Learn how to expand your business with Growth Marketing below!
Market plateaus are part and parcel of the corporate world. After enjoying a certain period of business growth, eventually, a company reaches a certain point where its progress begins to stagnate. To break free from the market sluggishness and regain its momentum again, a company must display its commitment and ingenuity in its marketing strategy.
To help the companies find their breakthroughs, marketers employ a business strategy called Growth Marketing.
Growth Marketing is defined as a set of processes in identifying problems through a data-driven approach and scientific methodology. Unlike most marketing strategies focusing solely on Awareness and Conversion, Growth Marketing enables marketers to implement more holistic strategies. These strategies encompass every aspect of the sales funnel, driving revenue growth through end-to-end brand awareness.
It is important to note, however, that Growth Marketing is not a one-size-fits-all strategy. Marketers who employ Growth Marketing must consistently hypothesize problems and conduct experiments in different areas of their business to locate the exact impediment to growth.
This is where traditional marketing and growth marketing fundamentally differ. While traditional marketing relies on the use of content marketing to generate leads and conversions through promotions, the results are often short-lived. After passing the stages of awareness and acquisition, the intensity of consumer engagement continues to dwindle. On the other hand, growth marketing encourages companies to interact with customers from every stage of the funnel to ensure that the product offerings are always calibrated and fine-tuned to what the market needs.
Therefore, to execute an impactful growth marketing strategy, a marketer must be able to perform the following tasks:
Establishing a list of areas that need to test and improve on
Hypothesizing problems that may arise from those areas
Designing experiments based on data that can be used for various problem-identification processes.
Conducting research and experiments to find improvements. These activities may range from A/B testing to market survey
Analyzing results and conducting further experiments as necessary
Data in Growth Marketing:
Data analytics is key to successful growth marketing. Companies can use it to encapsulate insights to pinpoint the right target market for their products. By using data, companies can create communications strategies that resonate with the needs and desires of the customers.
In other words, data-driven marketing helps companies understand their target audience accurately to give better customer satisfaction and highly personalized purchasing experience. Similarly, by relying on data, companies can identify marketing channels that perform better with multiple strategies.
Personalized marketing has become the new norm as today’s consumers would only tune in to advertisements relevant to their needs. A study conducted by Digital Information World has found that 74% of consumers dislike being bombarded with irrelevant content—suggesting that to grab consumers’ attention, marketers must render advertising content aligned with their buying behavior. Another finding from the same study corroborates this assertion—revealing that 56% of consumers would make a purchase from a brand that consistently delivers relevant content to them.
With the proliferation of new digital technologies, data acquisition on customer information becomes much more feasible than ever before. Brands can now use digital platforms to extract insights from their interactions with the target audience to create strategies for enhanced customer experience.
However, this poses another challenge to marketers since most data collected in real-time has increasingly become enormous in size. This large amount of information, also known as Big Data, requires advanced database systems. Furthermore, it also necessitates highly skilled marketers who understand data and how to use it to deliver effective campaigns and benchmarking strategies.
In an increasingly dynamic marketplace, data analytics becomes a vital asset to help companies make incisive and timely business decisions. According to research by Econsultancy, in partnership with Google, top brands utilize data to remain competitive and surpass their business goals. Nearly two-thirds of leading marketers say that data-oriented strategy yields far superior results as compared to gut instinct.
With such a significant role that data plays in growth marketing, cultivating data-driven culture should be among companies’ top priorities to attain sustainable revenue growth. There are three key components that companies must implement so that data strategy can permeate all levels of management. Those key components are:
A Holistic Understanding of The Target Audience
Modern marketers must equip themselves with the necessary skills to integrate data from multiple marketing channels. Through data integration from different sources, brands can monitor the demands in the market.
To put it differently, extracting insights from multiple data sources grants brands access to how customers interact with their communications initiatives in every touchpoint from acquisition to advocacy across all platforms. For example, if your brand interacts with customers through Twitter and your brand website, incorporating the metrics from both platforms allows you to easily recognize any changes in the market trends. This enables you to swiftly adjust your strategies to boost your presence.
To reach this desired understanding, companies first and foremost need to identify the general demographics of their customers as well as all the marketing channels that they utilize. This is then followed by making sure that the marketing team is conversant with data-processing tools and devices to help them extract digital information into useful marketing insights.
Communicating data and insights across departments and teams
To foster a data-driven culture, an organisation needs to democratize the distribution and use of data across all managerial levels. This ensures that every team in a company can communicate with each other to align their interests and common objectives.
Conversely, compartmentalizing the flow of information in your company prevents your teams and business units from working together well. This hinders your company’s ability to produce long-term, overarching results. This assertion is backed by a study conducted by Econsultancy. The study suggests that top ranks in marketing are 1.6 times more likely than their conventional counterparts to experience higher business performance with open access to data.
Creating impactful marketing strategies with data and technology
Showing executive support in providing unrestricted access to data to employees doesn’t suffice to drive growth marketing home. Companies need to put those findings into scalable actions. This is perhaps the most cumbersome part of growth marketing. The reason is that companies must undergo multiple trial-and-errors before finding the right strategy that works for them.
Analyzing the demographics of your target market through data analytics is only half of the battle. The other half is recalibrating the marketing tools at your disposal to support your data-driven strategies. Integrated technologies are a necessity to execute an astute growth marketing campaign as data can change in real-time. Therefore, it is imperative that companies must be agile and responsive to consumers’ reactions or any sudden market movements.
Growth marketing may involve intricate processes from planning to execution. Nonetheless, the execution is highly customizable and yields long-lasting results as it is built upon a strong foundation of precise data analytics.
It is undeniable, however, that some challenges remain present in growth marketing. For instance, the lack of skilled data marketers and advanced technologies hinders most companies to utilize growth marketing. Consequently, companies must show their commitment to providing executive and financial support to fill the gaps in the aforementioned areas.
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