Let’s define growth marketing
Growth marketing is an approach to acquiring, engaging, and retaining consumers that prioritizes constant experimentation and a laser-like focus on your customers’ unique, evolving motivations and preferences. You’ll be able to maximize your organization’s growth quickly across a variety of channels, especially the ones that matter most to your consumers, by creating and delivering highly personalized, individualized messages matched to their needs. Let’s dive in.
What does it mean?
Unlike traditional marketing, which frequently employs basic methods like holding a sale, sending out an email blast, and using the same terms in a Google Adwords campaign. There are benefits, but they are likely to fade over time since you aren’t adjusting your technique to stretch your budget further as customer preferences shift. Growth marketers use growth hacking tactics to test alternative channels and strategies on a regular basis, improving their testing gradually to figure out how to get the most out of their marketing budget.
Growth marketing has progressed well beyond the “get-growth-quick” methods of growth hacking in the last decade. That isn’t to say that effective aspects of its journey to greatness have been overlooked. Growth marketing is sticking to its foundations of testing, experimentation, and expansion, and applying these ideas to campaigns all the way through the customer experience. Successful growth marketers don’t only increase the number of users, they also create a highly engaged audience that helps in decreasing churn while also increasing the lifetime value of each user.
Key components of a growth marketing Plan
Customer acquisition rates, conversion rates, client retention rates, and customer lifetime value can all be part of a growth marketing plan. Today’s growth marketers employ a variety of strategies to acquire, convert, build, and keep engaged consumers. All of these strategies are commonly utilized in the e-commerce space, but they may also be beneficial to brick-and-mortar businesses.
Cross-channel marketing focuses on developing a strategic channel strategy to reach your consumers, which may involve email marketing, SMS messaging, push notifications, direct mail, and other channels, depending on your target audience’s preferences. When implementing a cross-channel marketing strategy, you must first focus on the individual user to learn their communication preferences, and then tailor your campaigns to their needs. For example, you may utilize a/b testing to discover that a certain group of people responds to push message offers at a 40% greater rate than email marketing offers, which will help you design personalized future campaigns that focus on push offers.
Your consumers go through a customer lifecycle as they learn about, connect with, purchase, or convert from, and re-engage with your brand. For the sake of simplicity, growth marketers concentrate on three essential lifecycle stages: activation, nurturing, and reactivation. Each step contributes to the consumer experience in a unique way and is typically characterized by special campaigns.
- The activation stage is the first step of the lifecycle, during which businesses try to pique consumers’ interest and attention. To develop familiarity and credibility, growth marketers target consumers with welcome, onboarding, trials, and other introduction efforts.
- Companies nurture and engage customers during the nurture stage to develop connections. Customers generally receive the majority of cross-channel marketing from businesses at this point, including sales, promotions, recent updates, newsletters, and more.
- Re-engagement is the emphasis of the last reactivation step. Companies use programs like post-purchase, abandonment, loyalty, and win backs to revive consumer engagement and increase retention and loyalty.
This is running either an “A” and “B” test, or a series of many tests, to see which variation of your content engages your audience the most and increases your conversion rate. A/B testing can be utilized in a variety of ways, including email marketing, landing pages, and social media ads. After that, you may base future marketing efforts on that variant, iterating on your achievements to improve performance with each test.
Examples of growth marketing campaigns
Growth marketing techniques may be used to achieve a variety of objectives, such as encouraging existing customers to participate in referral programs, engaging new consumers, and top-of-funnel engagement, to name a few. Let’s look at a couple of different sorts of growth marketing strategies.
Customer retention ensures that the consumers you worked so hard to acquire keep coming back for more of your products and services. Customers have more options than ever before when it comes to selecting what to purchase and from whom to buy it, so businesses must-win customer trust on a regular basis. Demonstrating to your customers that they are more than simply a name and a number in your database may boost brand loyalty. Find methods to reward their experience with a respect to their patronage if your company offers a membership program, for example. Exclusive access, sneak peeks, and tiered status incentives are all examples of campaigns that demonstrate continuous brand devotion.
Recommendations from friends remain the most credible form of advertising among consumers. Marketers are continuously testing and improving offerings in order to assist attract new users via their most effective source of advertising: current customers. Consider segmenting your audience and giving one sort of reward to one group and another to the other in order to test referral offers: The aim is to identify the sweet spot where you can get the most conversions per dollar spent on referrals. Dropbox, for instance, was able to drastically reduce its ad spend to acquire new users and increase overall signups by 60%.
You have a great chance to drive a new customer’s interaction with your brand and acquire more data that can help you develop better experiences once they’ve signed up for your product or website. Remember that you want to improve your new users’ customer experience, so using a multi-channel onboarding process where they’re more likely to engage with valuable information might assist. For instance, your initial message might be a simple “Welcome!” followed by a message asking consumers what kinds of items they’re most interested in.
Top of the funnel engagement
Content marketing will help your company exhibit thought leadership and engage new consumers who may wish to buy from you in the future. Create buyer personas to better understand who your buyers are and create content that appeals to each of them. Using A/B testing to optimize your social sharing, advertisements, and content headlines to maximize engagements and form conversions, you can attract your target audience through organic social media channels as well as paid social ads and retargeting.
The summary is; a growth marketer should be testing and optimizing for more engagement and a better customer experience, as well as employing tactics to attract consumers based on highly personalized preferences. As you try out different tactics, make sure you’re collecting data along the way so you can develop, test, and iterate your way to a better consumer experience.
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