With close to 5 Lakh new businesses starting in the US every year, a total of 200 billion dollars is spent on marketing! With a competition this tough, it is important to have a compelling marketing strategy. While traditional marketing works excellently for driving brand awareness, growth marketing is a powerful way of moving the leads up the sales funnel. Let us learn more about growth marketing and understand what it takes to be a successful growth marketer.
What is growth marketing?
Growth marketing covers all aspects of traditional marketing, but with a twist. Click To Tweet For instance, it includes the concept of A/B testing, data-driven campaigns, optimizing SEO, and technically gauging every stage of the user experience to curate a better and more intuitive strategy.
How is Growth Marketing Different than Conventional Marketing?
Traditional marketing has an allocated budget for the marketing endeavors with hopes of getting some results. While this takes care of the awareness phase of marketing, it doesn’t go beyond that.
Growth marketing caters to the complete sales funnel and takes care of each stage. It captivates the users, engages them, learns the best ways to retain them with analytics, and finally turns them into a loyal customer.
The data-driven marketers focus on devising a strategy, experimenting with campaigns, and embracing failures to quickly identify what works. However, growth marketing is not a cakewalk as it needs experiments to get things right.
What does Growth Marketing Entail?
Let us dive deep into growth marketing and find out what are the common goals that any business has:
Retaining Customers
Growth Marketing thrives on retaining the existing customers. By prioritizing the customer delight of existing clients you can ensure that they stay loyal to your brand. Making a sale to an existing customer is way easy than convincing someone new to purchase.
Hence, the pursuit of new customers could go in vain if you don’t know how to make them stay. Moreover, the customer acquisition costs could cost you a fortune if customer retention isn’t taken care of.
Emphasize on customer delight and retention before embarking on customer acquisition. Click To Tweet
When you consistently impress the customers, they grow fonder of your brand. Brand loyalists will also bring in new business with word-of-mouth marketing.
One way to engage customers is through conversational marketing. Chatbots are emerging in the marketing space and have automated the sales force. Bots are easy to use, always accessible and can nurture the leads already captured. You can use social campaigns to draw users and bot will takeover from there by assisting them with anything they need. Chatbots send useful data to your customer teams and drastically reduces the time taken to solve problems. This, in turn, saves your precious money.
Customer Acquisition
Once you have a strong customer retention plan, customer acquisition becomes financially viable. To boost acquisition, you must find out what your target audience is looking for and where. Next, you figure out how your solution meets them in this quest. You can boost customer acquisition through social media campaigns, introducing free trial periods and leveraging paid search.
Increasing Profit
Growth Marketers need to come up with a sustainable marketing strategy to increase profitability. A growth strategy should bring in new sources of revenue without increasing the expenses. Strategies, like offering services/products in bundles, doing customer surveys, and annual billing can help increase profit.
Important tactics of growth marketing strategy
Now that you know the goals behind growth marketing, you might be wondering how to achieve them. There are various ways in which you can attract and convert customers. Let us explore the effective strategies every growth marketing manager needs to know.
Multivariate Testing
This is perhaps the most popular growth marketing technique out there. Otherwise known as A/B testing, it applies to email marketing, social media ads, and landing pages, etc. You can deploy two types of tests “A” or “B” to check how the variation of content works. It could be a design, a copy, or other graphics.
The idea is to understand what works best with your audience and then increase your conversions accordingly. When you analyze the type of content that resonates with a particular audience, you can create more such content. Thus, testing the variations will help you improve performance.
Understanding the Marketing Funnel
To administer growth marketing, you should have a good understanding of the marketing funnel. There are three crucial aspects of it: activation, nurture, and reactivation.
The activation stage is when you evoke intrigue among the customers for the brand. Click To Tweet It is when you make them familiar with your brand while depicting credibility. Next up is the nurture stage wherein brands engage customers to strengthen relationships with them. This comprises promotions, sharing recent updates, sending newsletters, and more.
Lastly, the reactivation phase is when the brand re-engages the customers. This way growth marketers can get repeat business from clients. With a thorough knowledge of each stage, growth marketers can devise campaigns accordingly.
Cross-channel Marketing
Another great tool in your arsenal as a growth marketer is cross-channel marketing. It understands the user’s preferences on different social media channels. Post which it creates the marketing strategy. For instance, if you notice that your audience responds to push notifications 70% better than emails then you can focus more on them.
What does it take to become a successful growth marketer?
The best growth marketers have these following qualities:
Data focussed
Gone are the days when one had to make decisions purely based on guesswork. There are plenty of tools available today which growth marketing managers can use. They give a clear idea about what is working and what isn’t for instance, Google Anlaytics.
Ready to fail
Growth marketing jobs often demand people to be fearless. They should be willing to learn through failure. After trying out myriad marketing strategies, you will eventually find something that works. This can be then optimized to bring in results.
Product Knowledge
You cannot market something that you don’t know about. Without a thorough understanding of the product, marketing wouldn’t be genuine. After all, you should be able to deliver what you promise.
Innovative
Now, this is something you will find in every growth marketer job description! It could be challenging to go for a campaign that might not have ever done before. But that doesn’t mean that it won’t bring in any results.
Storyteller
So you might become an expert on data analysis and have derive insights too. But how you use it to create a compelling strategy will decide how effective the marketing is. So if you are thinking what is a growth marketer, think storytelling! Click To TweetYou should be able to curate campaigns such that they resonate with your target audience.
Wears many hats
As a growth marketer, you would have to look after A/B testing, optimize a social media copy, have some coding knowledge, and create videos. In essence, you would be doing multiple tasks which demand various skillsets intending to drive more business. At the same time, you also need to know how to measure the data while being guided by human intuition.
Apply these effective growth marketing strategies to your business to generate quality leads and improve conversions.
You might as well want to give HybridChat a try which aligns with the growth marketing technique. It taps into conversational marketing to nurture leads every step of the way! 😀
