The world of marketing is dynamic and moves at the speed of light. Keeping up with these changes is difficult for any marketer, regardless of experience level. To succeed in the fast-paced marketing world and to maintain relevance with your audience, you must stay ahead of them. You must have a creative approach and a compelling marketing strategy that retains and grows your customer base.
Growth Marketing is an upstanding approach to attracting, doing user research, engaging, and retaining customers, focused on relentless experimentation and an intense focus on your customers’ changing motives and preferences. By building and delivering highly unique and personalized communication aligned with your customer’s needs, you’ll be able to rapidly increase your organization’s growth through different channels. Marketers can plan customized or personalized campaigns that easily reach users across various channels, allowing them to follow their behavioural cues to build tailored strategies to optimize growth.
Core Components of Growth Marketing Strategy
A growth marketing strategy is usually based on metrics, which include new user discovery, customer acquisition costs (CAC), retention rates, conversion rates, lifetime value (LTV), and other metrics which differ from business to business. They devise strategies to attract, convert, create and retain engaged customers, which are used frequently in the e-commerce space but can also be helpful for brick-and-mortar businesses.
A/B testing is one of the pivotal practices of a strong growth marketing strategy. This can be used in several formats, including email marketing, landing pages, social media ads, etc. It brings “A” type, “B” type, or several tests into action to understand which one engages the audience and increases customer retention. This data is also used to optimize future marketing campaigns while keeping the essence of the campaign that did well.
This marketing type focuses on creating a channel plan to reach customers effectively. These channels include Whatsapp messaging, Whatsapp commerce, SMS messaging, email marketing, push notifications, direct mail, in-app messages, and many more. When you use cross-channel marketing in your growth marketing strategy, you must also understand every user’s communication preference and then build your campaigns accordingly. It is essential to build a marketing plan that uses multiple channels using personalised communication, as it helps engage with your audience based on their location and behaviour across each platform.
Consumer lifestyle data provides intelligence on the lifestyle characteristics of consumers, including habits, interests, hobbies, political affiliations, and attitudes. This data helps with customer lifestyle segmentation based on age group, gender, location, and income range. This data delivers consumer insights into how they spend their time, consumption patterns, social trends, motivations, needs, and wants.
In the Activation stage, the companies look to get the attention and interest of the customers. They build familiarity and credibility with the customers through welcome, onboarding, and trial campaigns.
The Nurture Stage is where the company strengthens its relationship with its customers through newsletters, promotions, and recent updates.
In the Reactivation Stage, the complete focus is on re-engagement, which is done through campaigns like post-purchase, loyalty, abandonment, or win-backs. Although the customers go through the lifecycle at their own pace, growth marketers enterprisingly take the changing needs and use them to revamp their campaigns accordingly.
Trends in Growth Marketing to Watch Out for
The marketing industry is regularly changing to keep up with the customers and business landscape. After the rise of online marketing, consumers are venturing out to the real world, and marketers have to devise innovative ways to impact their consumers.
- Influencer Marketing has been quite a popular marketing tactic on social media platforms like FB/ IG, YouTube/ Shorts, Josh and Chingari apps have developed byte-sized content, which has been doing quite well as they share impactful information quickly.
- Podcasts have become an effective way of reaching a broader audience as they increase customer engagement and brand awareness.
- AR/ VR has been helping customers visualize and get a lifelike experience of the product or service online.
- User-generated Content has been quite popular among customers as it is a first-hand account from the public that is more attractive, making it an essential tool for gaining new customers.
- AI/ ML-based product recommendation engine is making marketing more efficient by suggesting products as per user behaviour.
- Doing user research time-to-time, understanding why the customers are using the product and why they are not using it (Product and USP-led approach).
- Building an ideal customer profile by understanding their interests and behaviour.
- Referral and word-to-mouth organic growth.
- Feedback/ Reviews play a very important part with respect to trust building.
- Organic growth is the latest trend across B2B and B2C businesses. The key channels for organic growth are SEO, ASO, product feature led-growth, word-to-mouth, etc.
What does Growth Marketing look like for different industries in 2023?
As the marketing industry is revamping quite frequently in an unprecedented manner, here are some growth marketing channels that are predicted to boom in the upcoming year:
While there was an understandable increase in e-commerce versus brick-and-mortar sales in 2020 (due largely to the Covid-19 pandemic), e-commerce continues to grow at an unprecedented rate. According to a recent Morgan Stanley report, e-commerce could account for 36% of all retail sales by 2026 (up from 32% now) as more shoppers prioritize convenience.
Gaming and metaverse
The metaverse is unquestionably a trend that will dominate the digital landscape in 2023 and for many years. Understanding virtual worlds, digital goods, and the larger Metaverse are essential for any marketer looking to engage Generation Z, and it offers numerous opportunities. Early adopters of this medium demonstrated that their preparedness, innovation, and creativity introduced new ways of thinking about the consumer, positioning their brands as storytellers.
Technologies such as AI, augmented reality, and data-driven marketing will continue to grow, focusing on Web 3.0; the overarching focus will be on people, not technology.
