How To Develop a Niche Growth Marketing Strategy.
The subject of Growth Marketing is very interesting because everyone wants to see their business grow and succeed. Understanding what Growth Marketing entails guarantees a sustainable growth path for companies that really take time to study the market and its customers for maximum growth opportunities.
As previously explained, the term Growth Marketing ‘’ involves the use of a data-driven approach to attract, engage and retain customers for the purpose of increasing your revenue. This approach uses creative tactics at every stage of the customers’ journey from understanding their wants, pain points, objections etc…and then build a highly tailored message that speaks directly to the customer to encourage the purchase and further retain them’’.
This Growth Marketing Strategy has proven to be effective since more people have started adopting this method as their business model, the business landscape has changed and keeps changing as well as consumers’ behaviour, continuous studying of the market is so critical for the survival of any business. Focusing on acquiring customers is just the beginning of the journey and not the end, there has to be a strategy in place to retain the customers, several studies have shown that customers spend more on repeat purchases, so it only makes sense to look for creative ways to keep existing customers happy and satisfied for long-lasting business growth.For a more sustainable business growth strategy, pay close attention to your customers... Click To Tweet
The Pirate Funnel was developed by Dave McClure, the AAARRR model is popularly known as the Awareness, Acquisition, Activation, Retention, Referral, Revenue. It lets you see the flow chart and areas you might be losing customers so you can focus on fixing the problem, once you are able to understand the AAARRR metrics, then it’s easy to identify what’s working and what isn’t, make possible adjustment where necessary to improve your business growth.
Growth Marketing Journey
The journey can be interesting and rewarding, but the best time to start thinking of business growth is when you actually start your business, you need to fully understand your market in order to take advantage of market opportunities and stand out from your competition. It is important to understand the entire customer journey so you can focus on the best ways to improve customers experience with your brand in general.
1. Know Your Audience – Studying your target market is fundamental and vital so you can better communicate what you do to attract your ideal customers to your business with the right information. Besides knowing their demographics, psychographics etc…you actually need to talk to real people to help you dig deeper into uncovering their pain points, challenges, motivations, values. Knowing this vital information will help you create better marketing messages they can connect with on your website, blogs, social media etc..To create a buyer persona you can try Hubspot..
2.Choose Your Distribution Channels – The right channel you use to promote your business should be the one where your target audience goes to look for information to solve the problems they have, it shouldn’t be the easiest or cheapest form that suits you, but instead, the channel where you can easily find them. A good example was the growth marketing strategy implored by Airbnb, they studied the market and discovered that most people were going on Craigslist to book accommodation, and they decided to put their listings on craigslist, this move alone turned around the company’s revenue and the rest is history. You need to figure out where your potential clients/customers usually go to look for information and use it effectively.
3. Set Measurable Short-Term Goals and Execute – According to mindtools, you need to first consider what you want to achieve, and then commit to it. This can easily be achieved by using SMART goals (specific, measurable, attainable, relevant and time-bound). Goal setting is a powerful way of visualising the ideal future you desire for your company, it serves as a motivation to bring your future into reality.
SMART Goals stands for:
S – Specific.
M – Measurable.
A – Attainable.
R – Relevant.
T – Time-bound.
This process allows you to see exactly where to put more efforts in your growth marketing journey for sustainable business success. By setting smaller goals and achieving them regularly, reviewing and updating as grow helps you stay focus on your long term goal.
4. Track and Measure Results – Pay close attention to your data, it helps you see your best-performing marketing efforts and the ones that aren’t working, as soon as you understand the activities with the best results, then you know what method works. Being strategic with your short term goals helps you figure out which activities that drive bigger and better results. This is why tracking and measuring results are extremely important in growth marketing strategy, it increases focus on accountability and keeps everyone on board on the right path. So if you aren’t tracking your marketing activities, I suggest you start now, by tracking on a weekly and monthly basis to help you get your business where it needs to be.
5. Focus On Amazing Customer Experience To Create Advocates – Ensuring your customers have a great experience with your brand is so important now more than ever before. Strive to exceed customers’ expectations, make sure you deliver great service as promised. The goal is to create a consistent customer experience across all touchpoints, study the entire customer journey to make sure they have a positive experience with your brand. To improve customer experience, it is important to make the customers feel special with unique service and messages they care about, this builds trust and long-lasting relationship, when customers are happy with a brand they usually become advocates and are happy to introduce their friends and family to your brand.
Every move surrounding growth marketing strategy is deliberate, from choosing the right target audience to every touchpoint in the entire customers’ journey. Every brand needs a good growth marketing strategy to help stay focused on the bigger goal and long term business growth.
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Do you need a consultation to explore ways to kick start your Growth Marketing to put your business on the path of attracting untapped new markets of clients/customers with creative strategies so you can grow your business? Don’t hesitate to contact us and we’ll set up some time for an initial consultation!