You may have heard of Growth Marketing and are curious to know how it works. You may have understood its essence and promised to strategize this year. However, knowing what to include in your plan is one of the most challenging aspects of moving forward with your marketing augmentation. Although companies widely use this practice, its tactics are considered experimental.
Despite its experimental nature, there are proven growth marketing methods to rely on it. Most examine traditional sales and marketing funnels, leads, and how customers go through them. All stages – from acquisition to nurturing, transformation, retention, and context – represent growth opportunities. With these steps in mind, your growth strategy should include four things.
Identification of Customer Personas That Are Dropping Off
Growth marketing utilizes metrics-based data to determine the number of potential leads that convert into customers. Each stage of the marketing funnel provides the opportunity to increase your acquisition, conversion, or retention rate. For example, you may have 1000 visitors visiting your website weekly, but only 50 ask for more information. So what happens to the remaining decades of the 1990s, and why do they leave without taking action?
In addition to determining where leads or conversions will drop, it is helpful to decide who leaves the stage on the left. For example, there may be specific buyers and customers who do not convert. Similarly, a group of buyers may make one purchase but not return.
These patterns indicate opportunities for modification, feeding, and altering styles of cognition. For example, you need to use more personalization to increase the conversion rate between buyers. Editing costs have decreased up to 50% when marketers use personalization. In addition, with a personal message, you can resume or unlock missed pain points from your blanket ad.
Third-party data may tell you much about your market and complete customer base. But secondary research cannot tell you how your potential customers will behave. For example, you may have information indicating that your target audience is interested in a more reliable Internet service. However, the company advertising your trusted connection doesn’t get many new clients. The problem may be with the messages, the target person, or the product. With A/B testing, you can build an assumption about the behavior of your target market and try out different tricks and messages. Thus, A/B testing helps you focus on and increase the root cause of depressed conversion or editing rates. For example, startups implementing A/B testing increased their weekly website views by 10%.
You might try comparing conversion rates with one message highlighting internet speed and another emphasizing affordability. You can also use key messages to target different people who have demonstrated credibility. For example, the latest A/B testing may send separate advertisements about other products to the current target segment. The results will usually reveal what works and what doesn’t for your specific audience.
Traditional marketing efforts are not dependent on a single channel or ad format. Instead, most policies consist of outdoor, print, radio, and television commercials. Growth hacking strategies can use a similar approach when expanding or experimenting with new channels.
The difference between Growth Marketing is that you may not have the data to show a specific channel to your audience. For example, if you’ve entered the world of mobile advertising, you won’t know if it’s effective until after you try it. However, expanding the channels and media can help increase your editing, conversion, and retention rates.
You may know someone perfect for referrals. They have a stable customer base that buys back constantly and is open to add-ons and upgrades. However, you may find that only 5% of these characters are currently making referrals.
Knowing about referral programs can lead to 71% higher conversion rates, so you target this group with email campaigns, pay-per-click ads, and social media posts. When you find that email works best to increase the personal use of this referral program, you multiply.
Well-defined priorities and KPIs
The most successful strategies prioritize specific goals and align measurable KPIs with them. Growth marketing involves a variety of approaches, so if you try to do it all, you’ll run your team rough. Instead, decide on a few aspects you want to focus on, such as increasing conversion rates for first-time visitors. Once you have identified the areas you want to improve, let us know how to measure your progress. Build your KPIs based on the principles of SMART goals and take advantage of any built-in analysis or tracking tools at your disposal.