The marketing world is constantly changing and developing with new tools and methods. Strategies that are effective today may not work next year, or even next month. What we know for certain is that successful marketing requires looking beyond the top of the funnel for customers who will stick around. Without retention, there is no growth.
That’s why growth marketing is more important than ever. So, what is growth marketing all about? Learn why growth marketing is important, what its core components are, and five different ways to turbocharge your business with it.
Growth marketing defined
Growth marketing is a spin on traditional marketing with additional digital layers such as A/B testing, SEO optimization, data-driven blog posts and email campaigns, and careful attention to each aspect of a user’s experience. Insights inform strategies that are quickly implemented to achieve sustainable and robust growth. Unlike traditional marketing, growth marketing prioritizes small hypotheses, fast experimentation, and rapid iteration over large, long-term campaigns.
Why growth marketing matters
An average of 4 million businesses are opened every year, and over $297 billion is collectively spent on marketing expenditures. With those figures, it’s more important than ever to make your business stand out. To compete, it's crucial to have a growth marketing strategy. A strategy that is creative and compelling will:
- Help improve customer acquisition rates and allow you to expand your loyal user base
- Allow you to grow and scale your business rapidly
- Enable you to maximize your marketing activities across many different channels
- Provide you with insights into the full customer journey
Core components of a growth marketing strategy
The primary focus of your marketing strategy should be based on metrics like retention rates, acquisition rates, conversion rates, and customer lifetime value. Some of the most frequently used tactics that growth marketers find successful include:
A/B testing can be used in a variety of formats, such as email marketing, landing pages, social media ads, and more, making it one of the primary tactics to be used in a strong growth marketing strategy. By deploying “A” or “B” tests, you can gain a better understanding of which content pieces are performing better. With better insights into how to engage your audience, you can optimize future campaigns and increase your likelihood of boosting conversion rates.
Pro tip: Just because one test proves to be more effective with a particular audience segment doesn’t mean you should stop testing. Concentrate on customized segments and keep testing new content variations to understand which content resonates best.
With cross-channel marketing, your focus should be on building a plan to extend customer reach. It can include push notifications, email marketing, direct mail, in-app messages, and other action-driven initiatives. The key is to know your audience’s preferences. When you incorporate your plan into your growth marketing strategy, zeroing in on communication preferences will help you build your campaigns accordingly.
Pro tip: When you integrate multiple channels into your marketing plan, your audience can remain engaged from anywhere. Use contextual campaigns to help you gain a deeper understanding of your audience’s behavior across different platforms.
As part of your growth marketing strategy, be sure to pay close attention to the three critical life cycle stages: activation, nurture, and reactivation. You need to:
- Target your audience with introductory campaigns to build credibility
- Nurture them to strengthen relationships through cross-channel marketing efforts
- Re-engage them to drive retention and loyalty through post-purchase or win-back campaigns.
Pro tip: Each customer will progress through the life cycle at their own pace. However, proactively accommodating users' changing needs will help you create more need-specific campaigns, setting you up for success.
5 ways to turbocharge your business with growth marketing
Know your clients and competitors
To optimize your campaign, know your clients. Analyzing their data can often shed light on surprising insights such as discovering which leads have a higher likelihood of converting. It can also help you tailor communications to improve retention rates.
While it’s important to analyze your client base, it’s equally important to determine what your competitors are doing. Seeing what works well (or doesn’t work at all) for them can give you insight into new marketing opportunities to test, too.
Pro tip: To see what your competitors are doing well, use an online competitor analysis tool. To learn what media your clients consume or what terms they use when searching for your product, use the Google Keyword Planner and try client and industry surveys.
Optimize your content marketing
When done right, content marketing can create a lasting impact as part of your growth marketing strategy to help you generate new leads. Demonstrate your expertise in your field with articles, videos, and other sources that your potential customers are searching for. By optimizing your content around keywords your audience is looking for, you can boost the chances of them coming to you and staying.
Pro tip: Be sure to plan, test, and analyze which content is working. When you determine which content is attracting the most attention, adjust your campaigns to ensure you improve results.
Maximize your advertising
You’re probably already employing advertising as part of your marketing strategy — be it sponsored content, display advertising, remarketing, pay-per-click, social media ads, and so on. In most scenarios, real-time data is accessible, allowing you to closely monitor your ads’ performance. Dig into the data and follow growth marketing principles by planning, testing, tweaking, and repeating.
Pro tip: By digging into that data, you will be able to identify insights that enable you to improve leading indicators over time. But to truly maximize your growth marketing efforts, don’t lose sight of the big picture. While data is important, stay focused on broad performance metrics (like sales and revenue) over time so you don’t repeat ineffective advertising moves.
Prioritize your website
Optimizing your website is key to generating more leads. It’s important for communicating why prospective customers should choose you. If you haven’t already done so, advance your SEO strategy. Ultimately, your goal should be to funnel your clients to the action you want them to take. Additionally, your site’s aesthetics and user experience should be familiar for your target audience.
Pro tip: Seeking advice on your SEO strategy is wise, since it’s a specialized technical area. You can also consider identifying CRO improvement opportunities by conducting A/B testing, individual user testing, qualitative research from focus groups, and client surveys.
Make sure your customer service team is motivated
For growth marketing to be sustainable and successful, focus on the customer experience. Having quality service will help you build loyalty and turn consumers into brand advocates. Your products alone will not keep customers happy — they must be coupled with high-quality customer service. Make sure that all brand interactions leave your customers feeling satisfied and valued. If your customer service team isn’t motivated to give each person the "white glove" treatment, your customers probably won’t be coming back…which can make the colossal effort of attracting new users feel like a waste. As we said at the beginning of this article, growth marketing is nothing without a great retention strategy.
Pro tip: To create a good customer service experience, collect customer feedback through surveys and ask for suggestions on how to improve. You should also empower employees with the latest solutions so that they can fulfill their roles effectively. For instance, using a telephone system that automatically distributes incoming calls will benefit team members and customers alike.
Scale Growth Efforts with MarinOne
With growth marketing comes countless tools, channels, platforms, and tactics. One thing is clear: growth marketing requires work, but the return makes it very worthwhile
MarinOne has the tools you need to be a successful growth marketer and can help you focus on both testing and optimizing to boost engagement and provide a better customer experience.
Ready to take your growth marketing to new heights? Contact one of our MarinOne experts today.