For decades, marketers have traditionally focused the bulk of their efforts on acquiring new users. Unfortunately, this approach no longer works. Why? Deloitte reports that the pandemic has upended product loyalty, and users have higher expectations of companies.
For instance, about 7 out of 10 consumers say they expect personalized interactions, according to McKinsey & Company. If you’re not giving users what they want, they’ll likely take their business elsewhere — and you’ll be stuck trying to refill a leaky bucket.
Modern marketers need to focus on both wooing and retaining users. An efficient way to do this is with growth marketing techniques. Unlike traditional tactics, growth marketing leverages hard data to drive serious ROI. It involves shepherding users through repeat sales journeys that are intuitive, engaging, and hyper-individualized.
As such, growth marketing necessitates a high degree of relentless experimentation. Only by exploring a variety of touchpoints can marketers see which ones produce the most optimal, sustainable results.
Growth Marketing Explained
Essentially, growth marketing doesn’t leave users “hanging out” after they’ve made their initial purchases. Growth marketing finds ways to loop users around so that they eventually see themselves as aligned with and committed to the company. And this is accomplished by using the scientific method: observing, creating hypotheses, testing out those hypotheses, looking at raw feedback, and making changes.
If growth marketing sounds like a constant game of A/B testing to you, then you’re not far off. But growth marketing is so much more than split testing. When you’re a growth marketer, you try everything to see what works. Only through consistent, rapid experimentation can you ensure that you’re meeting audiences where they are.
In this way, growth marketing can’t be based on a typical quarterly marketing plan. You don’t get the opportunity to just “wait and see” whether a process is working. Rather, you try something, collect data-backed insights, evaluate your feedback, and determine whether your approach is worth continuing. For marketers who have been around a while, growth marketing might feel like regular marketing times 10.
Growth marketing can be used to support traditional marketing efforts. For example, let’s say you’re running a booth at an annual conference or tradeshow where users can try out your product. A lot of the things you invest in to drive foot traffic — email campaigns, digital ads, etc. — all fall under the growth marketing umbrella.
Adding Growth Marketing to the Mix
If you’re intrigued by the idea of growth marketing, you’ll want to take steps to incorporate it into your workflows. That way, you can make certain you’re on your way to constructing a cohort of superfans. Consider these strategies to get started:
1. Identify select channels that allow you to acquire users at the right cost.
The first step is to concentrate on finding the few channels that allow you to acquire users at the right customer acquisition cost. These channels might be Facebook or Google ads, for instance.
Don’t feel like you need to be on every channel, however. If you spread yourself too thin, you won’t be able to maximize your efforts for the customers who truly matter. Think about where your audience is. Are they visiting certain websites regularly? Reading particular newsletters? Searching specific keywords? Capitalize on what you know and test out each acquisition channel.
2. Establish paths to pull users into your growth loop.
Once you’ve gotten your audience’s attention, set up journeys to propel them deeper into your system. These journeys could include touchpoints such as text messages or emails. Aim for extreme personalization and test everything. Once you find a solution that works, keep it. Don’t deviate as long as the numbers show that it works.
The goal is to set up a loop that you don’t need to keep investing resources into. You’ll want to measure and maintain it, but you don’t need to constantly update it. This allows you to spend more time on high-level strategies, not day-to-day adjustments.
3. Create opportunities to reengage users who might be drifting.
Finally, construct more triggers to jumpstart buyers who might be moving away from your company. The goal should be to get them not only to interact again, but also to make purchases. Unless you can retain your users, you can’t achieve high growth for your company. So, explore proven tactics to garner long-term commitment. Just be sure to identify and collect metrics to determine which growth ideas are winners.
When done well, growth marketing allows your company to scale more efficiently. Additionally, the practice will help you release your reliance on gut instinct to make smart decisions while offering buyers unparalleled personalization with your company.