How growth marketing impact the businesses in 2020
Over the last few years, the term growth marketing has attained wider popularity and undoubtedly gained a heightened growth. Well, many of us might be pretty familiar with the term but not the concept. No worries! This blog encapsulates what exactly you need to know about growth marketing and how to put these strategies into practice.
Without further ado, let’s jump right in:
What is growth marketing?
Growth marketing, in general, is a perfect blend of 6 factors; (generally known by the acronym ‘AAARRR’) implying to Awareness, Acquisition, Activation, Revenue, Retention, and Referral. It is nothing but a simple way of applying growth principles to marketing; either called Pirate metrics in growth terms.
Let’s dig deeper and find what covers behind this marketing trend?
How does growth marketing differ from Digital marketing/Traditional marketing?
Traditional marketing is one of the oldest forms of marketing where television, radio, and print were used to convert into a targeted audience. It mainly focuses on converting users and bringing customers to the products.
Digital marketing is marketing products through digital marketing channels. They mainly focus on the relationship between brand and their customers for future conversions.
From traditional to digital, growth marketing uses a variety of channels to engage with potential customers. It focuses on creating a product that customers like and also an emphasis on both converting and retaining users. At Ezio solutions we make the utmost use of growth solutions from start to end for every business.
A clear conversion is identified here by marketers where they create awareness, generate leads, and make sales without compromising on customer loyalty.
The key advantages of growth marketing are speed to market, a greater ROI , and the ability to quickly scale marketing activity thus producing positive results. And we offer an array of digital marketing services here at Ezio solutions. Feel free to check them out and choose the one which feels the best for you.
Goals of growth marketing
Client retention rate
By improving your client retention rates with growth marketing, you make it possible for your business to increase its revenue and optimize its customer acquisition rates. There are quite a number of strategies if your company focuses on client retention rates.
Email marketing campaigns, loyalty reward programs, and surveys can be done to build loyalty, engagement and to gauge customer satisfaction.
Even though the customer retention rates and customer satisfaction are similar things, it is beneficial to separate the two, as they measure two different things. Therefore creating individual goals will help you yield better results.
In customer retention you are focusing on how many people stick with you simultaneously here you can probably measure how people are with your product, business or services. Mostly, companies measure customer satisfaction with surveys.
Brand awareness is another common goal to build user familiarity with your brand, services or products to make them move through the buying funnel.
Ways where you can use growth marketing to boost brand awareness
Social media marketing and advertising campaigns to reach potential customers
Influencer marketing to reach your targeted users
Content marketing to connect with the top of the funnel users
Info graphics to reach a wider audience
Businesses use growth marketing to improve their annual income. Creating revenue-related goals can refine your targeted audience. This also helps you to build an effective pricing model and get your customers that add financial value to your business.
Customer acquisition rates
You can drive additional revenue and sales by enhancing customer acquisition rates. Both customer retention and acquisition rates can help your business expand its operations.
The common strategies to raise customer acquisition rate include:
PPC advertising (Pay per marketing) to reach the bottom of the funnel customers
SEO (Search engine optimization) to enhance product visibility in Google search results
Content marketing to reach the middle of the funnel customers
Web design to enhance website usability
Apart from measuring the brand awareness of an influence, it is equally vital to monitor your influencers before and after the campaign.
Conversion comprises of several elements like:
Submission of contract form
Signing up for a newsletter
Social media responses
Focusing on conversion rates can aid you to contribute higher and achieve bigger results.
Implement growth marketing strategies
There is no other perfect tool than SEO to reach your prospective customers in every stage of the building funnel. SEO helps to improve your visibility in search results. By reaching on top of the search results, you can attain a wider level of audience and increase search traffic.
It is one of the best ways to gain brand awareness and to engage with your users as they search and browse the web. Many businesses use the PPC strategy to drive email signups, online downloads and interactions on social media.
This growth marketing tactic offers an immense ROI (Return on investment). This is the major reason why most companies implement email marketing as a part of their strategy. With email marketing, you can connect with the middle of the funnel users, the bottom of the funnel users, and existing users.
Content marketing is one of the significant ways where you can focus on creating relevant content for your audience. First, analyze your audience and understand in-depth to create relevant and interesting content. It is also equally essential to optimize your content with appropriate keywords so that it can appear on the top of search results.
Social media marketing
Social media marketing is one of the finest methods of marketing through social media platforms for better visibility and acquiring valid customers. With social media, you can share valuable content and expand your reach to additional users through blog postings, responding to comments. This best ensures user engagement by gaining customer satisfaction.
The Bottom line
By following these strategies and by putting the right set of factors into practice can help you achieve robust and sustainable growth. I hope you enjoyed the reading. Good luck!