For those who don't have time to look over the whole article now: Growth Marketing is, in short, using highly targeted marketing strategies for the sole aim of results. Through aggressive data-driven strategies, the aim of Growth Marketing is to understand exactly where your customer is, how they behave and how to maximise every penny of ad spend when implementing marketing campaigns.
At Shaka Social, we use a range of Growth Marketing strategies to accelerate business growth on social media for the brands we work with. In 2022, these strategies are becoming more and more vital as return on ad spend decreases. Every penny counts, so don't waste it on irrelevant and un-targeted content.
Let's take a brief look at Growth Marketing and how it can help you build your business on social Media.
What is Growth Marketing?
It's been a phrase that's been going around the marketing block for a while, for good reason —but what does it even mean? Growth Marketing is an ever-evolving beast, but in short, it is an approach to attracting, engaging, and retaining customers that's focused on a hell of a lot of data-driven experimentation and an intense focus on the changing behaviours of your customers. By building and delivering highly tailored messaging and content that is aligned to your customers needs, you'll be able to accelerate business growth rapidly over multiple channels, especially the ones that matter most to your customers.
What does growth marketing actually mean?
Traditional marketing often relies on the same old techniques for reaching customers. Hold a 20% off sale, send out an email blast, run a Google Adwords campaign with the same 50 keywords. Now, we're not saying you won't see some results with this, but returns are likely to diminish over time. Growth marketers use 'growth hacking' techniques to experiment with different channels and strategies frequently, optimising their tests incrementally to determine how to best optimise marketing spend.
As marketing technology has advanced, so has the sophistication of the growth marketing field. Growth marketers are using A/B testing to develop experiments around what content is seen and when by different user segments, and using the results to develop highly optimised strategies for each identified user segment.
Marketers can develop highly personalised campaigns that seamlessly reach users across multiple channels, enabling them to follow the users' own behaviour to build tailored strategies that will optimise growth. Building a highly personalised approach to marketing has been shown to increase the efficiency of marketing spend by 30%.
Components of a growth marketing strategy
Here are some of the leading tactics that you can use to attract, convert, create, and retain engaged customers:
A/B testing is one of the core practices of a strong growth marketing strategy. A/B testing can be used in a number of formats, including email marketing, landing pages, and in our case, social media ads. This involves utilising either an "A" and a "B" test, or a series of multiple tests, to understand which variation of your content does a better job of engaging your audience and increasing your conversion rate. In the example of A/B testing on Facebook, creating multiple ad sets of the same ad allows you to test different copy, media, audiences and calls to action. This lets you see what your audience engages with the most. You can then optimise your campaign or future marketing campaigns around that variation— continually reflecting on your successes to enhance performance with every test.
Cross-channel marketing focuses on building a strategic channel plan to reach your customers, and can include email marketing, in-app messages and other channels, based on your audience’s preferences. When it comes to social media, your audience may appear differently across multiple platforms. On Instagram, your audience may interact more with Reels, whereas on Facebook, they may respond more strongly to content/ads on their Feed. When incorporating a cross-channel marketing plan into your growth marketing strategy, you need to focus on the individual user to understand their communication preferences, and then build your campaigns around that data.
A customer lifecycle is the journey your customers embark on as they learn about, interact with, convert, and re-engage with your company. To keep it simple, there are three main lifecycle stages that we will focus on: activation, nurture, and reactivation. Each stage plays a specific role as a contributing factor to customer experience and is marked by specific campaigns.
The activation stage is the initial stage of the lifecycle, where companies seek to grab audience attention. Growth marketers target customers with welcome, onboarding, trials, and other introductory campaigns to build familiarity and credibility.
The nurture stage is where companies engage consumers to strengthen their relationship to the brand. This stage typically accounts for the majority of cross-channel marketing customers receive from brands: sales, promotions, recent updates, and newsletters.
The reactivation stage focuses on re-engagement. It’s this stage where companies reactivate customer engagement to drive loyalty through campaigns like: post-purchase, abandonment and loyalty.
An Example of a growth marketing campaign
Growth marketing strategies can be used effectively to support a range of goals, including incentivising customers to engage with top of funnel content.
Top of the funnel engagement
When you're trying to attract new customers, pushing too hard for an immediate sale can be an instant turn-off. It's common sense, on social media how often do you see a business/brand for the first time and immediately want to purchase from them?
Instead, you want to build a long-term strategy that helps them gain familiarity with your brand so they can take that next step on their own terms. In this case, a strategy focused on content marketing can help your brand demonstrate thought leadership expertise and engage new customers who might want to buy from you in the future.
Build out targeted buyer personas to understand who your potential customers are, and develop content designed to appeal to each of them. Your call-to-actions can be to opt-in to your email newsletter, get a free offer, or even just to 'smash that like button'. You can attract your target audience through organic social media channels as well as paid social ads and retargeting, using A/B testing to optimise your efforts.
Don't forget that A/B testing is extremely important when it comes to growth marketing. It's a fully data-driven technique that relies on testing many different aspects of your ad. You never know what your audience will engage with, until they engage with it.
TEST, TEST AGAIN, and then OPTIMISE.
Your focus should be on continually testing and optimising for higher engagement and a better customer experience, using strategies to attract customers based on highly personalised preferences. Make sure that, as you experiment with new strategies, you're constantly collecting data as you go, so that you can build, test, and optimise along the way to continually enhance the customer journey.
To get more information on utilising growth marketing techniques in your business, get in touch with us at firstname.lastname@example.org