posted byMuse Media Marketing19/04/2021
Whether you run a startup or a highly successful corporation, it is necessary to develop a business growth strategy.
Although growth marketing focuses on customer acquisition, employing a business growth strategy will ensure your business remains relevant and continues to grow exponentially.
In this article, we are going to discuss:
Growth marketing is a specific type of marketing strategy that focuses on using data-driven techniques to drive leads and conversions.
With the goal of improving metrics, such as increased website traffic or higher sales, growth marketing strategies are developed by testing these metrics through experiments.
These tests are meant to provide insight into what strategies are working and which are not.
One of the most common ways digital marketing uses growth marketing tactics is through A/B testing.
A/B testing involves launching a campaign, whether that is an email campaign or social media campaign, in which all elements are the same except one variable. This variable element can be anything from the image or graphic used in the advertisement or the actual text or call to action.
After the campaign has been run, the marketeer will be able to analyze which version of the campaign produced better results.
Now let’s discuss the ways in which growth marketing can be implemented.
The first step is building awareness of your brand with your target audience. In other words, you want to ensure that your target audience knows your brand exists.
This can be done in a number of ways, such as SEO (search engine optimization) or social media marketing.
The next step in a business growth strategy is generating leads, also known as customer acquisition.
A great example of a customer acquisition strategy is getting target customers on your email marketing list. Targeting emails to your customers and providing incentives and promotions will increase the chances a customer will purchase your product or service.
Next, marketers want to generate as much revenue as possible. While the steps leading up to this part of the strategy will help increase revenue, a business can employ other revenue-centric strategies, such as pricing.
Finally, to ensure your growth strategy provides results that are exponentially increasing, the final step is to focus on customer retention.
In other words, now that you have acquired customers, ensuring that they remain loyal to your brand rather than seeking out products or services from your competitors.
Retention involves maintaining customer service and reminding customers of the value that your product or service adds to their lives.
There are a number of growth strategies you can employ to help boost your business. Let’s discuss some of these strategies!
The first type of growth strategy is a viral loop, which involves a customer buying a product, being satisfied with it, sharing it with others, being rewarded for those references, drawing in more customers.
A viral loop essentially offers incentives for referring other customers, who then refer to another set of customers. This creates a positive feedback loop that allows a business to grow exponentially.
Another type of growth strategy is the milestone referral model, which is similar to the viral loop by offering incentives.
However, the milestone referral model provides incentives after certain milestones or benchmarks, such as a reward after referring 5 friends and then another after referring 10.
The next type of growth strategy we are going to discuss is developing a unique experience that makes your business stand out from the competition.
For example, if a competitor is charging a subscription for a similar service, provide a free month trial of your service.
Finally, businesses can choose to take more classic strategies for growth, such as word-of-mouth and in-person events.
Word-of-mouth growth strategies are not only great for increasing the visibility of your business but also for establishing credibility. Most customers will listen to those around them, such as friends and family.
Business growth rides on the ability to acquire customers because these leads turn into sales, which turn into revenue.
There are a number of factors that go into boosting customer acquisition , the first being the channels through which a business chooses to acquire customers.
Some of the most popular customer acquisition channels include content marketing, blogging, social media, SEO (search engine optimization), and email marketing.
Additionally, a successful business growth strategy is built on data. Therefore, it is essential to measure the success of customer acquisition efforts.
In order to measure your business growth strategy’s return on investment, it is important to also consider the customer acquisition cost (CAC), or the cost of driving customers to your business.
The CAC includes marketing and advertising costs and can be calculated by subtracting the marketing cost from the customers acquired.
Boosting customer acquisition can be achieved by creating content that is sustainable, meaning that investment in high-quality content will serve your business for a longer period of time.
Additionally, a business can increase customer acquisition through created highly targeted campaigns. Not only will this help decrease CAC since the business is mainly communicating with customers that are already likely to convert, but it will also mean marketing efforts will be more personalized, and in turn, successful.
Developing a business growth strategy relies on data-driven strategy and the ability to adapt to your market. With the right growth marketing strategy in place, your business will see an increase in customer acquisition and sales.
Our team and Muse Media Marketing will help you develop a business growth strategy that is data-driven, sustainable, and targeted.
If you are ready to take your business and marketing efforts to the next level, book a consultation with Muse Media Marketing today!