Growth marketers focus on growing their business through tangible results. And while that often means sales, success can look like customer retention and more qualified leads. These results do not occur. They are the result of a well-planned and well-executed strategy.
However, plans and strategies often need revision and refinement. Experimentation is an important part of any growth marketing strategy, and improvement requires an experimental mindset. You can't improve your offensive line if you're not willing to try new ideas and follow the data. If your goal is to prioritize your marketing strategy and growth efforts in 2023, here's how to do it.
Identify where the conversion is lost
All buyers follow a path associated with the so-called abduction funnel. This funnel has six main stages: Awareness, Acquisition, Activation, Retention, Profit and Recommendation (AAARRR). Compared to traditional strategies, growth marketing focuses on getting conversions at all stages of the funnel.
It's not just about getting potential customers to become customers when they learn about your business and what it has to offer. Growth marketing strategies aim to convert as many leads and customers as possible from brand awareness to referrals. Growth marketers want to build relationships, foster loyalty, and encourage customers to refer others. But strategies need to do more than target all stages of the buyer's journey or funnel.
Prospects and customers aren't targeting areas where your efforts should be tested. Or at least they need to know where they are not changing enough. Perhaps your strategy is most successful in moving from awareness to activation. A company's offers and advertisements are enough to drive website traffic and online purchases. But most new customers don't stay because there aren't enough incentives to do so. You can try different rewards to see which one is most effective in preventing yelling.
Build brand loyalty
A brand name can be followed anywhere. When that reputation is weak or non-existent, aspiring traders have a big hurdle to overcome. At the same time, inconsistent marketing messages and insufficiently specific strategies can harm a brand. Building and improving brand credibility is key to generating leads and retaining customers.
Building or rebuilding trust in a brand takes time. It also requires reliability and experience. If consumers aren't sure they can trust your brand, they're less likely to convert at any stage of the funnel. Experience often goes hand in hand with belief. People want to be sure that companies have the knowledge and authority to speak about the topics they cover
Creating unique and in-depth online content is one way to increase your brand's credibility. Content that matches your audience's interests and your search goals demonstrates an understanding of this consumer segment. They begin to form relationships and build trust. Working with other industry influencers and gathering customer feedback are additional ways to build brand loyalty. However, it's important to make sure that what you say is consistent with what your company offers.
Make an informed decision
Effective growth marketing strategies do not rely on knowledge. Data and test results should guide demand marketers' actions and strategies. It's impossible to master your craft without paying attention to the breadcrumb trail that can lead you to this end goal.
These breadcrumbs are often the KPIs you want to measure. However, KPIs are not always numerical; According to consumer sentiment, they can be of higher quality. Defining metrics and goals for each stage of the funnel will help you determine whether your strategies are meeting their goals or need to be addressed.
The number of customer referrals may not match the desired referrals. Survey data from your network operators shows dissatisfaction due to uneven service quality. While some customers are happy to recommend your brand to others, your list of inactive customers will grow. Passives are people who may or may not accept your offer. They need to be more persuasive to become loyal brand advocates.
Ignoring this information means you are not following the breadcrumbs. You may want to review your referral program to determine if it is inconsistent with the customer experience. You may need to work with other services to resolve these inconsistencies. Maybe the reward is not enough to keep a loyal customer and it needs some attention. Hearing how consumers choose based on their behavior leads to better decisions.
Invest in an omni-channel experience
Knowing how different segments move in a sales show helps brands target the right consumer at the right time. Maintain messaging consistency and expertise across all marketing channels. Prospects and customers are more likely to interact with a brand through multiple channels. And today's consumers expect a consistent and personalized omnichannel experience.
Determining where and where segments interact with your brand provides opportunities to optimize and improve channel experiences. Let's say that pay-per-click ads and blog posts are the main points that a group of customers see. These ads and messages help drive awareness in the classroom, but many call customer service for more information, finding your online store confusing and the checkout process too long.
Consumers in this segment don't understand why you can't get your product to their doorstep. Because they have to deliver their order to a local store, online shopping goes against their expectations. Why would a potential customer go through your website if they have to visit the store? Changing online payment and shipping practices to meet customer needs can improve conversions and address bottom-of-the-funnel needs.
Influencer growth marketing
A growth marketing strategy is not a one-time deal. Central to these approaches is a willingness to test hypotheses and learn from the results. Growth marketers must continually evaluate their efforts to achieve the ultimate goal of revenue growth and customer retention. Executing a winning strategy is not about proving your hypothesis. It's about knowing what consumers are right and fixing what's wrong.
