What Growth Marketing Really Means (Strategies to Do It Right)
Growth marketing is an integrated part of product development.
But for some marketers, growth marketing is often redundant, unimportant, and always comes with a question mark. This confusion arises because they get the definition of growth marketing wrong.
Growth marketing is not regular/traditional marketing. On the contrary, it is very different from that.
But, what exactly is it? Growth marketing is not just an old wives tale but the most profitable reality. Keep reading to explore the benefits of Growth marketing.
Growth Marketing and its basics:
Growth in digital marketing is a data-driven, strategy-based approach incorporated into business to gain sustainable success and achieve dominance in the market.
As the business skyrockets and grows, marketing plays a crucial role in keeping the growth speed of the business high.
This specific approach has its roots deep in the data.
Hence, it helps marketers make informed decisions, improve brand perception & scalability, facilitate cross-functional collaboration, and generate higher revenue.
Unlike traditional marketing, growth marketing guides customers from the acquiring phase to the retention phase.
The essence of Growth Marketing: AARRR framework!
AARRR framework, also known as the Pirate Framework, is the most prominent element of growth marketing. This framework divides the growth strategy into five phases, assigns metrics for each, and makes mapping the journey easy.
Every alphabet in the AARRR framework is short for meaningful phrases.
Acquisition: This phase turns potential customers into paying customers.
Activation: Manifest the brand’s actual value to create an awe-inspiring experience.
Retention: Keep customers subscribed.
Referral: Influence customers to turn into your brand advocate.
Revenue: Improve customer lifetime value and increases cash inflow.
Growth Marketing Strategy: (Acquisition Phase)
Constantly increasing acquisition costs is an ongoing dilemma for every business owner.
Building a cost-efficient acquisition strategy is a much-needed step for every business. Some channels that contribute to acquiring new customers are as follows:
Content marketing uses blog posts, e-books, videos, and more to build brand awareness, demonstrate expertise, authenticate the business, and drive leads to your website’s landing page.
Create a community:
Every business has a speciality, and creating a community around that speciality is a great tool for generating awareness and trust among your customers. Eventually, it helps the business acquire more customers.
Leverage Social Media Platforms:
With online video trimmer, it is now easier to use videos to ace your social media strategy and cut length accordingly, Integrating your social media channels to acquire new customers plays a crucial role in growth marketing.
Growth Marketing Strategy: (Referral Phase)
The Referral phase begins when a firm successfully turns its customer loyalty to turn its customers into brand advocates.
Growth marketing offers special attention to this phase and proposes the following channels to influence your customers to advocate for your brand willingly.
Create a referral program
Referral programs ensure acquiring more quality leads using existing customers.
The ‘refer a friend’ program is the most used and effective referral program that is strategize to get a loyal customer base to do the marketing for you.
Leverage early adopters as marketers
Early adopters are the risk-takers who are glued with you from the beginning for the real benefits of the product and service. And their belief can be strategies for marketing tactics.
Influencers are people with a strong followers base and influencing capacity.
Nowadays, as social media is rising above the bars, social media influencers are becoming a prominent tool o drive the sales bar up.
The final words:
Growth marketing is much more than just a buzzword, and those mentioned above are the few strategies that can lead you to the path of growth.
However, these strategies are not the only strategies.
You can always try your hands on the new and unique ways to excel in your business arena, be a pathfinder and generate loyal customers with fortune-worth profit.