Many traders call themselves “growth marketers,” – but what does that term mean? It is a method of attracting and retaining customers that focuses on active experimentation and intense focus on your customers’ unique, changing objectives and preferences.
By creating and delivering highly customized, customized messaging tailored to your customers’ needs, you can quickly optimize your organization’s growth through various channels, especially those that are most relevant to your customers. Let’s look into what it actually means and highlight some common opportunities for a development marketing team to optimize the user experience.
What is Growth Marketing
Growth marketing isn’t about fixing one part of your funnel. It’s about looking at the entire life cycle of your customers and using that information to create compound returns that lead to more engaged customers.
Let’s take an adjacent look at what growth marketing is.
Traditional marketing concentrates on the top of the funnel, often with activities that lead to short-term wins. Account-based marketing also focuses on key accounts. It makes sense, isn’t it?
But the job description for growth marketing requires you to focus on the funnel. Growth Marketers are data-driven professionals who work tirelessly to find innovative ways to stimulate customer acquisition, retain customers, and ultimately turn them into brand champions.
In other words, growth marketers are the key users at each stage of the funnel. And they work closely with the entire business to earn better insights.
As development expert Andy johns said: “If finance consists of cash flows in and out of a company, growth consists of cash flows in and out of the product.”
A growth marketing strategy can be based on metrics, including customer acquisition rate, conversion rate, customer retention rate, and customer lifetime value. Here are some of the key growth strategies that growth marketers use today to attract, convert, create and retain customers. These tips are often used in the e-commerce sector and can also be helpful for brick-and-mortar businesses.
1. A/B testing: A/B testing, or better yet, multivariate testing, is a fundamental practice of a strong marketing development strategy. A/B testing and multivariate can be used in many formats, including email marketing, landing pages, social media advertising, and more.
It includes scheduling or testing “A” and “B” or a series of tests to find out which version of your content (with graphics, copy, design, and other features) will attract your audience and increase your conversion rate.
2. Cross-channel marketing: Cross-channel marketing focuses on creating a strategic plan for reaching your customers and can include email marketing, text messaging, push notifications, in-app messaging, direct mail, and other channels depending on your audience’s preferences.
When incorporating a cross-channel marketing plan into your marketing development strategy, you need to focus on individual customers to understand their communication preferences and build your campaigns accordingly.
3. Customer lifecycle: The customer lifecycle is a journey your customers learn, communicate with, buy, convert, and interact with your company.
There are three crucial life cycle phases that growth marketer’s focus on:
1. Activation
2. Nurturing
3. Reactivation
Each stage plays a role in the customer experience and is often marked by specific campaigns.
The activation phase is the initial phase of the life cycle where companies seek to activate consumers’ attention and interest. Growth marketers target customers with onboarding, welcome, trial, and other introductory campaigns to build closeness and credibility.
The nurturing phase is where companies nurture and engage consumers to strengthen relationships. This stage typically represents most inter-channel marketing clients received from brands: sales, promotions, recent updates, newsletters, and more.
The final stage of reactivation focuses on re-engagement. It is the phase where companies reactivate customer engagement to promote retention and loyalty through campaigns such as abandonment, loyalty or return, etc.
Below are four ways growth marketing can benefit your company. Building and optimizing your revenue engine is the key to the long-term growth of your business.
Revenue engines only work when cross-functional teams work together for the same goal, and tactical, strategic marketing decisions are made based on testing and data. That’s precisely how growth marketers work.
A growth marketer will bring a new mindset, agile approach, and revenue-driven focus. Employing a growth marketer with relevant experience is an essential first step toward achieving that goal.
1. SEO Benefits
If you are on social media and running a PPC campaign, the data collected provides insight into which keywords drive you high. Whether search engines are actively involved in social media, social media influences the overall search results. Use data and keywords in your website and social media content.
2. Branding Recognition
Make your brand available to consumers by identifying your audience’s needs or pain points. It can be achieved through different ways, including checking your Facebook or Twitter accounts and those of your competitors. Be a part of the conversation and provide valuable information.
3. Enhance Your Existing Campaigns
Take full advantage of leads acquired through your existing campaigns by following them on social media platforms or discovering new ways to collect additional information about their buying habits. Another way to maximize data is to measure whether there are monetary differences between lead sources.
4. Prevent PPC Overload
By diversifying marketing for growth marketing, you will avoid PPC saturation. Although PPC works for adaptive ad purchases, it involves devoting more money to a campaign to attract more leads. Eventually, larger competitors will also increase PPC funding, resulting in increased expense with ROI likely not being worthy.
Conclusion
Use the above guide to find the best fit for your company, partner with experts at home and abroad, and enjoy the process of achieving your professional dreams in real time. If you want to learn more about Growth marketing hacks, you can contact us. Our experts are here to help you. Call now!