A quick-starter guide on what you need to know when working on your growth marketing strategy with the aim of delivering results.
Growth marketing is your secret art of mixing digital marketing ideas with innovative techniques for faster results. It’s the kind of art that requires the integration and implementation of a diverse palette of tools and methods.
You need them to paint digital landscapes your audience is interested in exploring: from making eye contact with your site to buying your digital piece of art – your product/service and coming back for more.
1. What is growth marketing about?
Growth marketing is not only about digital knowledge, creativity, technical skills and strategic implementation. It’s more than that because there is diversity outside and people are impressed by unicity and quality.
In most of the cases, growth marketing applies to ingenious and modern products built for specific customer segments.
But at the same time, you as an entrepreneur and/or marketer can apply growth marketing without knowing that’s what you’re doing. It happens when you know your business, invent and adopt effective digital strategies tailored at addressing customers’ issues rapidly.
And to be called a ‘growth marketing strategy‘, it must provide quick and unbelievable results for your business once you apply it.
2. Companies profile
Growth marketing is used more by those companies that believe in being different, approach diverse ways of thinking and backgrounds. They don’t allow themselves to be influenced by the external environment. They know exactly what their mission is and the value they are bringing to the market.
These companies can constantly adapt to the outside changes, skillfully applying functional growth marketing strategies to get and remain closer to its customers in the long-run.
Companies that use growth marketing define a shared mission within their culture. This mission is based on providing an incredible experience and an unexpected value to customers. The whole business involves in understanding where that value comes in or gets lost.
Failures are opportunities for the company when everyone comes together and works on finding the best growth strategies. However, the entire company takes ownership of performance and results. All of the members of the team imply in building a culture of growth and experimentation.
3. What does a growth marketer do?
As a growth marketer, you align to your company and team growth goals (engineers, designers, customer service). In addition, you make sure you’re growth marketing process is synchronized with your customers’ buying process.
You check each touchpoint (contact point) and find out through which digital channel your customers interact with your brand. Then start focusing on the channel(s) that brings the most potential customers closer to conversion. Here you can uncover the uncanny skills you possess to turn prospects into buyers.
You need to design differently your customer journey (check below) for those customers that come in from different digital channels. They have different behaviors and may come from different generations that require designing different touchpoints.
Desktop and mobile users act in a multitude of ways and for this reason, you as a growth marketer need to adapt your customer journey.
Moreover, as a growth marketer, you need to make an impact on people in an area that you think your company is capable of doing that, reaching as many of them as you can with your solution.
As a growth marketer, you need to look at each step in the customer journey (see below). You have to check where people leave the funnel and identify incongruities in your growth marketing strategy. Then find accurate growth techniques and reinvent your strategy.
Furthermore, you’re responsible to improve your product based on feedback. Having a mediocre product, won’t help you become awesome in the eyes of your target market. It needs to satisfy a real need for a real segment of individuals.
In growth marketing, track everything from the number of unique users that enter your site to cost per conversion.
And by analyzing this data, you will extract key elements that will contribute to the improvement of your growth tactics.
4. Customer Journey part of the Sales Funnel
The most important area a growth marketer should focus his/her attention on is the customer journey. It’s part of your sales funnel. And without building a full customer journey, your growth marketing strategy can result in nonsense.
Here are the general phases your customer goes through when she/he engages with your product:
Awareness: digital campaigns you build that get people to your site
Discovery: prospects do research to learn about your product
Acquisition: prospects find your brand/site through various digital channels (social media, organic, e-mail, referral)
Activation: prospects take the first important step on your site and have the first experience with your product/service/offering: registrations or signups on your site
Retention: prospects are satisfied with the experience they have with your brand and repeat buying or using your product – they become loyal customers
Referral/Advocacy/Share: customers refer friends to your business, share their opinion about your product/brand with friends or on social media, Google Maps, blogs
Revenue: the amount of profit you gain from the experience customers have with your product/brand – here you monetize user behavior
The journey customers take from the initial stage to the point of purchasing a product is different for each company.
Every potential customer has a different path on your site. Discovering all you need to know about it offers your business a competitive advantage. Thus, you can come with innovative and genuine ideas no one has tried before.
That’s why growth marketing is more about elaborating and connecting every step of the customer journey from awareness to revenue. You have to do it with care and treat each step of the funnel with strategic and creative thinking and lots of responsibility.
5. Acquisition in growth marketing strategy
Companies must learn first to become more customer-centric and focus on user experience (UX) and customer experience (CX). Therefore, they have higher chances to develop profitable growth strategies that attract the right people.
Activation is the most important step in the customer acquisition funnel. It’s the stage in which users get the first experience with your offering/product.
The first customer experience your prospects have on your site should lead to value because value drives retention.
You need to optimize the customer experience in a measurable and cost-effective manner that allows you to see how efficient is your product.
When you manage to make people sign up on your platform/app, it’s not enough. The strategies you implement should be so creative that they persuade users to buy and engage with your product regularly.
To make customer acquisition channels work, understand the inner dependency of each step in your customer journey. You will acquire people if you trigger the right behavior to buy your product.
And so, you will be able to acquire more people if you retain the actual ones. Then, of course, you will drive referral and generate revenue if you bring value to both existing and new clients.
9 growth tips to build a feasible growth marketing strategy and get passionate customers:
- Be aware of the Customer Lifetime Value (CLV) metric when building a customer journey strategy. It drives word-of-mouth (WOM) and retention.
- Do a lot of tests around the customer journey to improve the number of people who have a great experience with your product.
- Pay more attention to acquisition and retention steps within the funnel.
- Ask yourself what is the chance that each customer you acquire is going to stay.
- Together with your team, talk about how to acquire and retain customers.
- Check if you achieve a good level of customer flow coming through when implementing your growth marketing strategy.
- Make sure you achieve Product Market Fit (PMF), you are in a good market with a product that can satisfy that market.
- Align your company’s value proposition, distribution channels and customers so that they are in perfect harmony.
- To achieve PMF, you need data and information to optimize your product so that your target audience, influencers and media will perceive and receive it well.
To build a successful growth marketing strategy, you need to think outside the box – unconventionally, change your mental model and develop new boxes called scenarios.
Now it’s time to go to market with the product you want, not the one you have. Start with a product everybody wants and needs. Doing so, your strategies won’t fail anymore and your product will generate positive reactions among your potential customers.