Successful growth marketers know that not every experiment will work, but they are willing to keep trying different tactics until they find something that does. This data-driven approach is essential for success. Growth marketing uses customer data-driven tactics and strategies to increase user base, reduce churn, and increase customer lifetime value.
Attract New Customers
The goal of attracting new customers is to increase the number of people who use your products and services. It can also help you build trust and credibility in your industry, which can lead to increased brand visibility and customer loyalty. One strategy for attracting new customers is to promote your business as an expert in your field. This can be done by creating high-quality, informative content on your website or social media channels. Another way to attract new customers is by implementing a referral program that offers rewards or discounts to existing customers who refer friends and family to your business.
A marketing growth keeps the customer experience at the center of everything they do. They’re always looking for ways to improve and optimize the user journey and create a better product for their customers. This is why it’s important to regularly experiment with marketing strategies and continually collect data to make informed decisions.
Retargeted Advertising Campaigns
As the name implies, retargeted advertising campaigns use personalized messaging to stay top-of-mind with potential customers who have already visited a business’ website or other touchpoints. They do this through the use of cookies, which identify a user as having visited a specific page on the site or a specific mobile app. Unlike standard marketing tactics that cast a wide net to try and reach anyone who may have an interest in the product or service, this method focuses on individuals who are more warmed up and further down the sales funnel, increasing the likelihood of conversion.
Using retargeting ads can help businesses reach consumers who are not responsive to traditional marketing channels such as email and turn one-time customers into loyal brand fans. They can also share new products with visitors based on their browsing behavior or interests—for example, someone who browses real estate properties with front porches can be targeted with ads for homes with front porches.
Engagement-Focused Campaigns
When it comes to marketing growth, engagement is a crucial factor. It allows businesses to connect with consumers on a more personal level, which builds relationships and increases brand loyalty.
To boost engagement, marketers can focus on engagement objectives, which help them optimize campaigns for specific goals. These include page likes, post engagements, event responses, and more. Customer engagement also helps businesses understand consumer needs and preferences, resulting in improved customer retention and growth. This can be done through engagement strategies, such as surveys or contests that offer rewards to participants.
A full-funnel content creation strategy is vital to success for companies looking to improve engagement. By providing high-quality, targeted content at all stages of the funnel, brands can build meaningful interactions with customers and create loyal advocates for their products or services. This is the key to sustainable and successful business growth.
Customer Retention
Increasing customer retention is one of the most effective long-term marketing strategies. Loyal customers are more likely to promote your brand to their friends and family, make repeat purchases, and boost your online reviews. In fact, according to Annexcloud, increasing your retention rate by 5% can increase profits by 25%-95%.
The best way to understand your customer retention is through the use of metrics like Net Dollar Retention (NDR) and Customer Lifetime Value (CLV). These metrics allow you to see how much revenue your existing customers are contributing to your business.
One of the best ways to encourage loyal customer retention is through referral programs. For example, sustainable menswear brand Frank & Oak has a generous affiliate program where they offer commissions to bloggers, social media influencers and major commercial websites who promote their products. The team behind the brand then tracks and analyzes the feedback to understand how to improve future marketing campaigns. They also encourage customer feedback on a regular basis so they can act quickly when a negative experience arises.
Conclusion
Marketing growth is an outcome-driven strategy that uses data to optimize campaigns in real-time. This ensures that every dollar is being used effectively to achieve the business’s most important goals. This involves a holistic approach to user engagement, from acquisition through retention and revenue metrics. This includes leveraging social media, digital advertising (like Google Adwords or display campaigns), email, product-led content and more.
