Growth marketing is a hodgepodge of practices and hacks to a support a startup’s efforts to foster and sustain high velocity growth.
It’s often engaged in concert with raising money from venture capitalists, then spending huge amounts on sales and marketing to fuel rapid increases in customer acquisition and revenue within a short time period.
In doing so, startups prioritize growth over profitability, purposely generating big losses knowing more VC funding can easily be raised later. But that is changing, and changing FAST.
Founders are now being asked to demonstrate their companies can actually make money. This is forcing many of them to slash their sales and marketing spend.
I’ve seen bits of this happening, through observations of people on LinkedIn suddenly bounced out of their startup marketing jobs.
And now, with signs of a recession looming large, this could really accelerate.
Growth marketing usually does not mesh well with a traditional company’s marketing operations. This means that marketers laid off from a startup may find it hard to get into mainstream companies, except perhaps those looking for digital marketing expertise.
If you work in growth marketing, I would seriously suggest looking into opportunities in companies that are at least fairly well-established. And I would do it NOW, before all businesses cut back on their marketing spend in an economic downturn.