Marketing strategies are a brand’s plans to attract, acquire, and retain customers. They make use of digital and traditional marketing channels to implement these strategies and make customers take a particular action.
Growth marketing has been developing rapidly in recent years. It is a marketing method that involves creating and experimenting with different ideas and implementing the one that works best for the business.
What Are Growth Marketing Strategies?
Growth marketing strategies are data-driven marketing strategies that you form with a particular goal in mind. For example, if you want to acquire more customers, then you should form a strategy that can help you gain more customers.
These strategies focus on acquiring and retaining customers for a longer period. They are customer-centric and focus more on satisfying the needs of the customer than the brand.
The true growth of a business is acquiring new customers and retaining them for your brand. Growth marketing strategies are created with your business’s long-term growth in mind.
What Are the Benefits of Growth Marketing Strategies?
Growth marketing is more than just creating new, out-of-the-box ideas for a brand. They are used to create well-thought-out strategies that can provide long-term growth for your business. Below are some of the benefits of implementing growth marketing strategies.
Growth marketing is based on data analysis and how well an idea will perform at attracting customers. Strategies created using these data are more focused and have more potential for attracting customers.
They are creative
Growth marketing is all about creativity and coming up with out-of-the-box ideas for better marketing. Growth marketers often experiment and derive highly effective growth marketing strategies for maximum results from the campaigns.
They are focused on customer retention
Unlike digital marketing, where marketers only focus on generating leads and acquiring new customers, growth marketing prioritizes customer retention and satisfying the needs of the customers.
Strategies that are focused on customer retention can boost your Customer Lifetime Value (Retention) na degenerate revenue.
Promote brand recognition
Growth marketing strategies promote brand recognition, making it easier for customers to learn about your brand. They help expand a brand’s visibility to its target audience and increase revenue in the long run.
They are in high demand
Nowadays, most brands use growth marketing strategies to achieve their goals. The data-driven and accurate results provided by these methods have led to many brands following this method for marketing their products.
Top Growth Marketing Strategies to Grow a Business
1. Create user/buyer personas
Understanding your target audience is crucial to any type of marketing. You can only drive traffic and get the maximum conversions when you know who your target audiences are and what they need from your brand.
The best way to do this is by creating user/buyer personas. Each persona should describe a specific audience group with similar characteristics and preferences. You can create multiple personas for your brand using the info you collect on your customers.
The following is some information you can collect on your customers and create personas.
- Demographics: Country, gender, age, education, language, income, etc.
- Goals and values
- Their needs, challenges, and pain points
- Behavioral traits: beliefs, interests, personalities, etc.
- Buying patterns
- Purpose of buying the product
- The places they buy the products (retail store, online, etc.)
- Frequency of purchasing
- Preferred communication channels: email, text, calls, etc.
Using this strategy, you can understand your customers better and learn what they need from your products.
2. Set SMART goals
While setting any goals for a marketing campaign, make sure you set them SMART.
S – Specific: Set a specific, clear goal for your campaign.
M – Measurable: Track and measure your goals.
A – Attainable: Set realistic goals that you can attain.
R – Relevant: Set goals that are relevant to your business.
T – Time-based: Set a deadline for your goal.
Focus on the above points while setting your goals and work towards achieving them through your marketing campaigns.
3. Provide quality resources
A helpful quality content goes a long way in attracting and retaining customers. Your content is what makes your customers trust your products and buy them.
You can let your customers learn about your products and persuade them to use them.
A good way to use content in your marketing is to create resources that can provide helpful information about your products to the customers.
Use various mediums like blogs, podcasts, webinars, and others to provide educational insights to your customers.
This marketing strategy can develop trust and lead to the growth of your business.
4. Analyze customer behavior to reduce churn
Most times, users don’t tell you when they face difficulty with the products. They just try a little longer and churn if they don’t see any improvements.
Customer surveys or software like CRM (Customer relationship management) can be used to collect info and analyze user behavior that leads to retention and churn.
When you understand why and when your customers leave your brand, you can take the necessary measures to retain them.
You can actively interact with these customers through messages, emails, etc. and reduce churn by solving their problems.
Customer support is one of the main factors of customer retention, and you should practice it without fail.
5. Encourage users to mirror behaviors that lead to retention
The best way for you to reduce churn is by encouraging users to follow practices that lead to retention. You can refer to what your loyal customers do and persuade new or undecided customers to follow the same.
