• September 24, 2022

The Remarkable Janet Yellen

The economics profession continues to struggle with gender inequality, with data showing “the gender gap in economics is the largest of any academic discipline.” So what can we learn from a …

This Is How Technology Can Be Used For Good

In which way will technology be used for good? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world. …

How To Buy Corporate Bonds At 5% Discounts And 10%+ Yields

Today we’re in a situation that looks a lot like 2016. And back then, some savvy contrarians tapped it to grab quick 62%+ returns. The same setup is back again—and so …

Every business wants to grow. But actually pulling it off and sustaining the momentum is where it gets tricky. Growth marketing strategies and tactics provide companies with ways to sustain expansion beyond the acquisition stage. They look at the entire sales funnel, nurturing customer relationships for the long haul.

Speaking of sales funnels, it’s the Pirate or AAARRR (Awareness, Acquisition, Activation, Retention, Revenue and Referral) Funnel that forms the basis of different growth marketing strategies. Whichever stage of the funnel these strategies address, they have one thing in common. Growth marketing strategies are customer-centric and provide tangible value. Here are four you should keep on your radar.

1. Creating Compelling Content

Creating content is one of growth marketing’s basics because it can be highly effective at drawing customers in. Content is often tied to the awareness and acquisition stages at the top of the sales funnel. That’s because blog posts, podcasts, white papers and online videos are ways potential clients learn about your business.

Yet content is everywhere, and standing out from the crowd is a real challenge. While that doesn’t mean your brand’s content needs to project a quirky personality or adopt flashy tactics, it should be compelling. Your target audience needs a fundamental reason to engage. That reason can be entertainment, but it can also be because your content provides useful advice and addresses people’s frustrations.

Effective content marketing campaigns also take persistence and repetition. Content marketing is not a quick-win strategy. It takes time to build a following and establish trust and credibility. You’ll also want to experiment with different formats and channels, such as digital newsletters and social media. Based on engagement results, you’ll see which formats and channels are best for reaching your audience.

2. Offering Free Tools or Platform Access

Various software companies execute this strategy well. So do subscription-based platforms for online music and other streaming services. These companies give away something for free, offer trials or use freemium business models to attract interest.

This approach reduces people’s hesitation in trying your product or service because it removes the risk factor. When something is free, a potential customer doesn’t have anything to lose. If they don’t like your brand’s offering or discover it’s not for them, they can move on without losing money. Beyond removing the risk factor, offering free tools or access gives prospects a preview of your product or service’s value.

Say you’re an SEO research company. That means your potential customers need help optimizing their online content. Free keyword research and topic tools help solve leads’ problems with finding the right keywords and subjects to target. These tools also introduce future customers to your platform’s potential in ways that a sales presentation can’t. Complimentary access demonstrates your offering’s ability to effectively resolve clients’ pain points in real time.

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3. Leveraging Personalization

Personalization can work wonders in the activation and retention phases of the Pirate Funnel. Potential and existing customers want to know that a brand sees them as individuals. McKinsey & Company’s research reveals that 76% of consumers said personalized communication is an important factor in considering a brand. And 78% of shoppers stated that personalized communication or content makes them more likely to buy again.

Personalization can help keep prospects and customers engaged and cement their loyalty. Customized emails are one way to implement personalization, but creating individual shopping experiences is another. You can integrate technology into e-commerce sites to adapt online shopping experiences based on past and current behaviors. Personalization tools can help increase conversions, reduce cart abandonment and prompt customers to order more.

The use of personalization technology doesn’t have to end at checkout, either. Major players in the retail landscape excel at post-sale personalization with customized shipping and delivery notifications. Retail giants also shine at sending out emails with product recommendations. These suggestions are usually based on what customers looked at or purchased online. The key is to not overdo this outreach and time it right so shoppers’ memories and motivations are triggered effectively.

4. Implementing Referral Programs

Referral programs build on the loyalty of existing customers and the power of influencers in the same industry or space. With referrals, customers and influencers grow your client base for you. They convey their love of your brand and share how useful your company’s offerings have been for them.

While the brand love is genuine, referral programs usually capitalize on one or more motivations. One referrer might want to help a friend, while another will gravitate toward the chance to save money. Others will be driven by getting something of value for themselves and a friend. Yet another source of motivation is support for charities or social causes. Influencers might be prompted by one or more of these motivations, but they’re also looking for an opportunity to increase their visibility.

Classic incentives include bill credits or purchase discounts for existing clients and their referrals. For instance, existing customers and their referrals might get a one-time $50 service credit. Other ideas include free product samples, matching donations to charities of their choice, bonus loyalty credits and complimentary services.

Growth Marketing Plans for the Future

Growth marketing aims to increase revenue now and in the future. The results you see immediately may be incremental, but they can sustain your long-term sales goals. It’s not just about acquisition.

Growth marketing methods provide real value throughout the client’s journey and incentivize them to stay. Compelling content and free tools might bring potential customers in. However, it’s what your business does after and in between purchases, such as personalization, that helps fuel your brand’s growth.

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