Growth marketing is the process of using data gained through marketing campaigns and experimentation to drive growth. It can help you anticipate change and plan your strategies to make constant improvements.
Whether or not you’ve been using the growth marketing technique, analyzing data and feedback on what works and what doesn’t is crucial to your business. Everyone wants to meet and exceed their goals with marketing. Learning from experience and failure is a valuable experience in order to move forward in the right direction. Achieving success with growth marketing depends on the avenues you have chosen to discover.
With traditional marketing, it can be an experiment finding the best place to spend your money resulting in a successful ROI. Growth marketing is like SEO – Search Engine Optimization. Approaching growth marketing like an MO – Marketing Optimization. Your strategies and tactics should begin with a theory or hypothesis. In order to determine what is working and what isn’t, here are some suggestions to achieve your growth marketing goals.
1. More Than One Avenue
Marketing using one outlet is like going to a wine-tasting and only tasting one wine! In order to understand what you like or in the case of marketing, what works, one needs to sample many varieties. The same holds true for marketing. So, go back to the beginning. Reevaluate your product to find the avenue you need to take. You’ll need to determine who would want this and who would benefit the most from it.
Take those demographics and put yourself in their shoes. What are their habits? Are they reading print? This idea translates to reading print advertising – newspapers, magazines, newsletters from organizations the affiliate with. These individuals may be of an older generation. Are they your individuals? Are they on their phone? This translates to social media, texting, podcasts and actually making calls. These individuals are most likely teens and 20 somethings. Are they on the move? This could be those individuals right in the middle; 30 & 40 somethings who perhaps commute to and from their jobs. They may be participating in a combination of ways to get their information translating to all of the above with billboards, buses, skin wraps and park benches thrown into the mix.
Attempting to reach leads and customers through various forms of media is known as cross- channel marketing. While most businesses do this to some degree, growth marketing strategies hyperfocus on finding the right combination.
All of those avenues mentioned can be effective, for generating awareness and qualifying leads. You can convert more leads into sales through personalized emails, direct mail and targeted online ads. Utilizing multiple avenues of marketing, helps to ensure that you are getting your message out to those that fit your demographic with the tool that they use the most for their information.
2. Test Your Theories
Once you have pin-pointed your demographic, it’s time to choose the medium that you believe will work best in capturing their attention. It’s time to test your theories. Enhancing your product with a special sale or limited time offer or just repetitively driving your product to be seen as much as possible may be the attention-getter your need.
You may also try sending two versions of an offer. Both highlight your product, but one includes a targeted group; perhaps a profession an age group or those with specific interests. The other with a generic offer. Testing will give you an advanced idea of how to proceed further in your marketing. You can also try webpage upgrades and implement options for online purchases making the transaction experience seamless.
3. Concentrate on the Entire Buyer’s Journey
Once leads become customers, you’ll want to continue down the avenues that brought them to close on a purchase, hoping to continue the trend. The timing may be right to add more product or services. All the while, documenting your results; revenue, medium, volume, repeat business etc.
You’ll also need to continue to monitor sales to see if there is a referral factor. Are your customers telling others about your product. Perhaps if this portion of the “growth marketing” data that you are analyzing is low, you may want to find a way to reward those that might recommend your product or service to others. Perhaps with a Thank-You offer or coupon will help them keep you in their dialogue when making recommendations. It’s marketing 101 – “10 tell 10.” If each of the first 10 people tell 10 people, think of the ripple effect that will have on sales. Remember that theory works in the other direction as well, so it goes without saying – but I’m going to say it anyway – keep your product relevant, visible, affordable and ready for market.
4. Real Data
Consumer behaviors and lifestyles have changed since the pandemic and through today. Our economy is in a recession and inflation is at an all-time high. Supply chain disruptions are impacting your business and your customers may be losing interest in spending. If consumer confidence is low, your customers might be less willing to add on new products and services. Alternatively, data from website analytics and surveys may reveal a growing interest in an update to your products or equipment. Your customers are responding to promotions and they’re willing to act and buy again when they get a deal. They also want to know that they can get savings on the products they want.
This is important data for customizing your customer experience. Client data could assist you in targeting customers through email. Those emails could promote current promos on newer models from the same brand or manufacturer. Personalized emails could include online and local sales numbers to motivate clients.
Determination is the key to your success in growth marketing. You’ll see results when you strategize a plan that will drive results. Remember to implement multi-media marketing for the most lucrative end game.