The marketing world is constantly changing. Strategies that work one day may be less effective the next. Growth marketers are open-minded strategists who experiment and follow the data. They look at every aspect of the business—from how prices are displayed to upselling tactics—and find ways to drive up north star metrics.
Focus On A Few Key Areas
Rather than focusing on one metric, growth marketers work on improving all areas of their business to drive revenue. This is why they must have strong people skills and a deep understanding of customer needs. They are able to look at the user journey through the entire funnel and make decisions about acquisition, retention, and revenue. For example, a growth marketer might discover that customers who are using their freemium product are converting into paid users at a much faster rate than expected, and focus on increasing customer lifetime value (CLV).
This requires them to use cross-channel marketing strategies such as email, SMS messaging, push notifications, in-app messages, and direct mail based on the individual user’s communication preferences. Using tools like A/B testing and multivariate tests, they can quickly understand which of these campaigns are working best and adjust their strategy accordingly. They can also find out which tactics are driving the most traffic and which are generating the highest number of leads.
Use Social Proof
Many growth marketing tactics focus on acquiring new customers, but it’s more important to keep existing ones engaged. After all, it’s cheaper to retain a customer than to find a new one. One way to do this is to promote customer reviews. Having this content on your website can help reassure potential buyers and reduce decision-making anxiety. It also increases trust.
For example, e-commerce sites like Amazon and eBay include customer reviews on their product pages, resulting in higher conversion rates. Other types of social proof can include customer ratings, testimonials, and the number of times a product has been sold. Brands can even showcase their achievements by displaying media logos on their websites, such as a featured spot in Buzzfeed or HuffPost. This helps create a sense of cultural affinity with customers and can boost brand recognition. This can be especially effective when done through retargeting campaigns on social media and native ad networks.
Be Flexible
It is important to be flexible and open-minded with your growth marketing approach. This includes being willing to change tactics and trying new things, even if they fail initially. This allows you to gain valuable information that you can use to improve future campaigns.
The cyclical nature of growth marketing requires you to be able to adapt quickly to new opportunities and insights. For example, if you notice that your audience responds better to a certain type of content or ad, then you should shift your budget toward that type of campaign.
Similarly, if you find that a certain customer segment prefers to receive their updates through email or webinar rather than push notifications, then you should provide them with that option. This shows you care about your customers and that you are willing to evolve with them. This is why using a tool like ServiceBell is a great way to grow your business through offering your audience a different way of engaging with your brand.
Be Responsive
Unlike traditional marketing strategies that are geared towards customer acquisition, growth marketing takes a more holistic approach to customer engagement. It understands that it’s easier and more cost-effective to retain existing customers than find new ones. Keeping them happy and engaged is the goal, and companies such as Upday, a free news app, and Clipchamp, a video editing program, have proven this to be true.
This is why growth marketers always keep an eye on user feedback to see what’s working and what’s not. They can then organize campaigns around those elements that are performing well, while tinkering with those that need some work to improve.
This type of flexibility allows for a more effective use of your budget and enables you to gain valuable insights into your audience’s behavior. It’s a process that relies on data-driven decision making, which is why it is so important for your business to stay up to date with industry trends and best practices.
Conclusion
In growth marketing, teams focus on a holistic approach to customer journeys. Unlike performance marketing, which uses ad campaigns to convert new customers, growth marketers use analytics to generate insights and determine strategic initiatives with clear outcomes. These can include experimenting with the design of your pricing page or testing upselling tactics like Spotify wrap. They also look at metrics around retention and revenue to find repeatable ways to grow your user base.
