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The term growth marketing is also commonly referred to as growth hacking. It’s simply a way of describing many of the data-driven strategies marketers use to learn about customers and improve their interactions.
Growth marketing works through the creation of a series of different tests and experiments, which aim to reveal the specific communication tactics that hold the most appeal to the brand’s target audiences. By conducting a series of tests, brands start to gain a thorough understanding of their customers. This understanding can then be used to target interactions in a way that suits customers.
There are many different components to a great growth marketing strategy. Typically, growth marketing plans begin by identifying specific areas which could be improved. Once these have been identified, growth marketers are tasked with creating a series of tests that will equip teams with the information they need to make meaningful improvements in these areas.
Growth marketing tests are then created, the results of which should help the brand learn more about its audience. Once testing has been completed, resulting data must be analysed, to reveal the answers to teams’ queries. Further tests may then be created, with the aim of building upon the understanding marketers have gained.
The most effective growth marketing strategies are those that are well-planned and researched, incorporating testing which is specifically tailored to the characteristics of the brand’s audience.
Growth marketing strategies will often incorporate a range of different tests, every one of which should reveal more about the preferences of the company’s target audience. Take a look at some of the key foundations of great marketing strategies below.
One of the most commonly used forms of testing in growth marketing is what’s known as A/B or multivariate testing.
These tests present audiences with a number of different variants, to measure the effectiveness of changes in marketing communications. Almost anything can be tested in this way, from the copy used on a push notification to the imagery that features on a landing page.
Growth marketers will use the results of A/B and multivariate testing to establish the types of communication that audiences prefer. This information can then be used to create more data-driven, targeted interactions in the future.
A good growth marketing strategy must take the entire customer journey into account. And that means that it should have multi-channel and cross-channel capabilities.
Growth marketers will look to measure the success of different campaign tweaks across all channels. If this is done well, any improvements that were informed by the results of these tests will then be effective across all channels that a brand uses.
In today’s digital world, users are interacting with brands across a wide range of different channels. So, the average customer journey is becoming ever more complex. Growth marketing strategies must take this into account, building upon the ways in which users interact with their brand and seeking to maximise the profitability of every customer journey
Growth marketing strategies can be created to focus on a whole range of different issues, from customer acquisition and retention to lead generation and referrals. Take a look at some of the most widely used ways of introducing growth marketing to attract and retain customers.
Growth marketing strategies often focus on lead generation, experimenting with new ways to improve the likelihood of customers signing up to newsletters and joining mailing lists, for example. Lead generation tests aim to increase the numbers of sign ups a brand receives, by changing how these acquisition actions are presented.
Acquisition is a key part of any good growth marketing strategy. You’ll often find growth marketers testing different variables on customer acquisition features, such as chatbots, sign ups and any content downloads that require a user to enter their details before continuing.
Encouraging a user to interact with a brand is one thing, but once that first interaction has happened it’s vital that the brand does all it can to hold that user’s attention. Onboarding strategies plan to do exactly this, and growth marketers test out different ways of doing so to ensure the best results for the company.
A good retention strategy is vital for brands looking to grow. Growth marketing tests compare different variables in retention strategies, giving teams a good indication of the options that hold the most appeal to their audience. Findings can then be used to improve retention strategies as time goes on.
Referral programmes can be enormously beneficial for ambitious brands. Using growth marketing, brands can learn about how different referral schemes might work for them, and which incentives their audience prefers. The results of these tests will then enable the brand to create a referral programme that brings in the best possible return on its investment.
Growth marketing strategies equip brands with incredibly useful information, which can easily be used to maximise the profitability of different marketing campaigns. Providing a whole range of different benefits in terms of customer acquisition, engagement and retention, growth marketing can make a real difference to both the potential of a company and the success of its expansion plans. For more information about growth marketing and how it works, get in touch with our team.