Product Marketing vs Growth Marketing

What is the difference between product marketing vs growth marketing? Are there any similarities between the two? To know more, keep on scrolling below.

Product Marketing vs Growth Marketing: Definition

To begin, product marketing refers to a process of developing and delivering a product that satisfies the customer’s needs. This is through finding the right product features, messaging, marketing mix, and more.

Further, it is mainly focused on the creation of products and services. In addition, it also plays a vital role in attaining the overall business goals of an organization. 

Then, growth marketing is a process of attracting new customers or users of a particular product or service. It is mainly focused on improving the growth rate of a company by creating strategies and tactics. This is to gain more customers, increase customer lifetime value, and make a brand stand out from the competition.

Product Marketing vs Growth Marketing: Key Differences

Target Audience

Product marketing is mainly focused on companies that have already built their products or services. This means that they are already aware of their target audience. 

On the other hand, growth marketing is mainly focused on startups that are still building their product or service. This means that they are still unaware of their target audience and must go through a discovery process to determine it.

Focus

Product marketing is more focused on the company’s products. While growth marketing is more focused on customer acquisition and retention strategies to increase sales by increasing revenue per user.

Responsibilities

Product marketing has different responsibilities which include:

• Product Planning. This means creating a road map for the product and its features.
• Product Launch. This means marketing a new product and educating people about it.
• Product Management. This means managing the product lifecycle and improving it over time.

On the other hand, growth marketing has different responsibilities which include:

• Customer Acquisition. This involves creating strategies to attract new customers or users.
• Customer Retention. This involves creating strategies to keep customers happy and engaged with the company’s products or services.
• Marketing Automation. This means creating marketing campaigns based on data insights from different sources to increase sales efficiently.

Functions of Product Marketing vs Growth Marketing

Product marketing and growth marketing both have similarities as well as differences in terms of their functions. 

Similarities

Both are responsible for increasing sales opportunities through marketing a company’s products or services to the public. They both create strategies to acquire new customers or users for a particular product or service. 

Further, both have different roles and responsibilities depending on the situation that their organization is in. Both are responsible for increasing revenue by:

• improving sales opportunities and increasing sales volume, 
• customer lifetime value, 
• and reducing costs of customer acquisition through different strategies and tactics

Differences

Product marketing is more focused on developing the product. While growth marketing is more focused on promoting the company’s products or services to gain more customers or users through different marketing channels.

Product Marketing vs Growth Marketing: Key Takeaway

In conclusion, these are two of the most important divisions in any business organization that focuses on increasing revenue. So, companies need both.