Over the last many years word “Growth Marketing” has helped to redefine the goal of marketing. Any Company will focus on the best ways to get more customers but how they pursue that will change with the term Growth Marketing.
Growth Marketing is the implementation of optimizing and focusing on the strategies that effectively increase the quality, quantity, and lifetime value of your marketing product.
Some of the Growth Marketing strategies are A/B tests, landing pages, viral factor, email deliverability, and Open Graph, and a lot of database queries.
The Goals of Growth Marketing
- to retain existing customers
- to add new customers
- to increase profits
To retain existing customers
Retention of customers is possibly the main goal of growth marketing. Satisfaction for the existing customers must be fulfilled first and that’s the priority. As if our existing customers are not satisfied then how would we achieve or serve new customers?
To overcome retention of customers in the following ways:
- Incentive programs
- User onboarding
- Email triggers
To add new customers
After customer retention is stable, we can switch to Customer Acquisition. Finding new customers becomes a need for profit-making. New customer acquisition is the ability to successfully reach new users and persuade them to buy our product. Many paid campaigns work for that.
For acquisition of customers, the following are ways:
- Social media marketing
- Paid search campaigns
- Free trial periods
Ultimately, if your growth marketing strategy is not sustainable, your income may increase and your profitability will decrease. How could this be? If the cost of customer acquisition exceeds the lifetime value of the customer, no matter how the revenue growth increases exponentially, the economics of the business model will never be restored.
The Merit of Growth Marketing
- Branding Recognition
- Growth in visitors(customers)
- Boost in your sales
- Profit Scale increases
Hints for better Growth Marketing
- Set up Goal first
- Start with Small things
- Have multiple strategies not to stick to one
- Have focus on retention customers
- Be creative
- Have an experimental nature
- Take steps for measurement of performance
- All ways withstand for failure
Always remember growth marketing is a strategy it is not a tool by which anyone can increase sales of products. Pay attention. Listen to your users and notice what’s happening in your product and what could be happening better. That learning is your next growth strategy. And for updates refer to blogs of apptians.