What You Need to Know About a Growth Marketing Strategy
Marketing strategies for small businesses in the modern day are anything but small in scale. With so many marketing plans out there, all claiming to be the best for your business growth, it can be hard to take them seriously.
The good news is that most of these strategies are based on tried and tested methods. The goal of this article is to discuss one particular strategy that is highly recommended for businesses looking to grow. This strategy, which has grown in popularity with time, is known as ‘growth marketing’ or growth hacking.
1) What is a Growth Marketing Strategy?
Put simply, a growth marketing strategy is designed to help you achieve significant business growth in a short period. This can be done through several methods, but the key is to focus on scalable and sustainable growth.
To achieve this, you need to have a clear understanding of who your target market is and just how you can reach out to this audience. Growth marketing strategies often focus on the following areas:
Idea Generation – To grow, your business needs a steady stream of new ideas that will help you get ahead of the competition. These ideas, which should be based around topics such as product development and promotion, should be designed in a way that makes it easy for you to track the results of your tests so that you can make necessary adjustments to ensure that your growth marketing strategy is on track.
Marketing Execution – This is where the rubber hits the road, so to speak. After you have generated and tested your ideas, it’s time to put them into action. This will involve a variety of marketing activities, reach out to your target market.
Idea Testing – Once you have an idea, you need to test it out to see how effective it is in terms of achieving the desired results. This process may involve split testing or using smaller subsets of traffic within your customer base. It’s important to track the results of your tests so that you can make necessary adjustments to your marketing strategy.
2) Steps to Building a Growth Marketing Strategy
Building a successful growth marketing strategy is not something that can be done overnight. It will require a lot of hard work and dedication on your part, but it’s well worth the effort. Here are some steps that you can follow to get started:
2.1) Define Your Goals
The first step is to sit down and clearly define your business goals. As already mentioned, growth marketing is all about scalable and sustainable growth. You should have some specific financial goals that you are looking to achieve through your growth marketing strategy.
2.2) Identify Your Audience
Your next step is to get to know your target audience. This means finding out everything about your customers, including their browsing habits online (which may be very different from offline) and other factors such as gender, age, income level etc. If you feel that this process will take too long or require heavy investments on your part, you can always outsource this work to a marketing research firm.
2.3) Develop a Strategy
Now that you have a good understanding of your target audience and your business goals, it’s time to develop a strategy that will help you achieve these goals. This should be a detailed plan that outlines the various activities that you will need to undertake to reach your target market.
2.4) Measure and Track Results
The final step is to track the results of your growth marketing strategy and make necessary adjustments so that you can continue achieving results. This may involve using various tools such as Google Analytics or other analytics software to track website traffic, conversion rates etc. You should also keep a close eye on social media sentiment to ensure that your efforts are being received in the way you intended, and to identify opportunities for improvement.
Who Manages the Growth Marketing Strategy?
Many companies choose to put together a dedicated team of growth marketers. However, depending on the size and structure of your company, it may be better for you to build up this capacity in-house so that you can react quickly. You may also want to consider hiring a growth marketing agency that can provide you with the necessary expertise.
Deploying a growth marketing strategy will likely require a good deal of risk. If you’ve been reluctant to undertake this approach in the past, it’s time to give it a shot. With your goals clearly defined and knowledge of your target market, you’ll be better equipped than ever before to achieve sustainable and scalable growth for your business using proven marketing techniques.
It’s important to remember that a growth marketing strategy is not a “one size fits all” solution, so you’ll need to tailor it to fit the unique needs of your business. With hard work and dedication, you can achieve great things with a well-executed growth marketing strategy.