Growth marketing is a practice of refinement and experimentation with the objective of boosting a company’s bottom line. Growth marketers can succeed if they have a data-centric growth strategy, concentrate on engagement and retention, track and refine the customer experience and continuously experiment. With a growth marketing agency at the helm, businesses can steadily experience growth.
Data-centric growth strategy
A successful growth marketing plan certainly requires a precise growth strategy to be effective. This plan would need to be tweaked and updated at various intervals as and when alterations and experimentations take place. In your growth strategy you can record key information like the business’s target audience, objectives, budget, hypotheses and channels.
As opposed to traditional marketing the focus of growth marketing is on growth. For this reason your growth plan would need to include well-designed experiments. Once you boldly experiment with new approaches you can gather the insights and check what works and what does not. What’s great about these experiments is that they are conducted based on the data that you collect and its interpretation. Your experiments would be decided on the basis of the continually updated growth plan that you maintain. Using A/B testing will allow you to refine and tweak the experiments to get the outcome you want.
This is a randomised experimentation process or split testing. Through the testing process, growth marketers evaluate the value of two comparable items (for instance two versions of an app) and monitor the outcome. They route traffic to both versions and then track the conversion rate of both. Carrying out A/B testing of your digital products allows you to benefit from an optimised growth plan.
Working with a growth marketing agency will give you access to expertise in various strategies and practices.
Concentrate on audience engagement and retention
To generate a thriving growth marketing plan, focus on audience engagement and retention from the beginning. Rather than just focusing on gaining new customers, consider ways in which you can also convert them into loyal repeat visitors. You can gather data on engagement levels and gauge success taking into account data including volume of repeat customers, duration spent on your product and customer lifetime value among other aspects.
Build a streamlined customer journey
Learning about your business, interacting with it and actually making purchases is part of the customer journey. If you are unaware of the paths customers take to reach, engage or buy from you, it’s not likely that your business will succeed beyond a point. Besides the other aspects mentioned here, growth marketers would also need to map out the customer journey, and thus figure out fresh avenues for growth building a highly seamless journey for your customers.
Working with a growth marketing agency allows businesses to invest the right amount of resources to expand their customer base and drive further success.