Marketing growth is a customer-centric approach that leverages data to improve customer experience and drive revenue. It takes into account the entire customer journey, from acquisition to retention and reactivation. A successful growth marketer will experiment with everything from landing page variations to upselling tactics. For example, Dropbox used referral marketing to grow its user base by offering 500MB of free space for every new referred user.
Acquisition
Acquisition is a type of marketing growth that involves the process of bringing new customers to your business. Growth marketers use a variety of tools to achieve this, including paid advertising, content syndication, and email marketing. They often focus on the customer journey, analyzing how their target audience moves through each stage of the journey and optimizing their marketing campaigns accordingly.
One reason that companies seek acquisition is to gain economies of scale. By purchasing a competing company, they can achieve the cost reductions that come with larger production runs. This allows them to grow their businesses more quickly than they could through organic growth alone.
Another benefit of acquisition is that it can provide an easier way to enter a new market. For example, a streaming network may purchase a competitor to acquire their existing client base and avoid the expensive market entry costs of developing a new product from scratch. This is known as a horizontal acquisition.
Engagement
In the world of marketing, engagement is an important metric that measures the amount of interaction a user has with a brand or piece of content. It’s a great way to measure your marketing efforts and understand how effective your campaigns are. Engaged customers are more likely to make repeat purchases and act as advocates for your brand, leading to a boost in revenue generation. To help increase engagement, marketers should use tactics such as customer feedback surveys and interviews to gather insights on what types of content are most appealing to their audience.
One of the best ways to measure engagement is to track the customer lifetime value (CLTV). By measuring CLTV, you can see the long-term impact of your engagement strategies on revenue generation. This will help you plan future strategies and identify areas for improvement. It’s also important to tie your engagement metrics to business outcomes, so that all stakeholders are invested in the process.
Retargeting
Retargeting is a powerful tool that should be part of any growth marketing strategy. It can help drive conversions, increase brand awareness, and grow your business. It also provides a cost-effective way to advertise, especially when compared to traditional advertising methods.
Remarketing allows businesses to connect with customers on a personal level, creating a personalised experience. This can be used at any stage of the buyer’s journey. For example, during the awareness stage, retargeting can reintroduce your brand to individuals who have already glimpsed it. Retargeting can be useful in the consideration stage, too, by providing additional information about products or services. It can also act as a final push, such as offering discounts or displaying customer testimonials.
Retargeting is easy to set up and manage. Many advertising platforms such as Google Ads and Facebook offer retargeting capabilities, which can be implemented with a few clicks. Just be sure to set clear goals and test your campaigns.
Retention
In contrast to traditional marketing, which focuses on the top of the funnel, growth strategies build value throughout the funnel by attracting users, engaging them, and retaining them as loyal customers. Achieving this goal requires an understanding of how retention works and what factors influence it.
A key metric for measuring customer retention is repeat purchase rates. This measures the number of customers willing to make a second purchase and demonstrates how well your product or service is performing.
To increase your repeat purchase rate, reward loyalty by offering discounts for customers who buy repeatedly. This may be a one-time discount or a series of offers that span over time, such as an additional free item after their 15th purchase. Another way to increase your retention is by sending educational emails to lapsed customers to help them re-engage with the product. For example, if you notice that many of your users are only using a few features of your app, you could send them an email explaining how to use the rest.
Conclusion
Successful growth marketers are open-minded and willing to experiment. They understand that failure is a valuable learning opportunity, and that even the most well-established campaigns may need tweaking. Unlike traditional marketing, which can take months to see results, growth strategies optimize in real-time. This transparency is what separates growth marketing from other marketing efforts.
