In an increasingly competitive corporate online world, it has become increasingly important to have a creative, interactive and compelling marketing strategy.
A strategy that not only helps to acquire customers, but is a fertile ground for virality, word of mouth and organic growth. This powerful new way to build a loyal user base has a name: Growth Marketing.
Let's take a look at what Growth Marketing entails and see what it takes to become successful.
growth marketing What is?
Growth Marketing is marketing 2.0. It takes the traditional marketing model and then adds layers like A/B testing, value-enhancing blog posts, data driven email marketing campaigns, SEO optimization, creative ad copy and technical analysis of all. aspects of a user's experience.
The insights gained from these strategies are quickly implemented to achieve robust and sustainable growth.
What makes Growth Marketing different?
Traditional marketing involves “set and forget” strategies that burn a set budget and hope for the best. Think Google Adwords and run campaigns with some basic ads.
These strategies can be a great way to drive traffic to the top of your sales funnel, helping to increase a company's awareness and user acquisition, but that's where the value diminishes.
Growth marketing goes beyond the top of the funnel.
When done right, it adds value across the entire marketing funnel, thereby attracting users, engaging them, retaining them, and ultimately making them champions of your brand.
Growth is focused on the full funnel – while marketing is generally focused on the top of the funnel. These data-driven marketers are highly involved in formulating a strategy, trying new experiments and thus quickly failing to quickly zero in on what works.
But Growth Marketing is also a stochastic process, like biological evolution. This means that there is an element of randomness in the strategies that might work. The only way to be sure what a fruitful path will be is to start throwing things at the wall and then see what sticks.
Characteristics of Successful Growth Marketing Campaigns
data oriented
The days of making decisions based on instinct are over. It's time to make decisions based only on the use of the HiPPO (highest paid person's opinion) strategy. Modern Growth Marketing dives deep into the data to find out which strategies are working and are comfortable using all of the tools that allow this analysis.
Creativity
The best growing marketers are willing to think creatively. They never say "it's never been done before, so why try?"
If that was the attitude Airbnb had when trying to grow, they would never have had the idea of providing free professional photography services to every person listing on their website. What some thought was crazy or unnecessary turned out to be a fantastic engine to drive its growth.
An axiom of the sales world is that you can't sell a product you don't understand. Since growing marketers are also in the sales and evangelism business, the same rule applies. Your goal is not to trick people into buying something they don't want, but to elucidate the many benefits of a valuable product that you really believe will help people. Highlighting the products or services in marketing.
Possessions a Hacker Mentality
A growing trade needs to be active. At any given day, you could be creating a video, optimizing ad copy, implementing a new A/B test, or even doing some coding. The more and varied your skill set, the more you can add to an organization (especially at an early stage).
not afraid of failure
Successful Growth Marketing professionals believe that a failed experiment is not a bad thing. In fact, failure is the fastest way to gain valuable information.
You must be open to trying anything and everything to see what works. You will eventually hit upon things that are successful, and then you optimize them and continue the process.
Know How to Tell a Story
All the data in the world won't help you figure out how to really connect with your users. You must have the ability to synthesize quantitative and qualitative information into a compelling story that resonates with your potential customers.
So what are the fundamentals of Growth Marketing?
One of the main goals of any Growth Marketing manager will be to increase traffic numbers. This is done in a number of ways.
organic traffic
These are users who come to your site after performing a search with a major search engine. To optimize organic traffic, you want to do all the things that help you stay near the top of search results. This includes sharing your quality content with other sites so that you can build inbound links and produce content that has been optimized for the search engine.
paid traffic
These are the users who come to your website through your advertising channels. You want to monitor how much you're spending, the number of impressions your ads are generating, and the CPA (cost per acquisition).
Lately, more and more companies have experimented with native advertising, which involves placing non-traditional ads that are made to look like they are more content-focused.
Referral traffic
This is any and all traffic that doesn't come from a major search engine. Thus, social media traffic as well as all other websites that connect to your content.
If you are doing things right in Growth Marketing, people will start sharing and talking about your content simply because they are naturally inclined to do so. This is the definition of viral content. Tracking the volume and source of all referral traffic will help you optimize accordingly.
You can use competitive analytics to gain an edge, such as monitoring your competitors' engagement spikes on social media and then trying to reverse your success.
Posting guest blog posts can also be a great way to build referral traffic.
Onsite Metrics
It's always critical to know what's really going on on your site. You want to know where your visitors are coming from, what actions they are taking, and how much time they are spending on the site. Another important number to monitor is your bounce rate as it is a great indicator of the relevance of your content or landing page.
All visitors in the world mean nothing if they are not being converted into new users. Here are the main areas to be optimized.
Conversion rate
What is the overall conversion rate of people coming to your site through any means? You should carefully examine all pages that show significant losses compared to other parts of the site.
Hubspot experimented with different website designs and found one that doubled their overall conversion rates.
What is the conversion rate of users reaching your main landing page? There are many ways to optimize here, like tinkering with copy, design and layout.
Blog/Email Subscribers
Are you producing compelling content that people really want to read? So, that needs to be your priority.
If you're already creating good content, then you want to make sure you're driving the actions you want? You can figure this out by looking at things like click-through rate, subscriber growth, and stock.
Increase free trials for paid plans
If you have a freemium product, you finally want to convert free trial users into paying customers.
A great example is how Growth Marketing professionals leverage tracking technology to expose certain premium features to only a single subset of users. Their tests let them know exactly what features to show, so their experiment results in a 5% increase in upgrade conversions.
reduce churn
Churn refers to the percentage of users who sign up for your service but then stop using it. This is an especially critical metric for SaaS companies in growth mode, because churn is the archenemy of exponential growth.
If you're losing a significant portion of your customers, you simply won't be able to reach the critical mass of users you need to start earning serious revenue.
Analyze every aspect of why users stop using the service, as well as ruthlessly iterating to plug the holes. An area that might be tripping you up? User Interface. Make sure it's smooth and perfect, or people will leave.
Increase average order value
By tracking and further analyzing user behavior, you can begin to target them in ways that will increase the average order value. Areas to look at include grouping, targeting customers based on past behaviors, and up selling.
Increase lifetime value
Once you have a customer on board, how do you maximize the value you get from them? Strategies can include conducting user surveys to find new features people want, encouraging customers to move to an annual billing cycle, or providing targeted, premium customer service.
Once you have a trusted company, and one that offers a great user experience, you can leverage that to build a true brand. That is, your name can become synonymous with quality in this particular industry.
It starts by building a great company culture. Then the brand building process can be helped along with a smart PR campaign, influencer marketing, positive word of mouth and referral programs.
Conclusion
As long as you continue to learn, relentlessly test, and focus on telling a compelling story through data, you will find success in Growth Marketing. Good luck!
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