Whether you have been doing growth marketing for a while or are new to the practice, you will want to succeed. No one wants to miss a set marketing goal especially when there are many risks in business and failure to meet targets can lead to stakeholder disappointment, future layoffs, and financial loss. However, success in growth marketing requires a willingness to learn from your mistakes.
Contrary to conventional marketing, some innovation is required. Like scientists, growth marketers approach their strategy and tactics. A hypothesis is fueled by data and observation, which is then put to a test to see what holds true and what doesn’t. Nonetheless, growth marketing does provide tried-and-true strategies to support success of firms. In this article we will explain four strategies which could help to exceed growth marketing goals.
1. Use more than one channel for advertisement
The environment for marketing is more dynamic than ever. Some companies still use TV, radio, and print, but they increasingly switch to social media and guerilla marketing strategies to reach new customers. Native advertising is one of the innovative strategies being used to reach audiences in novel ways. In order to outperform growth estimates, marketers should employ more media channels than they do traditionally.
Cross-channel marketing is the practice of trying to reach leads and customers through numerous media channels. While most companies do this to some extent, growth marketing strategies place a strong emphasis on finding an ideal mix. More specifically, marketers want to learn which channels are most effective at each point of the buying cycle or marketing funnel.
Perhaps podcasts, online events, and blog articles are quite effective at attracting attention and qualifying leads. Although, more leads turn into sales when they are converted by personalised marketing ads and promotional direct email. Utilising cross-channel marketing opportunities enables your company to communicate with prospects and customers in ways they will understand. Utilising a variety of media kinds also guarantees that you’re using the best tool for your audience at the right time.
2. Review the findings of A/B testing
A/B testing is a tool that successful growth marketers use to identify who their target customers are. Do you recall a part about testing hypotheses? You can achieve it using A/B or split testing. Begin with an educated assumption about your audience before doing a test to see if it is accurate. For instance, based on information from customer surveys, you came to this conclusion that customers may respond better to promotions that highlight limited-time savings.
So you send two different emails to test this theory. Both mention your most recent product sale, but only one has language urging readers to take immediate action. According to the test results, the email that emphasized urgency generated more conversions. In this case, the findings support the initial theory. You now know how to continue utilizing this language with that particular audience in order to increase sales.
Growth marketers may not yet have enough reliable data or want to see if various customer segments respond differently. For example, different landing page variations may show that diverse age groups interact with certain design elements more than others. Following that, growth marketers can make adjustments to the page to make it more appealing to their intended audience using the test findings.
3. Pay attention to the entire buying process
The initial stages of a buyer’s journey are typically the focus of traditional advertising. Making people aware of an existence of a product, service, or brand is the aim of a TV commercial. When consumers are ready to buy, it is frequently hoped that they would recall a name of a company or particular goods. However, conventional marketing doesn’t frequently cover other phases of the funnel or the buyer’s journey.
There are six different stages throughout the marketing funnel. The apex of the funnel is awareness followed by acquisition, activation, retention, revenue, and referral at the last stages. It’s possible that many individuals are aware of your product, however less people will go to your store or website for more details and then only some of them will proceed to submit a form, join your email list, or make a purchase.
When leads become new clients, you want them to stick around. Preferably, you want them to add more services or make further purchases. Ideally, those customers are so pleased and enthused by your brand that they recommend it to others. Growth marketers that can achieve or surpass their objectives are aware that raising awareness is just the start. All along the sales funnel, there are potential for revenue, and building strong client relationships is essential to generating sales.
4. Rely on Real-time data
Effective growth marketers are aware that recent data may not be accurate. Consumer habits and way of life might occasionally shift drastically. A potential economic downturn and supply chain disruptions could cause consumer behavior to alter, which could have an effect on your company. Besides that, if consumer confidence is low, it is less likely that your clients will be willing to add new services.
In contrast, real-time information from website analytics and surveys may show a rising desire in replacing outdated goods or equipment. It also may be, that the most recent feedback indicated of possibility, that a wider range of customers are responding to the promotion. When they can obtain a deal, they might be ready to take action and commit again. Customers desire assurance that they may get the savings on the products they want.
All of this data presents a chance for growth marketers to tailor the consumer experience. Marketing messages aimed at clients with outdated equipment could be created with the use of current inventory and client information. Those communications would probably feature recent specials on more recent models from the same brand or producer. To encourage customers, personalised mailings might also display local and online inventory counts.
In order to succeed at growth marketing, one must have grit and be open to learning and adapting. Strategies and tactics that are successful with one group of customers might not be the same effective with another. It is routine to carry out many efforts and manage numerous tests at once. However, you can achieve the results you desire if you make a commitment to cross-channel marketing, A/B testing, relationship development, and real-time data.
The inspiration taken from Forbes.com