fbpx

What is Growth Marketing?

‘Finance owns the flow of cash in and out of a company. Growth owns the flow of customers in and out of a product’ – Andy Johns (VP, Growth Wealth Front). It is the dream and vision of every marketer with a product to have customers who would buy his products. But, wouldn’t it be better to have customers who are ready to stick around even after the first purchase? Wouldn’t it be better to have customers who keep coming back for more instead of you wasting your time and energy sourcing for new customers or buyers for your goods? Well, that is exactly what Growth Marketing does for you. Growth Marketing is the process of conducting and designing experiments to improve the results of a target area. It is not just about staying at the top of the business funnel, it is also about acquiring customers who would stick around for more. You might want to ask, ‘What is the difference between traditional marketing and growth marketing?’. The difference is very clear. Traditional marketing makes use of the ‘set it and forget it’ scheme while growth marketing is all about setting it and staying to build and bond with the customers or buyers involved scheme and as there are processes to everything that exists, so also are there processes to Growth Marketing. But, first of all, what is the ‘Growth Marketing Funnel’?

Growth Marketing Funnel

The Growth Marketing Funnel is sectioned into five unique parts; Acquisition: Go viral. This is the point where you try to reach as many people as possible about your product. You must create awareness, get attention of people, increase the traffic of people who get to check out your product. Activation: At this point, the potential customers are made actual customers. This is the point where you as a marketer must create a splendid and exceptional first experience for the customer. You have to remove barriers to get more people to stay and stick around for a next experience. Retention: The customers who have got to this level are most times repeat customers who are most likely to purchase your product. These are customers who are somewhat pleased with what you offer. Referral: This is the stage in growth marketing where your customers become your evangelist. They are satisfied with what your product offers them and are comfortable to tell others about you and your product. Also, this level has three sets of people; -the promoters(those who are totally into your product), -the passives(those who are coming around to believe in your product) and the detractors(these group of people are the ones who would condemn what you have in the market. They will bad mouth your product but don’t be discouraged, people like them would always exist). Be sure to invest more money and time into the passive customers because once the are won over, they stick around and become loyal to your product. Revenue: This stage is all about the money that leaves and comes into your pocket. This is the stage where you turn your potential and grounded customers into paying customers. This is where you create value for your product. Now that it is clear what growth marketing and its marketing funnel is about, the process to get involved must be understood!

The Processes of Growth Marketing

Growth Marketing is known to be a master of all the parts of the business funnel but to be a pro as a growth marketer in growth marketing, there are steps and processes that must be duly followed to the letter. Identify the area that needs the most attention. In growing your market or business, you need to leverage on your strengths and work on your weaknesses. Your product was not produced for you but for your target customers and to serve them better, it is necessary that you get and use feedback that you get from them to build or create a product that they crave. This act alone, of getting into their imaginations and bringing their fantasies to reality, would keep them coming back for more. Design an experiment around your designated area. From science, experiments are carried out after hypothesis is laid down. This hypothesis, in growth marketing, can be made to mean the result or data gathered from the feedback of your customers. Take on the lead and try experimenting with their reports and put their preferences into consideration. This is one sure way to let your customers know that you listen to them and will do all you can to make them find better satisfaction in your product. Implement the experiment You’ve got a brand new version of your product? You just upgraded what you sell? You’ve just taken a new turn? That’s great! Now, ensure you try it out on your market and see the reactions you get. This is a very crucial step. Do not be afraid to put it out there. If there is one thing the market of today enjoys, it is change! Analyse your results Did your customers welcome your new idea? Did your sale graph shoot up? Were the feedback favorable? Collect all the reports that you got from your customers in your improved product. Try to compare the graph. Was it worth the change? Or was it just a waste of time? Start your new experiment Whether or not the response was good, one very unique feature of growth marketing is that you strive to keep improving, keep being the best and serving your customers better. If your customers are awed by the improvement, strive to serve them better because one thing is sure, they are there to stay. Ask for their opinions on how you can make the product more appealing. And if your customers rejected the new change, start again. Try better and harder this time. Do not be afraid of failures. They are a sure part of success. A good growth marketer is known to be data driven. They are very creative and have no fear of failure. They are at the top of their game by being super creative. They are good story tellers as well. This means they are very good at convincing people to try out their product with an aura of confidence. They are also good responsibilities jugglers. DO you want to be at the top of your game when you begin to grow and keep your market or get involved in growth marketing? You just might want to keep these tips as a guide. You can never go wrong with this.

Principles of Growth Marketing.

Understand your customer.  Talk to your customers, understand why they need your product. Register their likes and dislikes. Make sure to validate your ideas with your customers before you build the solution. Ensure that you create a product your customers or buyers actually want. Make sure your product is actually what they desire. Would your customer or buyer be willing to spend his time and money on your product? This is a basic question you want to answer or have your targeted audience or market to answer for you before you begin to work. Understand your landscape. Understand your competition. Understand the market you are in. Know what tactic would be beneficial to you and the one that won’t be. Identify the metrics you need to measure and optimize. Understand the strength and weakness of your product. Pin point your success heads and the those that are potential scare crows. Build your platform. This can be seen from two perspectives; building a website or a platform that your customers can easily access to check, bargain and get your product. This could also mean bringing the market close to your target audience. And two, building a team that takes initiative. Build a customer care service. Try to always be within the reach of your customers.

The Future of Growth Marketing.

It is evident that growth marketing will become the order of every business owner and product producer. It already is taking its place in the entrepreneurs world. The customers are getting wiser everyday. They are getting very picky and selective but at the same, more businesses and products are coming into the market. The only way that looks feasible to grow a large and strong customer network is through growth marketing and you sure do not want to miss out on the big bang when it finally happens. One more thing, the world is becoming a global village. Are you putting off the social media? You might want to have a rethink of your decision. Artificial and digital intelligence is going to overtake the world in a very short time. You don’t want to be left behind, do you? You don’t want your product pushed to the back burner right? Then arm yourself with all that is necessary to know about growth marketing today! AS a growth marketer or a growth marketer to be, the safety and success of your business comes first but not before the satisfaction of your customers!