\u201cWhatever it takes\u201d is the crux of the matter. It involves:<\/p>\n
- \n
- Continuous trial-and-error initiatives<\/li>\n
- Constantly looking for the unique (i.e., making the customer experience (CX) meaningfully different)<\/li>\n<\/ul>\n
The thinking behind growth marketing is to focus with intense concentration on every touchpoint driving the customer journey to the point of buying — and beyond.<\/em><\/p>\n
<\/div>\nThe emphasis is on drilling deep, looking at the psychographics<\/a> and behavioral influences<\/a> that most competitors miss. The idea is to:<\/p>\n
<\/div>\n- \n
- Customize the messaging<\/li>\n
- Design a value pricing package<\/li>\n
- Seamlessly get the product into the customers\u2019 hands<\/li>\n
- Have all the features that connect precisely to their desires<\/li>\n<\/ul>\n
Growth marketing, therefore, implies harnessing the power and authority to rally the troops. It requires every department to enrich the brand offer<\/a> to defined market segments to get behind the program. It\u2019s an expansive, groundbreaking approach that follows wherever CX leads<\/a>. We look at the growth marketing concept from all angles below.<\/p>\n
<\/div>\n![\"Growth\"](\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2021\/03\/grow1-1024x683.jpg\")
<\/p>\n<\/div>\nThe worst thing a marketer can do<\/h2>\n
Traditional marketers restrict themselves to the good old reliable methods, namely:<\/p>\n
<\/div>\n- \n
- Developing website content and leaving it that way for years<\/li>\n
- Social media ads & special sales events that repeat three or four themes<\/li>\n
- Email blasts (cold and warm) that lack imagination<\/li>\n
- Google AdWord campaigns around age-old keywords<\/li>\n<\/ul>\n
Growth marketers call this “comfort zone” marketing — a buffer to challenging oneself and accepting new challenges. It also assumes, to a large extent, that the CX remains the same — energized by the same motivators. Indeed, while fundamental needs remain at the root of customer behavior, as markets advance, the solutions they want get more sophisticated. So much so that small things like the way you explain things, some extra features that cost little but add substance, expanded technical support, and modernized representations swing customers into the loyalty ranks.<\/p>\n
<\/div>\nCompetition, in many markets, is so product-oriented that when you put a well-known brand side-by-side with a new entrant or underdog in the target market, you can hardly tell the difference<\/em>. The upstart may look better in cases. What does this tell you?<\/p>\n
<\/div>\n- \n
- Branding and brand reputation is a huge buffer to competition<\/li>\n
- Messaging may be all that\u2019s between your number one ranking<\/a> and falling to earth<\/li>\n
- There are opportunities in the supply chain and the media to differentiate yourself<\/li>\n
- Nothing stays the same forever and that goes for the CX as well<\/li>\n<\/ul>\n
If you pay heed to the above as a go-ahead marketer, it means that nothing you’ve relied on in the past will necessarily work for you in the future. The worst thing a marketer can do is take anything for granted.<\/p>\n
<\/div>\nSo what do growth marketers do that others don\u2019t?<\/h2>\n
They use growth-hacking methods to:<\/p>\n
<\/div>\n- \n
- Explore every possible channel and strategy as a way into the customer\u2019s heart and soul<\/li>\n
- Monitor the marketing spend in each situation versus the incremental results<\/li>\n
- Apply the law of diminishing returns. When it kicks in, they either reject the idea or rate it as a viable option.<\/li>\n
- Find openings by analyzing all the touchpoints in the customer journey<\/a><\/li>\n<\/ul>\n
With advanced marketing technology<\/strong>, growth marketers resort to scientific methods that have convincingly moved into the sales and marketing arena. Some of the more prominent ones include:<\/p>\n
<\/div>\n- \n
- A\/B testing<\/a><\/li>\n
- Multivariate testing<\/li>\n<\/ul>\n
These focus on the effectiveness of messages and their timing. It’s one thing to say all the right things; it’s quite another to know when to talk. With data as uniquely reflective as this, the competitive edge sharpens significantly. There’s no substitute for personalizing campaigns so sharply that the audience views it almost as one-on-one communication.<\/p>\n
