Gone are the days when companies could ‘sell it and forget it’. In today’s hyper-connected and hyper-competitive era, everyone is going all out to retain existing customers, because exercising their efforts into getting new buyers is an expensive affair. This is where growth marketing strategies come into play.
This approach follows a customer throughout their buying cycle, rather than segments of it. These tactical activities, which go beyond the top and bottom of a sales funnel, better comprehend a buyer’s expectations, whether and how the company can meet it and the cost involved.
The collated and analyzed data ensures higher customer retention, greater lead conversion, finely tuned user experiences, and increased brand loyalty.
Traditionally, organizations wanted their marketing activities to tick three primary boxes – provide faster go-to-market options, quicker results, and better ROI. When devised internally, these campaigns were less data-driven and more assumption-based ones.
A B2B growth marketing company, on the other hand, takes the guesswork out of marketing. It can meet the above-mentioned goals while executing strategies that open new revenue streams and reduce customer acquisition costs.
So, if you are keen to optimize your growth marketing goals, here are five things to consider:
1.Provide relevant, valuable content
Hubspot found that almost 70% of businesses are actively investing in content marketing in 2020. And why not? Sharing relevant and interesting content is a critical B2B growth marketing exercise. For starters, it helps companies increase lead generation while converting fence-sitting potential buyers.
Most organizations limit their content marketing activities to updating their websites with videos and photos. But why not use infographics, case studies papers or ebooks to inform customers about your products, services and capabilities?
This fusion of information and research is a potent combination, especially when showcased innovatively. An effective campaign is one with relevant content, where customers are updated regularly about a company’s initiatives, rather than a shock-and-awe approach.
Social media is a tenuous digital thread that binds everyone today. With more than half the world in this parallel universe, it’s also every B2B marketer’s Holy Grail. And for a good reason too. Manifest’s survey found that 67% of consumers made a purchase after seeing a social media advertisement.
2.Social Media Marketing – A Must-Have
Facebook rules this digital stratosphere, followed by Twitter, Instagram, YouTube, Snapchat, Linkedin, Pinterest, etc. A B2B growth marketing company customizes communication for each of these channels to improve a campaign’s effectiveness. Social media also affords them the flexibility to check which marketing tactics are working best and accordingly adjust the campaign’s narrative for better customer engagement.
3.Don’t get personal, get hyper-personal.
According to Malcolm Gladwell, hyper-personalization of marketing activities is pertinent for companies to keep pace with evolving consumer trends. This connection goes a long way in building and reinforcing strong customer relationships.
Harvard Business Review highlighted that “personalization can reduce acquisition costs by as much as 50%, lift revenues by 5% to 15%, and increase marketing spend’s efficiency by 10% to 30%.”
To fully realize the value of personalization, growth marketing analyses a customer’s lifecycle before optimizing the effectiveness of different marketing channels to enhance their path to purchase.
4.Deliberate on Account-Based Marketing (ABM)
While talking about personalization, how can we not mention ABM? An important facet of customer engagement, this process gathers data on key potential buyers, enabling growth marketers to target them with hyper-personalized digital marketing communications.
A look at Netflix explains how this works. Every time you watch a series or movie on the platform, its robust recommendation engine suggests similar programs, tempting you to view it.
This level of tech-driven personalization can also be witnessed on e-commerce sites. The precision of their guesstimate of your likely purchases can be eerie, but rarely unerring.
Almost every B2B digital marketer worth their salt swears on the efficacy of marketing automation tools. Forrester even estimates that the total spend on these technologies will reach $25 billion by 2023.
Shocked? Don’t be. After all, AI and ML tools not only help companies achieve their marketing goals but also generate high-quality leads along with better returns on ad spends. Moreover, it elevates the customer experience by giving personalized information at a reduced response turnaround time.
Chatbots are a great example of AI and ML-based B2B growth marketing; be it ICICI’s iPad or Amazon’s Alexa.
These virtual assistants don’t just answer your queries; they nudge you towards purchasing best-suited products.
Growth marketing strategies use the data collated from similar customer interactions to create personalization communications that not just grab their attention but also solve their pain points.
Having understood what is growth marketing, don’t you agree that it’s time to stop relying on traditional strategies? To retain clients and attract new ones, look beyond the obvious; like growth marketing agency Amura Marketing Technologies.
Whether your customers are on Facebook, Instagram, or Twitter, their data-driven solutions, coupled with a bespoke marketing approach, will provide end-to-end insights to increase customer retention.
All you have to do is work with them to identify and plan your growth marketing campaigns, and start measuring its success as these hit the bulls-eye, every single time.