Small businesses and global brands are always looking for new ways to acquire and retain customers in order to stay ahead of the competition. This struggle gave birth to growth marketing.
Whatever industry you’re in, I can assure you that competition has never been more intense!
Growth Marketing, as opposed to traditional marketing methods, uses the power of experimentation to make your marketing campaigns much more precise and efficient.
A Phenomenon- Growth Marketing, what is that?
Many marketers call themselves “growth marketers,” but what does that term actually imply? It’s a method of attracting, engaging, and retaining customers that emphasizes constant experimentation and an intense focus on your customers’ unique, changing motives and preferences.
You’ll be able to optimize your organization’s growth quickly through a variety of channels, especially the ones that matter most to your customers, by creating and delivering highly tailored, individualized messaging aligned to their needs.
So what does a Growth Marketer do?
A Growth Marketer is similar to a guided missile in that they will not stop until they have found and destroyed their target metric, or in our case, improved it.
This metric could come from anywhere in the funnel. It could be:
- The number of people who visit a website,
- The ratio of visitors to signups,
- the ratio of signups to subscribers, and so on.
So, how do they choose which of the ideas to implement?
They aren’t choosing.
Although they initially discard a few of these suggestions due to their inefficiency in terms of cost and time, the majority of them are retained.
Data from real users is a growth marketer’s best friend, so they keep testing ideas one by one, optimising parts, experimenting fonts, and experimenting with all kinds of elements to get the best result.
The Growth Marketing Funnel:
The sales funnel is the process that leads a potential customer to make a purchase in marketing. The term “funnel” accurately describes the process of directing a large number of users to a single destination.
Many people will get lost along the way, but many more will follow the flow and complete the desired action, whether it’s a purchase, a newsletter subscription, or sharing content.
The Growth Marketing funnel is the quickest– it follows the A.A.R.R.R. acronym in five steps.
The acquisition phase is when you collect information from potential customers via forms and the website’s landing page, as well as off-page SEO and digital PR activities.
Email addresses, first names, last names, and mobile phone numbers are the most common pieces of information collected. Other methods of acquisition include offline events and data collection methods such as trade shows and project presentations at conferences, as well as encouraging word of mouth.
While less cost-effective channels, such as social media advertising, can probably provide more relevant and targeted results in these cases, the issue is budget. As a creative person, the Growth Hacker must be able to meet the challenge by providing good value deals and novel sales strategies.
Brand Example: Lululemon makes the most of their Instagram page by encouraging customers to post photos of themselves wearing their clothing. This campaign is successful because it is based on the active brand lifestyle, demonstrating to viewers that the sportswear brand can be used for both exercise and casual wear.
Using brand advocates and user-generated content to engage customers, reinforce brand loyalty, and recommend the brand to social media onlookers is a great way to engage customers, reinforce brand loyalty, and recommend the brand to social media onlookers.
The potential customer takes an action at this stage, such as signing up for a newsletter or downloading a freemium version of software or an app.
This is accomplished by focusing on the user experience and tracking data such as site registration, software activation to test the product, and marketing preferences, which should be updated on a regular basis.
Brand example: As if HBO’s Westworld, which depicts an alternate reality in which humans have created robots that look, act, and feel like humans in a reconstructed Wild West, wasn’t bizarre enough, they went even further.
They created a real version of this alternate reality at the SXSW conference, where people could go and explore the Wild West, meet characters from the TV show, watch gunfights, and much more.
People and media from all over the world were invited to witness the magical Westworld. On the show, they also added the lab where these humanoid robots were created for viewers to stumble upon and be surprised by. It’s an extreme example of how to use brand activation in experiential marketing.
This is the stage where the report is put together. This entails leveraging engagement through upselling techniques, discount offers tied to previous purchases, and other data. The customer must be cared for and kept informed, especially if he or she has a strong interest in the product or market.
It’s a good idea to publish interesting information in a company newsletter or blog at this point. To send information and appealing sales offers, you can use marketing automation strategies.
It’s sometimes necessary to create custom offers for groups of customers, and the Growth Hacker is aided by effective tools that can perform CRM and marketing automation tasks.Retention is an important part of the Growth Hacking funnel, and if done correctly, it can yield results.
Brand Example: Starbucks’ customer rewards programme is one of the most well-known and well-received in the industry. Customers can earn free food and drinks, place and pay for orders, and receive personalised offers through their programme.
A happy customer is a great brand ambassador, and they’re more likely to tell their friends, family, and co-workers about your company and the products you offer.
Because it is efficient and cost-effective, word-of-mouth is the most sought-after customer acquisition vehicle, as every Marketer knows.
So, how do you generate word-of-mouth? Some Growth Hackers make social sharing arrangements and offer incentives to their supporters in order to encourage them to spread the word through word of mouth referrals.
Brand Example: Evernote’s referral programme is largely responsible for the company’s substantial growth and profitability. Earn 10 points for your first three referrals – enough for three months of Premium or 3 GB of extra monthly upload – and then 5 points for each referral who purchases Premium.
A business’s goal is to make money and expand. The Growth Hacker is required to measure the financial results of each individual channel in the final section of the funnel.
It’s no longer a matter of counting how many people have visited the site; instead, it’s a matter of determining which sales channels and product promotions have resulted in transactions.This is a crucial phase that focuses on outcomes.
The funnel will be optimised thanks to the data analysis, which will favour the channels and commercial initiatives that have produced the best results.
Brand Example: Zara is dedicated to catering to a diverse range of customers from various cultures and age groups. These core values were prioritised: beauty, clarity, functionality, and sustainability.
Zara considers its customers to be its most valuable brand asset, which is why they provide excellent customer service, which leads to increased revenue.
Wrapping it up!
Growth marketing is a relatively new field. Growth marketing will become more valuable as more businesses realise that perfecting existing campaigns is a much more cost-effective and efficient way to come up with new “growth hacks.
Whether you’re a growth marketer or aspiring to be one, you must remember that real data from real users is your best ally in achieving your goals.
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