Growth marketers are all about increasing their business through concrete results. And while that usually means sales, success can also look like higher customer retention rates and more qualified leads. These results don’t just happen. They are the result of precise plans and well-executed strategies.
However, plans and strategies often need to be reassessed and fine-tuned. A critical component of any marketing strategy for growth is experimentation, and an experimental mindset is necessary to make improvements. You can’t increase your attack line if you’re not willing to test out new ideas and follow the data. If your goal is to dominate your growth marketing strategy and efforts in 2023, here’s how to make it happen.
Determine where conversions fall short
All buyers go through a journey that relates to the so-called pirate funnel. This funnel has six main stages: awareness, acquisition, activation, retention, revenue and referral (AAARRR). Compared to traditional strategies, growth marketing focuses on achieving conversions at all stages of the funnel.
It’s not just about getting potential customers to become customers once they’re aware of your company and what it can offer. Growth marketing strategies aim to move as many leads and customers as possible from awareness to referral. Growth marketers want to build relationships, encourage loyalty and motivate customers to refer others. But strategies must do more than target every stage of the buyer’s journey or funnel.
Your efforts should examine where leads and customers are not converting. Or, at the very least, they should figure out where they’re not converting enough. Your strategy can do a great job of moving your prospects from awareness to activation. The company’s offers and advertisements are enough to drive website traffic and online purchases. But most new customers don’t stay because there isn’t enough incentive to do so. You can test out different rewards to see which one discourages churn the most.
Build brand credibility
A brand’s reputation can follow it everywhere. Growth marketers have greater hurdles to overcome when that reputation is poor or non-existent to begin with. At the same time, inconsistent marketing messages and strategies that are not specific enough can dilute a brand’s reputation. Establishing and building brand credibility is critical to getting leads and keeping customers.
Building or repairing brand credibility takes some time. It also requires reliability and expertise. If consumers aren’t sure they can trust your brand, they’re less likely to convert at any stage of the funnel. Competence often goes hand in hand with trust. People want security that companies have the knowledge and authority to talk about the topics they address.
Creating unique and insightful online content is one way to build brand credibility. Content that serves the audience’s needs and search intent demonstrates an understanding of that consumer segment. You begin to build a connection and trust. Working with other industry influencers and integrating customer reviews are additional ways to increase brand credibility. However, it is important to ensure that what you say matches what your company delivers.
Make data-driven decisions
Effective growth marketing strategies do not rely on gut instincts. Data and test results should guide growth marketers’ actions and strategic moves. Owning your industry will not be possible without paying attention to the breadcrumbs that can lead you to the ultimate goal.
These breadcrumbs are often the most important performance indicators you want to measure. Nevertheless, KPIs are not always numerical; they can be more qualitative, such as consumer sentiment. Establishing metrics and goals for each funnel stage will help determine whether your strategies are hitting the mark or need refinement.
Perhaps referrals from customers are lower than the desired benchmark. Data from your Net Promoter Score surveys show that sentiment is not enthusiastic due to inconsistent service quality. While some customers will happily recommend your brand to others, the list of passive consumers is growing. Passives are people who can take your offer or leave it. They need more convincing to become loyal brand advocates.
Ignoring this data means you’re not following the breadcrumbs. You may want to revisit your referral program to determine if it is out of step with your customers’ experiences. You may need to work with other departments to fix these inconsistencies. Perhaps the rewards for remaining a loyal customer are not sufficient and require attention. Listening to how consumers align with their behavior will lead to better decisions.
Invest in omnichannel experiences
Knowing how different segments move through the sales funnel helps brands target the right consumer at the right time. It also supports consistency in messaging and experiences across multiple marketing channels. The likelihood that prospects and customers will interact with a brand through more than one channel is high. And today’s consumers expect consistent and personalized omnichannel experiences.
Mapping where and how segments interact with your brand can reveal opportunities to refine and expand omnichannel experiences. Say the pay-per-click ads and blog posts are the first touchpoints a consumer group sees. These ads and posts create attention among the segment, but many call customer service for more information. They find your online store confusing and the checkout process too extensive.
Consumers in this segment don’t understand why they can’t ship your products to a home address. Since they have to have the order delivered to a local store, it goes against their expectations of online shopping. Why should leads convert through your website if they have to visit a store anyway? Changing your online payment process and delivery practices to match consumer expectations can improve conversions and address bottom-of-funnel needs.
Dominant growth marketing
Growth marketing strategies are not a one-and-done deal. At the heart of these approaches is a desire to test hypotheses and learn from the results. Growth marketers must constantly reassess their efforts to achieve the ultimate goals of increasing revenue and retaining customers. Executing a winning strategy isn’t about confirming your hunches were right. It’s about discovering what consumers think your brand got right and correcting what they perceive you got wrong.