Growth marketers create long-term relationships with customers and encourage brand advocacy, which leads to higher conversion rates. They also rely more on a variety of marketing channels than performance-based marketers.
They can quickly change their strategy and channel implementation if they have a thorough understanding of performance data. They are open to – and excited about – experimentation.
Attract new customers
As more businesses go digital, there is a wealth of data available on online consumer behavior. This makes it possible for growth marketing to track and fine-tune their marketing strategies based on data-driven customer insights. This data is used to optimize everything from a website’s user experience to a brand’s marketing campaigns.
This allows growth marketers make informed decisions and avoids the risk of making a decision based on gut instincts. It also gives them a much higher chance of reaching their target audience effectively, increasing conversions and sales.
Unlike traditional marketing, which often focuses on building brand awareness and generating immediate interest in products, growth marketing aims to keep customers engaged over the long term. It does this through tactics like launching loyalty programs, referral and ambassador schemes, and content that goes beyond simple advertising to educate and inform users about the product. For example a CRM software company may create a comprehensive knowledge hub featuring articles, videos, and best practices for using their product. Or a subscription service may launch a marketing campaign encouraging new subscribers to get started with a helpful guide.
Growth marketing not only uses long-term engagement strategies to attract customers, but also uses tools to nurture existing customer relationships through each stage of their lifecycle. This could include sharing information about relevant updates to the product, sending out special offers or discounts, providing educational resources to increase product adoption, and creating reactivation campaigns for those who have fallen out of touch.
The recurring nature of this type of marketing means that it can generate an ongoing stream of new business over the long-term, which is a vital part of any company’s revenue strategy. Growth marketing gives companies an advantage over their competitors, as they can offer a more personalized experience to customers.
Growth marketing focuses on increasing long-term loyalty and retention. It is therefore not a standalone strategy, but rather a key component of any digital business strategy.
Convert new customers
A successful marketing campaign requires a holistic view of user acquisition, retention and engagement. You can achieve your business goals more quickly by taking a multifaceted approach to marketing. Growth marketing uses a number of tools to boost your bottom line. These include A/B testing and content marketing.
In the conversion stage of your growth marketing strategy, you take the leads generated from your customer acquisition campaign and nurture them into loyal customers for your brand. This is achieved by providing your audience with valuable content that helps them solve problems, builds trust and drives traffic to your website, where they can be turned into sales or leads.
Content marketing can also be used to create a community for your target audience to build long-term relationships with them and incentivize their loyalty through rewards programs. For example, when Dropbox had difficulty converting users to their paid subscription service, they created a referral program where existing users would get additional storage space for every person they referred. This strategy allowed Dropbox’s user base to grow by 32 times and their revenue to increase by the same amount.
A free trial is another tactic used by many SaaS companies to convert new customers. This gives potential customers the chance to try out the product or services without risking money. It also allows marketers to collect valuable data about which aspects of the products or services appeal to users and where improvements can be made.
It is important that companies remember that a successful strategy for growth marketing takes time, and that consistent effort is required to achieve the best possible results. It is also important to be able to measure your progress along the way and to learn from any mistakes you may make. A growth marketer needs to be willing to try out different tactics in order to determine what works and what does not. Growth marketing is so effective because no growth marketer can be clairvoyant. You must be willing and open to trying anything to find out what works for your company.
Retaining existing customers
A growth marketer understands that attracting customers is only half the battle. It is equally important to keep customers coming back. One loyal customer who makes several purchases in a year is much more valuable to a company than a few shoppers who only buy once. Growth marketers focus on strategies that encourage customers to return.
Using a combination of customer feedback, analytics and experimentation, growth marketers create marketing campaigns that are personalized and targeted to specific customer groups. This allows them to increase conversions while reducing churn. By analyzing the data from these tests, growth marketers can identify what works and optimize campaigns accordingly. As a result, they can increase customer lifetime value and boost profits over time.
Growth marketing has the advantage of being easily scaled. This allows businesses to expand their teams and resources in order to increase the number of new customers, while also ensuring that existing ones are kept happy. This can be accomplished in many ways, including surveying customers to determine their satisfaction level with a product or offering discounts to return buyers. A growth marketer will experiment with different channels and products to maximize the potential return on their investment.
This scalable approach is applicable to any type of digital activity, including social media content, email newsletters, paid advertising and SEO for websites. By tracking and analyzing the data from these activities, growth marketers can identify what campaigns work best for different demographics and then optimize them in order to drive more conversions.
As more businesses move to the internet, it is easier and more affordable for them to collect data on what products, services, emails and web pages their customers are most interested in. Growth marketers can use these data to tailor online communications and content to better engage customers. This will result in more conversions and longer-term loyalty.
Increase revenue
Growth marketing campaigns that are successful increase the number and quality of customers in an organization’s pipeline, which directly impacts revenue. Because growth marketing campaigns focus on the entire funnel, marketers are incentivized to pursue strategies that bring in high-quality leads that fit their ideal customer profile (ICP). These customers will then be retained and are more likely to remain active with a business in the long-term. This will help improve other critical business metrics such as customer lifetime value (CLV), churn rate, and monthly recurring revenue (MRR).
Growth marketing is different from traditional marketing tactics, which are often tied to short term sales or lead generation goals. It uses strategies and campaigns, which can be analyzed, evaluated, and optimized with data. By utilizing techniques such as A/B testing–creating two versions of a campaign, such as an email or ad, with only one variable changed–marketing teams can identify which strategies and tactics work best. Once these strategies have been determined, they can then be scaled up to a larger size and resources allocated accordingly.
Growth marketers can engage potential customers by focusing on their benefits and encouraging them to visit a company’s website or create an account. Growth marketers can create sustainable revenue streams by taking a holistic view of a business.
Growth marketing requires cross-functional collaboration between marketing and product teams in order to drive business success. This type of marketing strategy has more measurable results and is more scalable than traditional marketing initiatives. By leveraging a revenue operations framework, growth marketing strategies can be monitored and analyzed in real-time to ensure they’re driving positive business outcomes. This will enable teams to scale up their efforts, while avoiding the risk that they’ll waste time and resources on ineffective campaigns.