<\/div>\nOutstanding growth marketers engage their audience so convincingly that customer churn hits the dust in no uncertain terms. That\u2019s where the company\u2019s ROI takes off because it expands the customer journey and the user\u2019s lifetime value. To push the point home even further, growth marketing strategies impact the bottom line dramatically by reducing acquisition costs in half and elevating revenues to around 15% simultaneously<\/a>. A double-whammy effect in the right direction can give your profitability star power.<\/p>\n
<\/div>\nEverything comes back to the CX and the touchpoints that drive it. Instead of worrying about monetizing your audience and content that\u2019s conversion-centric, customer retention KPIs are far more important. It means that discovering new ways to enrich the CJ takes front and center stage.<\/p>\n
<\/div>\n![\"Two](\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2021\/03\/grow2-1024x683.jpg\")
<\/p>\n<\/div>\nGrowth marketing strategy — the cogs in the engine<\/h2>\n
Growth marketing strategies rely on metrics that circle:<\/p>\n
<\/div>\n- \n
- Customer acquisition & retention rates<\/li>\n
- Conversion rates<\/li>\n
- Customer lifetime value<\/a><\/li>\n<\/ul>\n
Here are the weapons in their toolbox that are changing the way eCommerce (in particular) is shaping up from end-to-end.<\/p>\n
<\/div>\nA\/B testing<\/strong><\/p>\n
This is usable in practically every communication vehicle online (i.e., emails, websites, and social media ads). The “A” and “B” aspect of it merges into a series of tests to analyze the CX power of different graphics, text, and designs by increasing your conversion rate. Optimization of marketing campaigns depends on pressing home your newly discovered successes before the competition catches on to it. Always assume they will, but “make hay while the sun shines” is the catch-phrase here. It further emphasizes why complacency is not an option in the genuine growth marketing sense. We advise getting together with a company like Sogolytics to assist you with this type of testing. They can help you to avoid inaccuracies in the results.<\/p>\n
<\/div>\nCross-channel marketing<\/strong><\/a><\/p>\n
Essentially this is a media package strategy. Again, it involves connecting to CX and the customer journey to highlight customer behavior patterns and preferences. The focus is zoning in on the communication channels that work with your clients and how to weigh them. The exercise gets more complex as vehicles in the mix grow significantly:<\/p>\n
<\/div>\n- \n
- SMS messaging<\/li>\n
- Push notifications<\/a><\/li>\n
- In-app messages<\/li>\n
- Direct mail<\/li>\n
- Facebook ads<\/li>\n
- Podcasts<\/li>\n
- Video postings<\/li>\n
- Web page insertions<\/li>\n<\/ul>\n
A\/B testing supports this arena to give you a better perspective. There are demographic sector members that predominantly shop:<\/p>\n
<\/div>\n- \n
- Using their mobiles<\/li>\n
- With other people who are using their mobiles<\/li>\n
- Yet others that never resort to that device<\/li>\n<\/ul>\n
Some marketers never get to grips with fine details like this. Take the initiative to do so. It will sky-rocket your market progress beyond expectations. Generally, a holistic marketing plan will take multiple channels into account with a measured view of what the CX touchpoints tell you.<\/p>\n
<\/div>\nCustomer lifecycle<\/h2>\n
A customer journey typically includes three lifecycles once a new prospect converts to customer status (learn more about\u00a0customer journey mapping<\/a>):<\/p>\n
<\/div>\nActivation<\/strong><\/p>\n
- \n
- Striving for attention and interest<\/li>\n
- Fits together with welcoming, onboarding, and trial offerings to develop familiarity and credibility<\/li>\n<\/ul>\n
Nurturing<\/strong><\/p>\n
- \n
- Enriching and bolstering initial relationships<\/li>\n
- Integrates with cross-channel marketing, strong branding, newsletters, and reminder advertising<\/li>\n<\/ul>\n
Reactivation<\/strong><\/p>\n
- \n
- Consolidating loyalty and doing everything to suppress threats that can result in customer churn<\/li>\n
- Customized campaigns that identify with loyalty values and rewards, attracting CJ abandoners to come back to the brand where applicable<\/li>\n<\/ul>\n
No one stage overrides another — they’re all crucial in a growth market’s thinking. The takeaway here is that the marketer should know:<\/p>\n
- Multivariate testing<\/li>\n<\/ul>\n
- A\/B testing<\/a><\/li>\n
![\"Dimensions\"](\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2021\/03\/grow3-1024x532.jpg\")
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