You might have heard of Growth Marketing before. It’s a type of marketing that focuses on driving measurable and sustainable growth for your company. In other words, it enables you to increase the number of customers your business has while also driving up their loyalty. And, if these stats aren’t incentive enough, consider this: According to software company Oracle, companies who implement an effective growth marketing strategy see an average uplift in revenue of 42% compared with their peers who do not use growth marketing tactics. Clearly then, it’s time you take this seriously and understand why it’s so important for your business right now.
What is Growth Marketing?
Growth marketing is a strategic approach to increasing customer acquisition, engagement and retention. It’s an essential part of any successful business marketing plan, usually involving the creation of content (such as blogs, emails and podcasts) and paid advertising (such as pay-per-click ads, sponsored content and social media ads). It’s designed to help you acquire more customers, turn more of those customers into repeat buyers and increase your revenue. Growth marketing also encompasses a few other terms that you may also have heard of, including growth hacking, inbound marketing and digital transformation.
Why Is Growth Marketing Important?
– Increased ROI – It’s not just about driving more customers to your website; it’s about increasing the value of those customers, too. A well-executed growth marketing strategy will see you maximising the value of each customer, increasing the amount of money they spend per order and the number of times they re-order. – Customer Lifetime Value – The lifetime value of a customer is the amount of revenue they will generate for your business over the course of their lifetime. A well-executed growth marketing strategy will see you tracking data to calculate the lifetime value of each customer, meaning you can accurately forecast how much profit you will generate from your marketing efforts. – Be found by customers – Whether it’s organic search, social media or paid advertising, you need to be found by customers if you want them to buy your products and services. A well-executed growth marketing strategy will help you optimise your marketing efforts so you rise to the top of search engine results, engage with customers on social media and get more clicks on your paid ads.
Why is Growth Marketing So Important Now?
– Your competition is investing – In today’s digital world, growth marketing has never been more important. When you consider that many businesses are still not taking this seriously, you have a massive opportunity to outpace your competitors. – Customers are tech-savvy – The tools for effective growth marketing have never been more accessible or affordable. With a few clicks of the button, you can set up a marketing automation campaign, run a Facebook ad or create a podcast that gets hundreds of thousands of downloads. – Customers are demanding more – Customers are smarter than ever and demand more from the brands they choose to purchase from. A well-executed growth marketing strategy will help you deliver on this demand and show you truly understand what your customers want.
3 core tactics of effective growth marketing
– Content – Content marketing is one of the most effective growth marketing tactics you can adopt. The right type of content — such as blog posts, videos, e-books and podcasts — can help you engage with your target audience, build trust and drive traffic to your website. It can also be a source of leads for your business. But effective content marketing isn’t as simple as throwing up a blog post and hoping your audience will find it. You need to create the right type of content that is valuable to your target audience, that resonates with them and that they’ll want to share with their friends. – Paid advertising – Paid advertising is another key growth marketing tactic. Whether it’s investing in Facebook ads, Google AdWords, LinkedIn ads or any other paid advertising channel, you can use it to drive traffic to your website and increase your brand awareness. But as with any marketing tactic, you need to be sure you’re investing in the right channels and with the right strategy if you want to see a positive return on investment. – Sales process – The sales process begins with your first interaction with a potential customer. If you follow a sales process that is proven to achieve results, you can make sure that every person you come into contact with is a potential customer.
2 tips to help you build an effective Growth Marketing Strategy
– Get clear on your goal – If you’re going to invest time and money into growing your business, you need to know what your end goal is. What do you want your business to look like in one year, five years and ten years from now? Once you know what you’re aiming for, you can determine the steps you need to take to get there. – Track the right metrics – In order to understand what is working and what isn’t, you need to track the right metrics. Metrics will help you understand how effective your marketing efforts are, and they will also help you understand how you can improve your strategy to generate even more revenue.
Growth marketing is important because it is the primary driver of revenue growth for most (if not all) companies. Revenue growth is absolutely critical to a company’s long-term success because it determines the company’s financial health. – The best way to increase revenue is to have a growth marketing strategy. It’s something every company must have, and it’s essential to implement it as soon as possible if you want to stay afloat in today’s digital economy.