Have you seen marketers calling themselves “growth marketers”? What does this word mean? Growth marketing is the procedure of doing new experiments to optimize and improve the marketing outcome of the targeted area/population.
It’s an approach that helps to retain, attract and engage customers by focusing on relentless experimentation. This approach promises uniqueness in every aspect to keep the customers engaged and motivated.
By creating and delivering highly customized, individualized messaging according to your customer needs you will be able to increase your company’s growth fast through channels, especially the channels that your customers use and like the most.
Growth marketing helps to retain and acquire customers by targeting each stage of the buying funnel with several marketing channels like email and search. It uses different strategies like data-driven, creative tactics that consider the pain points, unique wants, and questions of customers during the buying funnel.
What is Growth marketing in 2021?
Growth marketing is going to be the next evolution of the marketing field.
The approach that growth marketing uses is the traditional marketing model which has been used for decades and enhances sales with different, unique, and sometimes uncommon approaches that make sustainable growth. These approaches include paid media and SEO (Search Engine Optimization), data-driven content, email marketing, split A/B testing, and creative ad copy.
Other strategies also fall under this growth marketing umbrella including video marketing, viral content, copywriting, community building, and social media.
You can also hire a growth marketing agency to increase the outcome of your business. It also helps your business execute closed-loop growth strategies to decide the best tactic to deliver great content for your customers. They also use a technique called growth hacking which uses analytical thinking, creativity, social metrics, and new technology techniques to sell products and also gain exposure.
In the USA, over 500,000 new companies spent more than 200 billion dollars on marketing to increase their sales every year because of this marketing’s benefits to their business. Using the right marketing tactics is highly important here.
How to Implement Growth Marketing for SaaS or an eCommerce Business
If you have a SaaS company or an eCommerce business, then you must opt for growth marketing tactics to rule the industry. The secret of successful companies is growth marketing.
You may want to know how they have hacked the growth of their business and how you can follow these tips for your business too.
To hack the growth of the business, companies contact growth hacking agencies to manage everything related to marketing like A/B testing and Google Ads.
A growth marketing analyst is hired usually to analyze and gather the whole data on competitors and consumers. They study what’s going on in the market to examine possible sales of a service or a product.
These analysts help the organization understand which type of products and services people want and who will buy them along with deciding the pricing of the products/services.
You can apply growth marketing in the following 6 stages of a customer life cycle, to grow your business:
Creating brand awareness is highly important in this time to make sure that your customer easily recognizes your business. It keeps your brand on their radar and informs them that you have a solution to their problems. This can involve anything from social media marketing to SEO-optimized content.
Growth marketing completes this goal by A/B testing a blog headline to see what drives more traffic to your website.
This technique refers to convincing people to buy your products or bringing new customers to your website. It’s the last goal of a traditional marketer and is completed through a free model, subscription, or email capture. The marketer may try with the effectiveness of this by testing the different call to action or copy that asks people to sign up whether in design, wording, or tone.
The activation technique motivates customers to fully realize the advantages of the product or service that they are testing while they increase their overall engagement. The outcome of this technique could be re-engaging a customer who is not active or making a new customer.
It is related to the onboarding procedure. It takes a paying customer and gets them to interact with using your service or product as soon as possible. The sooner people will use your product the more they may stay.
Growth marketing uses some tactics to improve activation rate including a tour of your application, free products, providing a free demo, or having a personalized copy.
Growth marketing focuses more on retention because if a SaaS business loses 2% or 3% of their customers every month to churn, the business must grow by at least 27% to 43% every year to maintain the same income.
Retention strategies in growth marketing should include a loyalty program, customer survey, or bundling new products with existing ones.
This stage comes when an activity turns a customer into a paying customer. A business can experiment with revenue strategies for growth could be in-app messaging when a user is close to testing different paying models or even finishing.
In this tactic, a customer refers to your product or service when they become a brand ambassador which means he is at a high level of customer loyalty. Creating a lifelong customer who is already in the referral stage is much easier and achieving this can be done through incentives and bonuses.
KPIs/ Goals of Growth Marketing Strategy
The main goal of growth marketing is to boost traffic numbers. It’s done in several ways:
These are the people who visit your website after performing a search. To optimize organic traffic you have to do everything that will help you to rank on the top in search results.
So do you want more sales and traffic on your site? Think Orion’s SEO services will help you to come on the top and that will increase your revenue.
It includes sharing content with other websites so that you can create your inbound links and creating content that is thoroughly SEO-optimized.
An example of this is how Nerdwallet used a customer survey on emotional overspending to drive traffic to their website and pitch other websites to include backlinks to the post. They successfully secured links from QuickenLoans, Fidelity, Yahoo, and The Simple Dollar.
These people come to your websites through advertising channels. You have to see how the number of Ads you are creating, and the cost per acquisition (CPA). A lot of companies are experimenting with native advertising which includes non-traditional ad placements that look like they are content-focused.
Dollar Shave Club for example would be the people to look up to when attempting experiments in the native space as they have had excellent success with it.
Social Media Traffic
All traffic doesn’t come from a major search engine. Social media traffic as well as many other sites also link to your content. If you are perfectly doing it then people will start talking and sharing about your content with other people too. This is how it goes viral. Tracking the source and volume of all referral traffic will also help you to optimize your social media channels.
You can also manage competitor’s engagement spikes on social media and then try to reverse engineer their success. Writing and publishing a guest blog is a good way of building referral traffic.
Are you ready to grow your business in the next six months? Conversion rate optimization can triple your sales without wasting more money on Ads.
As a digital marketing agency, we at Think Orion, we provide systematic conversion optimization for your business that helps you convert traffic into sales.
You have to observe the overall conversion rate of people coming to your website through any avenue. You should try giving extra scrutiny to any other pages that have significant drop-offs as compared with other parts of the website.
For example, Hubspot experimented with other different website designs and found the one that doubled their overall rate of conversion.
Email marketing for eCommerce, SaaS or even a blog is a useful and proven marketing strategy for eCommerce. As it gives brand awareness and promotes products and increases sales.
Are you creating content that is interesting to read? Producing good content should be your priority because it drives traffic to your website. Take the example of the SEO Company Moz whose blogs are extremely famous among users. They create long-form content that is free for people, so they can easily read them.
If you are already publishing good content, then you need to make sure that it is driving the actions you want. You can figure it out by analyzing the number of shares, subscribers, click-through rate, and growth.
Churn means the percentage of people who are signing up for your service but then stop using it. This is especially for critical metrics for SaaS companies that are in growth mode because churn is the opponent of exponential growth.
If you are losing customers you won’t be able to reach the critical mass of users that you need to start making serious revenue.
Analyze everything that why people stopped using your service. Make sure that your website or social media channels are easily accessible, otherwise, people will leave.
Increasing Average Order Value
By following and tracking people’s behavior you can start targeting them in ways that can increase the average order value. Areas that you should look into include targeting customers based on upselling and past behavior.
It’s not easy to grow a business in one night, it takes continuous hard work. Now you know what growth marketing is and its importance for a business. You have to manage a lot of things and pay attention to certain marketing aspects at the same time if you want to see the outcome.
You don’t have to do all this effort alone. You can hire a growth marketing agency who has the expertise and resources to hack the growth for your success.
At Think Orion we provide a solid SEO strategy for businesses that helps them rank not only in Google but Bing, and other search engines. Our proven techniques can help you improve your customer journey and conversions on a whole. We can have a strategy call to discuss your needs.