A marketing growth strategy is an effective way to increase customer engagement, retention, and revenue. It requires a continuous approach to customer relationships and a commitment to learning and improving. Consumer trends change constantly, and marketers need to zig when their competitors zag. To achieve sustained business success, a strong marketing growth strategy must include multiple tactics across all customer journey stages.
Product-Led Growth Strategy
Product-led growth (PLG) is a business strategy that prioritizes the product as the primary tool for customer acquisition. Businesses that practice this model encourage users to try their product for free and convert them to paying customers once they find value in the software. The PLG model reduces the need for costly Marketing Growth and sales campaigns and can result in higher lifetime value for customers. However, it’s important to keep in mind that a PLG approach doesn’t replace the need for a good marketing and sales team.
When using the PLG model, teams should align on common metrics and success indicators to ensure they are working together towards a shared vision. This includes tracking macro conversions that are tied to the product’s primary use case as well as micro conversions that measure incremental improvements in user experience. This allows the team to focus on developing a world-class product and increasing user engagement. Ultimately, this strategy will improve the efficacy of both sales and Marketing Growth efforts.
Referral Marketing Growth
Referral marketing growth strategy is a powerful way to attract new customers for your business. It has a lower cost than other methods of acquisition and can help build trust with your customer base. In addition, referrals have a higher lifetime value than non-referred customers. You can use a variety of tactics to encourage referrals, including email and social media campaigns. However, it’s important to set clear goals and define metrics for success. This will help you optimize your program for success and determine which tactics are most effective.
Incentives are essential to use a free funnel builder in any referral program. They can be as simple as a discount or free product for the new customer. The rewards should be compelling enough to drive new business and inspire existing customers to keep referring. Incentives can also include exclusive experiences, like a spa day or work-from-home makeover. These rewards can be shared on social media, which will increase visibility for your brand. These types of programs are great for small businesses, but they can also work well for more established brands.
Personalized Onboarding
Personalized onboarding is an important part of the customer experience, and it increases product adoption and retention rates. Using personalization, you can provide tutorials and help content that adapt to each user’s behavior or needs. For example, you can segment users based on their jobs to be done or their level of expertise. You can also collect user feedback to continuously improve your onboarding process.
Personalized onboarding is crucial to making new customers feel cared for right away. This is particularly true for companies that use visual media such as videos to demonstrate their products. These videos take the burden off users, reducing the need for extra learning to get value from your product. This can increase the speed at which your users reach their “aha!” moment. Moreover, it can reduce the time it takes for new customers to convert from trial users to paying customers.
Customer Feedback
Customer feedback is a crucial component of any growth strategy. It can help you identify opportunities for improvement, drive product development, and foster customer loyalty. However, it’s important to carefully select and implement the right techniques for collecting customer feedback. The best way to do this is by clearly defining your objectives and goals for gathering insights.
Passive feedback can be collected through surveys, social media conversations, online reviews, chats, and customer support tickets. These insights can then be analyzed and transformed into actionable items. To ensure that these actionable items are incorporated into sprint updates, it’s important to collect feedback in real-time or near real-time.
A good customer feedback process should focus on a combination of active and passive feedback. The most effective strategies include both open-ended and closed questions and can be augmented by a variety of question types, including rating scales and multiple choice options. It’s also essential to provide a convenient way for customers to communicate with your business.
Conclusion
A marketing growth strategy isn’t something that a Marketing Growth department creates in a vacuum. It requires buy-in and cooperation from the entire organization. It’s a process of continuous experimentation, data-driven decisions, and cross-functional collaboration. It looks at the whole funnel and focuses on growing through acquisition, activation, retention, referral, and revenue.
