Growth marketing, according to Dept’s newest report, isn’t exactly seeing growth.
In fact, there’s a 40% YoY drop in terms of marketers practicing and applying growth marketing, which Dept defines “at its core” as a mix of performance marketing and brand marketing.
“We found that brands are anticipating the current economic climate will last through 2024, and various have corroborated that,” says the report, for which Dept surveyed 450 marketers in retail, financial services, and technology. “But now is not the time to cut back on your marketing efforts. Even if your marketing budget has been cut significantly, incorporating growth marketing practices into your overall strategy will allow you to weather the storm and thrive.”
Dept determined what it called growth marketing mindsets by asking marketers about their spending at every funnel-stage, their tracking of growth and performance metrics, and their investing in “strategy and planning, data and analytics, and creative to support their paid media (otherwise known as ‘growth drivers’).”
“Over 80% of marketers are nailing the first two criteria, effectively reaching potential buyers across the funnel and measuring success holistically,” the report says. “But despite this strong majority, only 14% of marketers are actually activating on growth marketing, and almost all of them are underinvested in the three growth drivers that unlock the potential of their digital media.”