Did you know that over 500,000 new businesses start in the US every year, and over 200 billion dollars are collectively spent on marketing each year?
This makes it difficult for any company to stand out.
So what do you do? You need to have a creative approach and a compelling marketing strategy that not only retains your customer base but also helps in its growth.
This is where we’d like to introduce you to a powerful strategy called growth marketing. What is that, you ask? We’ll tell you all about it!
In this blog, we will help you understand what growth marketing is and the different growth marketing strategies that you can employ in order to help your business grow.
So quit waiting around and jump right in!
What is Growth Marketing? (Meaning)
Growth marketing is an evidence-based approach to marketing that centers around improving business growth by focusing on the entire customer journey.
It’s all about taking the traditional marketing model and giving it some layers to create a new and improved model of marketing. You could almost call it a marketing version 2.0.
Growth marketing means that you add layers to your marketing via A/B testing, SEO, email marketing campaigns, video marketing, and more, to make it more interesting.
And just as its name suggests, the aim of growth marketing is to focus on the growth rate of your business, which means that it emphasizes capturing more customers than replacing lost ones.
Now that you know what growth marketing means, let’s go over a list of some growth marketing strategies that will help your business expand and grow!
List of Growth Marketing Strategies
1. Personalized Email Marketing
Cold emailing is no longer the ‘in’ thing. This means that it’s time to gear up your email marketing strategies so that it stands out from the rest of the emails and help you convert your leads into customers.
For this, you need to focus on making emails more customized and personalized for your recipients. Try to make your email design more engaging and responsive on all platforms and devices. Use online email marketing tools and create effective email drip campaigns to send out hundreds of emails with ease.
Read more: Growth Hacking: What is it & 21 Tools that can Help!
2. Video Marketing
Research by the Aberdeen Group shows that companies that use video for their B2C and B2B marketing strategy experience an annual 49% growth in revenue compared to those without video.
Do you know what that means? You need to employ videos to effectively share content in order to promote your product or service with your audience. Besides, who doesn’t like to watch a video? It’s engaging and informative at the same time!
3. Blogging
Research shows that marketers who use blogs receive 67% more leads than those who do not and marketers that put out valuable content are 13 times more likely to receive positive ROI. This makes blogging and creating informative content a crucial part of e-commerce content marketing strategy.
With a business blog, you can add your personality to the content you create. It also provides content that leads back to your site, thus generating and increasing traffic to your website.
4. Search Engine Optimization
A majority of people search for a product online before making a purchase, so if your website doesn’t show up in their search results, then they will never find your products. That’s why is it crucial to have a well-executed SEO strategy for your website.
SEO or search engine optimization helps your online traffic to grow and rank your website higher up on the search results. This results in users being directed to the content on your website or blog.
Some ways and practices to make SEO work for your website include making your website mobile-friendly, ensuring fast site loading, testing links and buttons, getting backlinks to your website, and writing well-researched content with a focus on the right keywords and titles.
5. Social Media Marketing Strategies
With social media taking over our personal and professional lives, it is undoubtedly one of the most effective growth marketing strategies you can employ to grow and nurture your customers and increase your sales.
Social media marketing requires you to share information, advertise your products, and communicate with your customers via social media platforms like Facebook, Twitter, Instagram, LinkedIn, and more so that you can focus on a specific audience.
It is extremely crucial that you choose the platform you want to advertise and share content based on your target audience. For example, using Instagram and Pinterest would be useful for advertising images and photographs while LinkedIn, Reddit, Twitter would be useful for written and blog-based content.
6. Hosting Webinars
Webinar marketing is a growth marketing strategy where you conduct an online seminar to connect with an audience and promote business. It is climbing up the ladder to become highly relevant in the current business environment.
In fact, studies by the Content Marketing Institute say that 58% of marketers use webinars, and 35% think that webinar marketing will be highly crucial for future success.
Hosting webinars offer a platform to handle pre-sales objections face-to-face, helps boost traffic and brand awareness, and generates leads. It is also a great way to share knowledge and convert leads into customers.
7. Event Marketing
Event marketing is the promotion of a brand, product, or service through in-person interactions, such as conferences, seminars, exhibitions, and more.
Around 97% of B2B marketers believe that in-person events have a major impact on achieving business outcomes. Not only that, businesses are allocating 24% of their budget to event marketing. This makes it a great growth marketing strategy that you must consider investing more in because it helps you engage and interact directly with potential leads and clients.
