeed! It is all about telling your brand’s story and making it a memorable one, not promoting a product.
What is Growth Marketing?
Growth marketing is data driven and operates on a model where performance is constantly tracked. The most important aspect of growth marketing is to generate revenue and keep customers engaged, while attracting more customers over time. It revolves around creating experiments that enhance the effectiveness for the target audience. Growth marketing really looks into adding value to the company’s client base and giving them a user-oriented experience.
The Balance Between Them
Growth and brand marketing are complementary to each other. They are both essential in their own ways, and you shouldn’t prioritize one over the other. Each type of marketing involves different skill sets and levels of creativity to help the company succeed. When utilized together, they can help companies grow a lot in a relatively short period of time.