When it comes to choosing a financial provider, consumers are increasingly emphasizing digital solutions. They are interested in seeing what they have to offer, but they prefer digital channels (such as online and mobile banking) over contact methods. As “digital maturity” rises, this trend in digital banking will gain traction, forcing many banks to close significant portions of their branch networks.
Online marketing tactics and trends change all the time, but there are significant benefits to sticking with them. In 2023, increase your efforts in creating digital content to raise awareness. There are numerous strategies and digital mediums available for real estate agents to use in order to reach qualified prospects online.
The most effective real estate online marketing strategies are driven by thoughtful SEO-optimized content that resonates with your target audience and maximises your web presence through branding and video sharing. The most successful social media marketing strategies comprise a combination of Facebook ads and organic growth. Paid advertising is particularly effective for Realtors because it allows them to target specific groups of people.
Cryptocurrency is one of the hottest trends in the Instagram version of the financial world. Despite the fact that no one foresaw its eventual success, it entered the market and gradually swept the competition under the rug. As a result of the high rewards, there are between 10 and 12 million active crypto investors in India, and this number is expected to grow.
Millennials, who see cryptocurrencies as hip and futuristic, are increasingly interested in investing in them. To raise awareness and give investors a taste of this new investment opportunity, cryptocurrency investment platforms are capitalizing on the younger generation’s desire for free cryptocurrency.
Role of Technology (MarTech) in Growth Marketing
Increases the Effectiveness of Your Marketing Data
The prevalence of big data in all businesses, large and small, has created a number of challenges as well as opportunities, particularly in digital MarMTech. More data means more information about customers and prospects in terms of opportunities. This allows businesses that have adopted MarTech to aggregate, analyze, and then put vast amounts of data at their disposal to use.
Martech Aids Businesses by Providing a Personalized Approach
The ability of businesses to offer a more personalized approach than they could previously is central to using this data. The more data you collect, the more information you have to target your campaigns to specific, segmented groups across your platforms. The more effectively you can understand your prospects (and customers) and target your campaigns, the more effective they will be and the more leads you will convert.
Improves customer relationships
Marketing technology can help you build relationships with your customers by centrally organizing and remotely accessing their correspondence records, creating email campaigns, and incorporating customer preferences into your sales process. By testing the effectiveness of company websites, interfaces, and applications, this MarTech can assist businesses in maximizing the effectiveness of their marketing strategies.
Better data analysis
MarTech tools can help businesses better understand their return on investment (ROI), spend advertising dollars more efficiently, and make more sales. Analytics technology of various types can assist you in improving the effectiveness of your ad targeting, the customization of your site and apps, and the customer response to your website.
Marketing technology tools can help you see and measure specific results in less time. Businesses can make decisions to cut or end ineffective campaigns more quickly, invest in useful advertising techniques, and reduce financial loss. It enables businesses to improve customer relationships by tracking communication, processes, payment, and orders in a single application.
Efficient marketing with Artificial Intelligence
Artificial intelligence (AI) has recently caused quite a stir, with many people speculating that it will soon rule all aspects of human existence. Using an AI Chabot, 60 percent of internet users can have their questions answered on multiple apps or websites simultaneously. The content we consume on social media contains a lot of Artificial Intelligence (AI) designed to keep us engaged for longer! As a result, digital marketers have an excellent opportunity to capitalize on this cutting-edge technology, which is expected to be worth $190 billion by 2025.
Right Attribution/ Tracking
In today’s digital world, the right Attribution/ Tracking is very important to understand the right channel and communication to optimise CAC and scale efficiently.
How does a Customer Data Platform (CDP) help in Growth marketing strategy?
Here are some of the advantages of using a CDP for your company:
Accurate and timely data collection
It allows you to collect data quickly and easily from customers. Customers are already providing you with this information in many cases through online forms, surveys, and feedback. Furthermore, you can easily track data such as purchases, return visits, revenue generated from online advertising, and competitor research using a CDP.
Data analytics for strategic purposes
You can use this to perform sophisticated and insightful data analytics. You can, for example, use machine learning to learn how customers interact with your product or service (such as their most common ways of searching for products).
A CDP also provides targeted and personalized communication. For example, you can use data to predict when your customers are most likely to leave and then send them targeted emails to keep them. You can also create products and services based on your customer’s preferences. This can assist you in increasing sales.
It can help your company save time and increase efficiency. For example, many tasks that a data analyst would normally perform manually can be automated. This can save you time and make you more efficient. It can also help your company reduce errors and inefficiencies.
Growth marketing has evolved past the “get-growth-quick” tactics of growth hacking. However, that doesn’t mean successful elements of its rise to success have been forgotten. Growth marketing continues leaning into its testing, experimentation, and expansion roots and applies these principles to campaigns throughout the customer journey. In an ever-changing industry, you must be aware of new and changing trends and take advantage of opportunities to upskill as a marketing professional.
Growth marketing generates excellent rates of customer retention, engagement, and satisfaction. When you prioritize delivering valuable customer experiences, you’re no longer attempting to monetize your audience. Instead of pushing Content geared toward conversions and revenue, you’re now seeking new ways to add valued information to each user’s evolving journey. Growth marketing focuses on customer relationship building and fostering loyalty; it’s a long-term strategy where authenticity and engagement create advocacy and organically grow customer lifetime values.
Views expressed above are the author’s own.
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