Growth Marketing (or ‘Growth Hacking’) is a new age term that is often misunderstood by many.
Sure—it may be known to be important for business or franchise growth—but its implementation is often nebulous at best.
With that in mind, let’s break down what you need to know about growth marketing strategies, how they grow business, and how you can implement them for your business.
Growth Marketing 101
In order to successfully market a product, you’ll need to start with the basics. Ask yourself these questions:
- Why is my product valuable?
- Why does my customer need it?
- Why is my product more valuable than another option?
Developing a successful growth marketing campaign involves not only understanding your ideal consumer but understanding why they need your product.
Here’s an example:
Imagine a college student about to take a test. You’re currently in the university store, choosing between 2 pen brands.
The first option is a pen sold as sleek, easy to hold, and has fancy designs. The student believes this pen could increase their testing confidence because it is fancy and has attractive features.
The second option is a pen sold on the basis that it will help you perform better because the ink will never run out. The student believes this pen should increase their testing confidence because the writing utensil is focused on longevity.
The first pen is focused on features and trendy appearances to attract the student.
The second pen is focused on longevity and results to attract the student.
So which pen would you buy? The trendy pen, or the pen that’ll last a long time?
Our answer is longevity, which is the key to Growth Marketing.
Previously, Growth Marketing was focused on short term leads and quick customer acquisitions.
More recently, Growth Marketing has shifted focus to growing and keeping your consumer base through the consumer journey and beyond. That’s the key to longevity.
Successful Growth Marketing Strategies appeal to the customer’s feelings–not the features of the products.
Our theory has proven accurate time after time, because customers are buying products that increase their quality of life, thus making them happier.
So, instead of focusing on fancy designs and new features, shift the focus to how your products will help your customers.
This extra effort into your existing customer base will keep reviews and recommendations coming in, which will inherently increase your revenues long-term.
Implement Managed Growth Marketing
Successful Growth Marketing Tactics appeal to your customer’s emotional expectations.
We advise our clients to not focus on product features, but the emotions behind products, because happy customers drive sales.
So, how can I implement Growth Marketing to emotionally connect to my consumers?
There are a couple of options with regard to customer communications.
- Loyalty programs
- MMS/Email Campaigns,
- Customizations of special product offers
These messages can be personalized by region, spending habits, or other specific buyer appeals that may target certain areas or people.
With Managed Growth Marketing, you can offer discounts tailored to your ideal consumer.
Here are a few of our favorite examples on how to apply Growth Marketing:
- When products are restocked you can automatically send them exciting messages to alert your consumer their favorite item has been restocked instore/online.
- Whenever you launch new products online, a link can automatically be sent to your customers, introducing your new eCommerce options.
- If a customer hasn’t returned to your store in one month, you can send them an exclusive discount to incentivize them to return.
The possibilities of MMS/Email Marketing are endless. These are just a few examples of how Growth Marketing can keep your customers loyal to your brand.
If you’d like to further understand the benefits of how Managed Growth Marketing can apply to your business, you may set up a free consultation with one of our Marketing Specialists by scheduling a demo here.