The term "Growth Marketing Strategy" has become the latest 2021 word hack of the newest group of the "start ups" in ever...
The term "Growth Marketing Strategy" has become the latest 2021 word hack of the newest group of the "start ups" in every forum, business class, board meeting, business plan or blog article, with most people never truly understanding what growth marketing is, or further with most business people never really understanding how to put together a coherent, effective growth marketing strategy that actually works.
This article will explain how growth marketing works, the strategies behind the term and the business issues which a very effective growth marketing strategy can solve, while helping your business grow and survive the ever changing landscape of marketing trends of do's and dont's.
Mastering the growth marketing mindset requires you being able to accelerate and sustain your brands growth strategy into one which drives customer retention, consumer engagement and long term sales growth which outpaces your competition.
One of the most effective ways of employing a successful growth marketing strategy is by creating and delivering customized, personalized messages tailored to customer needs, you will be able to optimise the growth of your businesses through a variety of channels - the ones that matter the most to your customers.
Many marketers call themselves "growth marketers" - but what exactly does the term mean? It is an approach to attracting, retaining and retaining customers that focuses on constant experimentation and intensive focus on the unique and continually changing motives and preferences of your customers. Let's take a deeper look at what it means to be a growth marketer and identify some common opportunities for growth marketing teams to maximize the user experience.
Traditional marketing relies on the same proven techniques to reach customers. Stop sales, send emails, and run Google AdWords campaigns for the same 50 keywords. You will get results, but returns are likely to decline over time if you do not change your strategy or increase your budget if consumer interest changes. That's what growth marketing means.
Growth hackers are keen to use a range of innovative experiments and ongoing analyses to expand their user base at the lowest possible cost. Growth marketers using growth hacking techniques by contrast, experiment with different channels and strategies to optimize their tests to determine how best to optimize their marketing spending.
This issue is a key concern for SaaS startups, which must overtake or die their competitors. The term itself was coined in 2010 by entrepreneur Sean Ellis when he was looking for workers for a new marketing role. He was not looking for traditional marketers to deal with factors such as cost and acquisition; his main focus was on growing his user base as quickly as possible.
Fast forward a decade, and growth marketing has evolved from growth-accelerating tactics to growth-hacking. This does not mean, however, that the most successful elements of growth marketing have risen to success or have been forgotten. Growth marketing continues to build on its testing, experimentation and expansion roots and applies them to campaigns and the customer journey. Marketing technology has driven the refinement of growth marketing.
Growth marketers use A / B testing and multivariate testing to develop and experiment with content to see what different user segments like and use the results to develop optimized strategies to identify user segments that go beyond the individual level. Marketers develop personalized campaigns that reach users through multiple channels, enabling them to follow their own behaviors and develop tailored strategies to optimize growth. Successful growth marketers not only expand their user base, but also build a dedicated audience that helps to reduce brain drain and increase the value of life for individual users.
The development of a personalised marketing approach has shown that acquisition costs can be halved, revenues increased by 15% and marketing expenditure efficiency increased by up to 30%. Looking down the funnel, growth marketing leads to higher customer loyalty and satisfaction.
When you prioritize delivering a valuable customer experience, stop trying to monetize your audience. Instead of pushing content that focuses on conversion and revenue, look for new ways to add value and information to users "evolving path.
Growth marketing is a strategy based on indicators such as customer acquisition rate, conversion rate, customer retention rate and customer lifespan. Growth marketing focuses on building customer relationships and promoting loyalty, and it is a long-term strategy for authenticity, engagement, advocacy and growing customer value.
Here are some of the leading tactics used by today's growth marketers to attract, convert, create, retain and connect with customers. These tactics are often used in e-commerce, but are also useful for brick-and-mortar businesses.
A / B testing or multivariate testing is one of the fundamental practices of a strong growth marketing strategy. It can be used in a number of formats, including email marketing, landing pages, social media ad campaigns and others.
This involves using A / B tests in a series of multiple tests to understand which variations of your content, customizations, graphics, copy design and other features are doing the better job of attracting and increasing your conversion rates. You can then optimize future marketing campaigns with these variations, repeat your success and increase performance with each test. It is important to remember that if an A / A / B test proves effective for one audience segment, but A / C only works for another, you will not be sending your A and B test batches; instead, focus on a tailored segment that understands what content will reach a particular audience and keep testing new variations to improve performance.
