Let’s suppose you run a fast-food chain that’s looking to expand its customer base as rapidly as possible. On researching, your marketing team discovers that most of your customers are stay-at-home types and they are more likely to search for “good local fast-food near me”.
After this, you realise that displaying an ad that promotes your best-selling fast-food items on Google is most likely to quickly attract a big inflow of customers to your fast-food chain.
So, you wisely put out a few modifications of an ad and weekly tweak it, using the results from the research. That’s precisely the beauty of growth marketing!
Components of Growth Marketing Strategy
A profitable growth marketing strategy is made up of the following components:
- Rapid testing: This includes carrying out A/B tests on the basis of strategic hypotheses and making modifications to the offerings, according to the testing results.
- A data-driven approach: A great growth marketing approach studies previous campaigns, takes what worked great, and works upon them.
- Regular analyzing and optimization: This component entails revising your campaigns on a routine basis and keeping doing modifications to improve outcomes with time.
Growth Hacking vs Growth Marketing
Primarily, Growth hacking:
- Concentrates on a very short period for timely results.
- Joins marketing with specialized teams to evolve fast-paced growth techniques.
- Has tight metric goals and strict testing mechanisms.
Alternatively, growth marketing primarily:
- Instils marketing techniques such as content marketing, SEO, as well as PPC together.
- Is a lasting strategy with a firm strength on revenue as well as CAC
- Gives preference to customer retention over fast-paced customer acquisition
Does Growth Marketing Work?
Let’s consider the case of Canva which shot up its growth marketing to over fifteen million global users in just a decade, with over 300K customers seeking paid facilities. Of course, such results don’t occur accidentally.
Canva is not the example of just one and only business that has attained success by virtue of growth marketing. Zoom calls surged globally, and the application has now become a new normal in the ongoing pandemic. Ever since March 2, 2020, the very first-time downloads of Zoom’s mobile app hiked up 700 percent plus, and a massive percentage of this success owes to a solid growth strategy.
Getting Started with Growth Marketing
Although growth marketing itself is one of the best strategies, it also needs numerous components and tactics to work efficiently. All of these must work concurrently to create a highly sustainable, scalable, and strong growth machine.
There are multiple elements to successfully carrying out a growth marketing strategy. These include:
1. Concentrating on Organic Growth
In our fast-food restaurant illustration above, we spoke of making use of both PPC as well as traditional format to expedite growth for the business.
In such a case, paid advertising should not be the centre of attention. Instead, focusing on organic growth is the vital key to developing a long-lasting, acceptable strategy that thrives your enterprise with the passage of time. That’s simply because of the reason that an organic growth strategy refers to prospering from within your own enterprise and making the best use of the resources you already have.
2. Relying on Data-Driven Decisions
A successful growth marketing strategy strongly depends on periodic testing, analysis, as well as optimization.
If you’re not relying on data-driven decisions, you need to begin collecting as well as analyzing your data right from the very first day. This is because growth marketing strongly depends on data. You can utilize it to observe patterns, explore the best content type, work on micro-conversions with insightful analytics to enhance your marketing ROI.
3. Generating Outstanding Content
While 91% of B2B marketers report utilizing content marketing, less than 40% agree to have a formal process.
That implies that more than 51% of content marketers out there are just bombarding words on media, hoping that one day they’ll produce their profits!
If this sounds common, then you must understand that this technique doesn’t last for a much longer period. That’s why a growth-concentrated content strategy is so crucial for your business to grow immensely.
4. Optimising for Maximum Conversions
A great growth strategy strives hard on conversion optimization. This refers to the idea of deeply studying your marketing tactics and circling for weak spots creating hurdles in conversions.
Your calls-to-action (CTAs) must be positioned and phrased correctly. Even minor things, such as the color of the button, impact visitors’ psychology. So, never neglect to develop a better conversion strategy as part of your all-around growth marketing approach.
5. Collaborating with the Perfectly Right Partner
A single component failure can cause distress, losses, and perhaps business failure.
Right from exploration to delivery and outcomes, you must ensure collaboration with the right partner to ensure that your growth marketing agency should offer a solution that transforms your brand into an industry leader. And for this, you can rely on Zoom Digital.
At Zoom Digital, we successfully helped businesses just like yours to boost both their marketing as well as their businesses as a whole through prosperous growth marketing techniques. We look forward to serving you too!