The fast and seamless integration of advanced technology into our everyday lives has been disruptive to the business world, making the attraction, engagement, and retainment of customers more complex than ever. While digital disruption continues to sweep across organizations, it is inevitable that businesses will hear new buzzwords and adopt new strategies as a result.
In the marketing world, those buzzwords are Growth-Driven Marketing or Growth Marketing; methods which are extremely different from traditional approaches in sophistication alone. That is to say, the advertisers in Mad Men might still look cool, but their methods are no longer valid.
We have prepared you a series of a step-by-step guide for you to implement an effective Growth Marketing Strategy. In our first blog, we will discuss how Growth-Driven Marketing is the only solution for sustainable growth, and go into details about the first stage of building a successful Growth Marketing Strategy.
First, let’s see what Growth-Driven Marketing really means, and what this new marketing model brings to the table.
Your potential (and existing) customers expect personalized communication, where you provide them with a product/service or solution whenever and wherever they need, in an extremely competitive environment. This means you need to focus not only on the top of your sales funnel (ToFu) but also on ensuring that your marketing activities cover engaging, converting, nurturing, and retaining.
At this point, growth marketing comes to the rescue with a holistic approach, focusing on the entire funnel. It is a method that not only achieves customer acquisition and lead generation but one which is also consistently aimed at long-term sustainable growth.
Growth-driven marketing is data-driven and takes the traditional marketing approach to the next level by adding layers such as constant experimentation, growth metrics monitoring, and iteration of growth tactics at a fast pace, relentlessly optimizing the whole process according to gained insights and data-driven results.
Achieving efficient Growth-Driven Marketing is only possible by implementing the right growth structure, where every process is linked to the other. In other words, it should be a loop. There are 4 key steps to executing a successful growth marketing strategy:
1- Define your Personas
2- Build Growth Funnels
3- Create Growth Tactics
4- Monitor, Measure, Optimise, Repeat
We will explain these steps one by one through our Marketing Machine Platform– an end-to-end Growth Marketing Suite, which has proven to be successful at helping many businesses grow.
Let us introduce you to the sustainable growth world!
Step 1: Define your Personas
Before you define your personas, we highly recommend that you prepare your brand check-up by carrying out:
An internal analysis of your business covering the 4Ps: Product, Price, Place, and Promotion
Top 3 to 5 competitor research and analysis covering the 4P
Current and potential customer insights.
This way, you can define your products and solutions explicitly and have a clear understanding of your brand’s positioning.
Let’s say we are a financial services provider in the Fin-Tech industry and we have an investment solution. In order for you to visualize, you can see how to perform your brand-check-up on the Marketing Machine below.
Picture 1: An example of a brand check-up and product details screen on the Marketing Machine Suite
Since our Marketing Machine is an AI-based end-to-end platform, it correlates and links data and inputs at each stage, providing you with insights.
After finalizing your brand check-up, you are ready to create your personas for each product/solution or service. This step is crucial because every persona’s pain points and goals differ, and all of your marketing activities and future communications will be done accordingly. If you are providing a FinTech solution about financial regulations, all of your marketing communications will vary according to who you are considering. For example, creating a landing page for a compliance manager who wants to deal with regulation changes more efficiently will differ from that of an IT manager who wants to make the integration and maintenance processes faster.
That’s why at this step, you should focus on identifying each persona’s goals and challenges based on the question: why does this persona need my solution(s)?
Picture 2- An example of the persona screen on the Marketing Machine Suite
Once you finish defining your personas, you will be able to easily tailor your funnels, landings, content, and ads around their needs. You will also be able to shift your marketing strategy and activities based on the persona that gives you the most successful results. How, you ask? Stay tuned! We’ll be covering this in our upcoming articles.
You’ve taken the first step in building a sustainable growth-driven marketing strategy. We will elaborate on how to build Growth Funnels, create Growth Tactics, and optimize your Growth-Driven Marketing Strategy in our next articles.
If you want to accelerate your business growth, let us show you the way.