Cross-channel marketing focuses on building a strategic channel plan to reach your customers based on your audience preferences including email marketing, SMS, push notifications, app messaging, direct mail and other channels. Create a holistic marketing plan that incorporates multiple channels is useful so you can communicate with your audience wherever they use contextual campaigns that help you understand their behavior across platforms. To integrate a cross-channel marketing plan into your growth marketing strategy, you must focus on each individual user to understand their communication preferences and build campaigns accordingly. A / B testing can help you understand why a particular user responds at a 60% higher rate to an email marketing offer if a push message has been sent, for example, so you can adjust future campaigns to concentrate more on push offers.
The customer lifecycle is the journey your customers take as they learn, interact, buy, convert and re-engage with your business. Each phase plays a specific role and contributes to the customer experience, which is characterised by a specific campaign. For simplification, there are three key life cycle stages that growth marketers focus on: activation, care, and reactivation.
In the nurture phase, companies cultivate and engage with consumers in order to strengthen their relationships. Growth marketers target customers who build familiarity and credibility with inviting onboardings, studies and other introductory campaigns. This phase accounts for the majority of cross-channel marketing, where customers receive brand sales, promotions, current updates, newsletters and more. In the activation phase, the initial phase of the lifecycle, companies try to activate the attention and interest of consumers. The final reactivation phase focuses on reintegration.
As customers go through the lifecycle at their own pace, growth marketers need to address their changing needs and capitalize on the arsenal needed for specific campaigns. No single step outweighs the other in importance. It is up to IT companies to reactivate customer engagement and promote loyalty through campaigns, post-purchase waivers, loyalty and recovery.
Growth marketing strategies can be used to support a variety of objectives including incentives for existing customers to join referral programs, attract new customers and top-of-the-funnel engagement, to name a few. Let's take a look at some types of growth marketing campaigns in action.
Customer loyalty ensures that the customers you have gained with time and effort continue to buy more of your products and services. Your customers have more choice when it comes to deciding where and from whom to buy, and it is up to the brand to win the trust of customers.
Loyalty campaigns are a great way to win over your dedicated customers. For example, if your brand has a membership program, find ways to enhance its experience by supporting its patronage. Campaigns that promote offers such as exclusive access, previews, tiered status and rewards confirm continued loyalty to your brand. Showing your customers that they are more than just a name and a dollar sign in your database can boost brand sentiment. Take cues from historical customer conversions to reinforce desirable behavior with segmented loyalty campaigns that keep your brand at heart.
Nielsen found that 83% of consumers trust recommendations of friends and family more than any other advertising source, and strong recommendations serve as strong social evidence to attract new users. Marketers should test optimization offers to attract new users to their most efficient advertising sources as well as existing customers.
When new customers register for your product or website, you have the ideal opportunity to drive customer loyalty with your brand and collect more data to help you better get a better experience. For testing referral offers, consider segmenting the audience into groups and offering some kind of incentive for one group and another for another, with the goal of finding the sweet spot where you can maximize referral revenue per dollar spent. Considering successful SaaS brands as examples of best-in-class referral programs, for example, Dropbox began offering a two-page referral program in which current users referencing users receive 500 MB of free space for each referenced user login. Dropbox was able to reduce its ad spending to attract new users and increase the total number of subscriptions by 60%.
Your first message, for example, could be as simple as "welcome.". Another message might ask if they would prefer to receive notifications by email or mobile phone.
You can continue this sequence based on the preferences expressed by users to optimize future offerings, or you can present to users to maximize their engagement.
If you're trying to attract new customers, pushing for instant sales is an instant shutdown. Instead, you want to develop a long-term strategy that helps new customers familiarize themselves with your brand so that they can take the next step on their own terms. In this case, a content marketing strategy can help your brand showcase leadership and expertise and attract new customers who want to buy from you in the future.
You can attract your target audience through organic social media channels, paid social ads, retargeting, and the use of A / B testing to optimise your social sharing, ads, content and headlines to maximize engagement in form of conversions. Create targeted buyer personalities, understand your prospects and develop content that appeals to them. Your call to subscribe to your e-mail newsletter and free offers such as e-books and checklists.
Their focus should be on testing and optimizing greater engagement and better customer experiences with strategies that attract customers based on personalized preferences. Make sure you experiment with new strategies, collect data on the go, and develop ways to improve the customer journey. Today, we have the tools and technologies to turn marketers into growth marketers.
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