For example, if using an app for over 5 months leads to customer retention, you should find ways to make other customers use it for 5 months. You can do this by making onboarding easier and improving customer relationships with your brand.
Whatever methods you use, your goal should be to make your users become your loyal customers.
6. Use social proof to prove your credibility
Most times, when people are not sure about whether to buy a product, the first thing they look for are reviews and ratings the product has received.
Using social proof received from your customers can build trust in your products and make it easier for customers to buy them.
Here are some strategies you can follow to get positive, helpful reviews from your customers.
- Try to get reviews from your most loyal and satisfied customers. You will be more likely to receive positive reviews.
- Make it easier for customers to leave reviews for your products.
- Use your most positive reviews on the home page of your website.
- Get positive reviews from famous influencers for your niche.
- Encourage users to share your products with others. You can incentivize this process.
- Hire brand ambassadors for your brand.
Steps to Create a Growth Marketing Strategy
1. Understand the growth funnel
Creating a growth marketing strategy for your business might be overwhelming and complex, but it is simple once you understand the process.
The first step to creating a successful growth marketing strategy is to understand the growth marketing funnel (the pirate funnel).
You can’t get into growth marketing if you don’t know what the Pirate Funnel is. Understanding pirate funnel is vital to get the best out of your growth marketing campaigns. Below are the stages of the pirate funnel or AAARRR funnel.
Awareness: The stage where customers get to know about your brand.
Acquisition: The stage where your customers take action on your website (e.g., submit personal info, sign-up, add products to cart, etc.).
Activation: Customers use your product or service. First touchpoint of customers’ experience with the product.
Revenue: Customers pay for a product or service.
Retention: Customers like your product and use them repeatedly.
Referral: Customers are satisfied with your products and refer them to their family and friends.
Of these six stages of the growth marketing funnel, choose the stage you want to focus on for your marketing strategy. For example, if you want to make more customers know about your website, you should focus on creating strategies for the awareness stage.
2. Set high-level goals
Once you have understood the growth funnel, sort out what you want to accomplish through your growth marketing strategy. Be specific and have a clear idea of your goal.
Take ads, for example, your goal might be to get more clicks for your ads. But, this goal is too generic. So, make it more specific like aiming for 100 clicks per month.
You should also have a definite goal for your brand and set the required metrics to measure your growth. These metrics can show you where you are moving toward your goal and direct your way if you seem to go astray.
3. Establish KPIs and growth marketing metrics
After setting your goal, the next step would be to break down the process to attain that goal. Create smaller objectives that can ultimately result in producing the goal.
Look for marketing channels your target audience hangs out at the most and choose them based on the following criteria. The channels should
- attract the highest number of customers,
- perform the best in converting customers, and
- cost very little to operate.
4. Conduct focused growth experiments
Now that you have sorted out the funnel stage, your goal, and the key metrics for your strategy, it is time to experiment with different ideas to see which works best for your campaign.
Growth marketing is all about experimenting with new ideas and optimizing them for maximum growth.
A/B tests: In this test, two versions of the same idea are shown to different audience segments to identify which one performs better in attracting customers. You can then design your future campaigns based on this version.
5. Scale experiments that drive positive results
After testing and sorting out which content performs well with your audience, it’s time to run your marketing campaign in your preferred channels. But your work doesn’t stop after running them.
You need to constantly monitor your campaign and measure its performance. If a marketing channel with a huge potential to attract quality customers is not performing well, make some extra effort and optimize it better.
Scale your campaign performance regularly and keep an accurate track record for future reference.
Growth marketing strategies are important for the success of any growth marketing campaign. These strategies can help you with customer acquisition, activation, retention, and finally, retention.
They can give you long-term, sustainable results and lay solid foundations for the growth of your business.
Choose the growth marketing agency with proven strategies that suits your specific goal and work towards getting the maximum results out of it.
Frequently Asked Questions
Growth marketing strategies are data-driven marketing strategies that you form with a particular goal in mind. For example, if you want to acquire more customers, you should form a strategy to help you gain more customers.
Growth marketing is more than just creating new, out-of-the-box ideas for a brand. They are used to create well-thought-out strategies to provide long-term business growth. Some benefits of growth marketing strategies are that they are
- focused on customer retention, and
- promote brand recognition.
In A/B testing, two versions of the same idea are shown to different audience segments to identify which one performs better in attracting customers. You can then design your future campaigns based on this version.