You can do it by hosting seminars, conferences, VIP dinners, exhibitions, demonstrations, trade shows, and more to boost brand awareness, establish your presence in the industry, generate leads, and convert them into customers.
Read more: Growth Mindset: How to Develop it for Better Future!
8. Cross-channel Marketing
Cross-channel marketing focuses on connecting with customers via different communication channels, such as SMS messaging, direct email, push notifications, in-app messages, social media, and other channels. It is another growth marketing strategy that enables you to engage with your audience irrespective of where they are.
By understanding their preferences and their behavior across each communication platform, you can effectively incorporate cross-channel marketing into your campaigns and connect with your target audience. This strategy can help increase leads and boost conversions quickly.
9. Disruptive Marketing
Disruptive marketing is all about taking traditional marketing techniques and practices and turning them upside by trying out new and unconventional methods. It’s basically disrupting the market, shaking up your competitors, and giving your audience something new.
You can do it by solving unaddressed problems, creating a new style or trend, and taking advantage of social media platforms and new technologies.
Although the results of disruptive marketing may be short-lived, it is a great growth marketing strategy that will allow you to stand out by doing something different and help you get more customers.
You just have to ensure that you secure your position in the market and maintain it by fighting off your competition from time to time via disruption.
10. A/B Testing
A/B testing is one of the central practices of a strong growth marketing strategy because it is a process that relies on continuous experimenting using data and metrics. In A/B testing, two alternative versions of a format are created and tested for a run to find out which one works better on the audience.
A/B testing is used in email marketing, social media ads, landing pages, designs, and many more. It helps you understand what campaigns, designs, colors, layout, copy, headlines, and CTAs make an impact on the audience.
You can optimize your campaigns and marketing with frequent A/B testing practice because it not only brings in better results, conversions, and ROIs, it also helps reduce risks while providing you room for creativity and innovation.
11. Actively Involve Your Customers
Growth marketing is all about growing the customer base through a deep understanding of the target audience. For that, you need to get your customers actively involved in your marketing strategies.
What leads to sales and conversions is your ability to connect with your audience’s interests, needs, preferences, and pain points, which will allow you to create and deliver content that appeals to them.
You can actively involve your customers by engaging them on social media with surveys, polls, Q&A sessions, etc., replying to their comments, email inquiries, and chats, offering them feedback forms, creating forums and groups on social media, and lots more.
By actively involving your customers and giving them opportunities to engage with your brand, you not only gain an in-depth insight into the audience but also make them feel like they are part of your brand community, thereby earning their trust and loyalty.
12. Partner With Other Businesses
When it comes to growth marketing strategies, nothing can beat your efforts more than teamwork. That’s why it is an excellent option to partner with other businesses to accomplish goals. After all, two is better than one.
Combine your knowledge, efforts, resources, and skills with another business in a way that can push towards mutual benefits for both businesses. You can do this by setting out on a joint venture with agencies, other business firms, your competitors, and more, as long as your arrangement is complementary and valuable to each other.
13. Always Track and Measure
Finally, an indispensable growth marketing strategy is to track and measure your marketing efforts, activities, campaigns, and interactions. Remember, growth marketing relies heavily on data.
All the information you receive from analyzing, tracking, and measuring will help you find areas that require improvement. This will also help you understand the ROI of your digital marketing.
If you want accurate answers, then you need to set SMART goals and measurable KPIs to track your marketing campaigns and determine whether you have been able to achieve your goals. You can also use a multitude of online tracking tools and methods, such as SEO tracking, social media measurement, website analytics, and more to analyze your performance.
Conclusion
Growth is a slow and gradual process. It may take its own sweet time, but the results you get are always worth the wait.
The best growth marketing strategies handle every part of a business and every stage of the customer journey to always churn out the best results, improve growth, and pave a path for a successful future.
The above-mentioned strategies are tested approaches to growth marketing and can universally be applied to any business. However, every business is unique and have their own goals and needs.
We hope that you are able to find the strategies or approaches that work for your business and achieve your desired results! Good luck!
Further reads:
Marketing Communication Strategy: What is it & How to Create it?
Growth Plan: What is it & How to Create One? (Steps Included)
12 Marketing KPIs Every Marketing Team Should Monitor!
Reputation Management: What is it & How to Do it?
How To Create An Effective Marketing Strategy For Your Business?
Marketing Management: What is it, its Importance and Process!
Influencer Media Kit: What is it & How to Create it?
7 Principles of Marketing Every Business Must Follow! (The 7Ps)
How To Market To Gen Z The Right Way in 2023?
