The Key to a Successful Growth Marketing Strategy

You might be wondering what growth marketing is and why your business would need to invest in such a strategy. So, let’s start by painting a picture. Every year, at least 400,000 new companies enter the U.S. market. You can imagine that with millions of businesses gunning for the sizeable U.S. market, the competition is pretty cutthroat. And if you are like most business owners, you try to create a competitive edge using marketing strategies – which account for over $200 billion each year!

How can you stand out without resorting to the same old means that have lost efficacy over time? Growth marketing – that’s how you do it. Remember when marketing was all about traditional ads (TV, radio, posters, etc.)? These marketing techniques focused on short-term goals and were geared toward the top of the funnel.

Well, growth marketing adds on to this using means like:

• Email marketing campaigns,

• SEO optimization,

• Ad copies,

• Blog posts, and

• A/B testing.

What’s the point of all this? It’s pretty simple – it’s all about reviewing your entire customer lifecycle and finding ways to engage them at every turn. Rather than pushing the client to buy your products, growth marketing focuses on creating a product that will sell itself. As a result, the product attracts clients, increasing the effectiveness of your inbound marketing strategies.

The result? – More engagement on all funnel levels. And we all know that higher engagement equals more sales.

And how do you execute a successful growth marketing strategy? First, you must assess if your choice of product aligns with a growth marketing strategy. If it does, you can then follow through with these steps:

1. Understand Why You Are Growing

As the name implies, the goal is to grow. So, what do you want out of your growth strategy? Is it more locations? Do you want a larger customer base? Your goals must be:

• Specific: For example, you want to increase your revenue by 20% in the next two months,

• Measurable: Can you measure your growth? Say, for example, you bring in 30 orders a day. You can’t just say you want to grow these numbers. You must be clear about what you want, e.g., 50 orders a day,

• Attainable: We all love to dream. But fantasies can get in the way of achieving what you want and set you up for failure and frustration. For example, can you increase your revenue by 90% in 1 month? Probably not – but you can increase it by 9% in 1 month,

• Relevant: Are your goals relevant to the growth strategy?