Our last article described the nine goals of digital marketing. Today we explain the concept of growth marketing.
The basis of growth marketing is the continuous analysis of data on user behaviour, buying behaviour and all data that can be related to sales or lead generation in the company.
Evaluate all data on user behaviour
Marketing strategies and measures are developed on the basis of comprehensive data analysis. However, these are not static, but are subject to permanent adaptation to the results of the data analysis. Compared to traditional forms of marketing, growth marketing is feasible at significantly lower costs. In addition, creative approaches ensure that viral effects can often be used through growth marketing measures.
From prospect approach to referral
Ideally, the following tasks and goals are within the scope of responsibility of growth marketing:
- Acquisition: Generating attention and traffic to your website
- Activation: Convert new, as yet unknown visitors into subscribers
- Retention: Persuade visitors and prospects to become active
- Monetisation: persuade active users to buy
- Recommendation: motivate customers and active users to recommend you
It's always about the customers
The clientele plays an important role in this consideration. Customers are often divided into buyer personas for this purpose. Their customer journey is also known in detail. It is efficiently analysed and documented with the help of smart technologies, such as CRM systems and analysis tools based on artificial intelligence.
Performance can be measured
Performance marketing describes data-based strategies in digital marketing whose success can be measured with the help of key performance indicators (KPIs). The measurability of measures is important in growth marketing. Only if you know exactly which strategies lead to success and which do not, can you work agilely and accelerate the growth of your company. If, on the other hand, you are in the dark and do not know what success and what impact measures have on your clientele and products, you are wasting valuable resources.
Digital channels are faster and cheaper
In growth hacking, marketers resort to digital marketing tools, for example:
- Social media (viral marketing, influencer marketing).
- Online marketing
- Content marketing (blog posts, newsletters)
- Search engine optimisation (SEO)
These methods are often more cost-effective than traditional marketing measures such as radio advertising or newspaper ads. They are also faster and more direct, which makes it easier to test different approaches in a short time.
Prerequisites for Growth Marketing
In order to use Growth Marketing successfully, you should establish the following basic prerequisites:
- Data collection: Collect the data of your customers in order to be able to use them systematically afterwards. Use tools such as Google Analytics or a CRM system for this.
- Recommendation systems: Give your customers incentives to recommend you to others.
- Target group analysis: Know your clientele. Buyer personas help to identify and categorise customer groups.
- Personnel: Without qualified employees it is difficult to implement strategies.
Implementation of Growth Marketing
Many different measures in combination lead to success in Growth Marketing. This list is not exhaustive and serves more as a source of inspiration:
- Actively collect reviews: There are numerous tools that automatically get your customers to rate you.
- Use social media and broaden your horizons in the process. Which platforms suit your product? Maybe Facebook and Instagram, but perhaps also content portals like Egypt-Business.com.
- Optimise your homepage: Use clear headlines, work with keywords, tag your images - in short: actively pursue search engine optimisation.
- Influencer marketing: Especially in the B2C sector, it can be lucrative to work with influencers. Try your hand at this too - ideally on different platforms.
- Personalisation: Address your clientele personally, offer what they need. Give your customers the feeling that they are not just a number.
In the next article, we will explain the basics of retention marketing. To make sure you don't miss anything, we recommend our newsletter