12 min read
With hundreds of new businesses mushrooming and thousands of rupees being spent on marketing, it's really difficult for any company to stand out in the crowd. To cut through the noise, a highly effective marketing strategy that’s creative, iterative and appealing is a critical requirement that no business can deny.
Marketing is a broad term with different variations coexisting together and when applied rightly yields concrete results.
As a digital marketing company in Pune, we recommend employing all possible combinations of marketing tactics to leave no scope for any failure. Growth marketing is one of the components of digital marketing that is often viewed as an effective tool to propel business growth.
So, what exactly is growth marketing?
Well, growth marketing is a data-driven strategy that uses sets of experiments and tests to optimize existing results. It can especially be strategized and implemented to attain improvement in certain areas. If there’s a certain metric you feel needs improvement, then growth marketing is the way to go!
It works upon the already existing marketing channels to which insightful layers are added in form of A/B testing, data-driven email marketing campaigns, SEO optimization, creative ad copy and technical analysis of every aspect of a user’s experience.
What are the goals of growth marketing?
The all-embracing goals of growth marketing are the common objectives that any established business aims to achieve through hiring digital marketing services in India or setting up its own in-house marketing depts. A well-drafted and executed growth marketing can help you in:
- retaining existing customers
- acquiring new customers
- increasing profits.
It’s data and analytics based planned marketing that provides insights about how customers respond to your marketing plans and how they can be retained by re-evaluating the marketing strategies.
In simpler terms, Growth Marketing is like a toolbox of growth marketers that opens doors for experiments and creative ideas for building sustainable growth. What makes it more strategic than traditional forms of marketing is that it allows you to implement itself within your business perspective, and helps to achieve growth through the AAARRRs -Awareness, Acquisition, Activation, Revenue, Retention, and Referral.
The AAARRRs Approach of Growth Marketing
Awareness: In this stage, the main focus is to let your customers know that your Brand exists through social media marketing or even optimized SEO. Here, what growth marketers can do is conduct A/B testing and find out what frequency of posts is most effective for driving blog traffic or what kind of content receives the most engagement. Being an eminent digital marketing & SEO company in Pune, we believe that it can prove to be a game changer for a business and hence must be given due attention.
Acquisition: This gives wider ground to the growth marketers to experiment with varying ads of copy or the CTA (Call To Action) provided on the ads. A growth marketer might also try to increase the amount of form submissions by experimenting on the messaging, the button orientation and/or the page orientation.It gives an idea as to what can be used to achieve new customers and what new needs to be inducted in order to retain the existing customers.
Activation: Activation is the stage where you need to convince people to purchase and use your product. Once the customers are onboard, the growth marketing aims to interact with the customers and persuade them to go for your offerings. For instance, chatbots can be used to provide relevant information about your product or your service to the interested customers.
Growth marketer can go a step ahead and provide a tour of your website highlighting the beneficial insights that keep customers hooked or offer a free demo to show confidence in your services. These tactics are instrumental in building trust in the customers.
Retention: Growth marketing includes surveys to gather information about customers to learn what appeals to them and what makes them leave. Now this is an essential requirement for a business looking forward to expansion. Loyalty programs for instance, are one of the best bets that can help attract new customers to your business. They help maximize the lifetime value of a customer by offering incentives to spend more and buy more often. A very good example of this is the Amazon Prime, a loyalty program feature offered by Amazon to their customers, which also helps the company retain customers.
Revenue: Revenue includes all the actions taken to help companies make money. Growth marketing can address revenue-related metrics by experimenting on pricing strategies or how the prices are displayed on the respective page. They could also explore upselling tactics like reminding the existing customers to renew the membership by providing new attractive offers like discounts in payment.
Referral: Getting your customers to act as brand ambassadors and refer your product/service to other potential customers is significantly beneficial to your business. While satisfied customers can serve as important sources for gaining new prospects, digital marketers too can create referral programs to incentivize this. For instance, Tesla offers free supercharger miles in exchange for referrals. A growth marketing plan can experiment with such different promotional methods around the referral program to improve results.
Final Thoughts: Growth marketing is the practice of focusing and optimizing strategies that enhance the quality, quantity and lifetime value of your marketing funnel. However, it’s not meant for every company. If you’re a start up company, then it's better to establish yourself before devoting your limited resources to growth marketing.
However, if you’re at the point where scaling your company is a primary goal or you feel it's time to tweak your marketing efforts to get more ROI, implementing growth marketing experiments to improve the key metrics can prove to be lucrative.
To learn more about developing the right digital marketing and growth marketing strategies for your business, get in touch with IKF- the reliable digital marketing agency in Mumbai & Pune.With sound understanding of the basics of these tactics we can help you take your business to new heights!