4 Ways to Exceed Your Growth Marketing Goals – Forbes | Region & Cash

Whether you’ve been implementing growth marketing for a while or are new to the practice, you want to be successful. Nobody likes to miss a goalpost. There is a lot at stake in business. Failure to meet your goals can result in disappointed stakeholders, future layoffs, and financial loss. But to be successful at growth marketing, you must be willing to learn from failure.

Unlike traditional marketing, some experimentation is required here. Growth marketers approach their strategies and tactics like scientists. Data and observations feed a hypothesis that is tested to determine what is valid and what is not. Still, growth marketing offers proven tactics to help businesses succeed. Here are four ways to meet—and even exceed—your growth marketing goals.

1. Use more than one channel

The marketing landscape is more dynamic than ever. TV, radio, and print media still exist, but companies are also reaching out to consumers through social media and guerrilla marketing tactics. Novel approaches such as native advertising are emerging to address audiences in unexpected ways. To exceed growth expectations, marketers should expand the number of channels or media types they use.

Trying to reach leads and customers through different mediums is known as cross-channel marketing. While most companies do this to some extent, growth marketing strategies focus too much on finding the right combination. More importantly, marketers figure out which channels work best at each stage of the buyer journey or marketing funnel.

Perhaps blog posts, podcasts, and online events are very effective in generating attention and qualifying leads. However, personalized emails, direct mail, and targeted online ads convert more leads into sales. Leveraging cross-channel marketing opportunities will help your business get its message across in a way that prospects and customers will appreciate. Using multiple media types also ensures that you use the most appropriate tool for your audience at the right time.

2. Learn from A/B test results

Remember the part about hypothesis testing? A/B or split testing is where you can do that. You start with an educated guess about your audience and run a test to see if it’s true. For example, you might find that your customers respond better to promotions that emphasize limited-time savings. You came to this conclusion based on customer survey data.

So you test this hypothesis by sending two versions of an email. Both highlight your latest product sale, but only one includes language that encourages readers to act quickly. The test results show that more conversions came from the email that emphasized urgency. In this case, the results confirm the original hypothesis. Now you know that to get more sales from that audience, you need to keep using that language.

Successful growth marketers also use A/B testing to find out who their customers are. Maybe they don’t have enough robust data yet, or want to see if different customer segments are responding differently. For example, different landing page versions might show that certain age groups are more engaged with certain design features. Growth marketers can then use these test results to refine the page to match their target audience.

3. Focus on the entire buyer’s journey

Traditional advertising usually focuses on the early stages of the buyer’s journey. The goal of a TV commercial is to make consumers aware that a product, service or brand exists. There is often hope that when people are ready to buy something, they will remember the name of the company or product. However, traditional marketing doesn’t typically address other stages of the buyer’s journey or funnel.

A complete marketing funnel consists of six distinct stages. Consciousness represents the top of the funnel. However, the remaining stages are Acquisition, Activation, Retention, Revenue, and Referral. Many people may know that your product exists. A smaller percentage will visit your website or store for more information. From there, some fill out a form, subscribe to your email list, or make a purchase.

Once leads become customers, you want them to stay. Ideally, you want them to make repeat purchases or add more services. Hopefully, those customers will be happy and excited enough about your brand to recommend others. Growth marketers who meet or exceed their goals realize that generating attention is just the beginning. Revenue opportunities exist throughout the funnel, and customer relationships must be nurtured to increase revenue.

4. Rely on real-time data

Effective growth marketers know that data from a few months ago may not be reliable. Consumer behavior and lifestyle can sometimes change drastically. A looming economic recession and supply chain disruptions can lead to behavioral changes that affect your business. When consumer confidence is low, your customers may be less willing to add new services.

Alternatively, real-time data from website analytics and surveys can reveal a growing interest in replacing obsolete products or devices. Perhaps the latest feedback suggests that more of your customer base is responding to promotions. They are willing to trade and recommit if they can get a deal. At the same time, customers want peace of mind that they’re getting the savings on the product they want.

Growth marketers see all this data as an opportunity to personalize the customer experience. Up-to-date inventory and customer data could help craft marketing messages targeting customers with outdated devices. These communications would likely highlight current promotions for newer models from the same brand or manufacturer. Personalized emails could also show online and local inventory numbers to motivate customers.

Conquest of growth marketing goals

It takes courage and a willingness to learn and adapt to succeed in growth marketing. Strategies and tactics that drive results in one customer segment may not move the needle in another. The implementation of diverse initiatives and the juggling of simultaneous experiments are a matter of course. However, a commitment to cross-channel marketing, A/B testing, relationship building, and real-time data can help you get the results you want.

Leave a Comment