When it comes to growing a business, it is essential to ask yourself how well your growth marketing strategy is working.
If your answer sounds something like “It’s okay…” or “I guess it’s working”, it is safe to say that you need to revisit the drawing board.
A reliable, robust growth marketing strategy has the potential to increase revenue, reduce costs and build brand awareness.
Growth Marketing 101
Growth marketing can be defined as the process of implementing systems to reach and gain new leads in a manner that is both repeatable and scalable. The focus here comes down to using various channels to drive customer acquisition, such as content marketing, paid search, paid social, email marketing, SEO, PPC, etc.
The concept of growth marketing can be applied to a business in various ways. Depending on the company and what growth it is after, it can be used to improve the conversion rates of a sales funnel or even drive more traffic to your website.
Where To Start
In today’s highly competitive market, it’s necessary to gain that competitive edge over your competition. SSC Digital is here to help you re-evaluate your current strategy, and we’ve compiled the perfect article for just that. Read on to discover 8 of the best business hacks to help you choose the right growth marketing strategy.
Let’s get started.
Need-To-Know Business Growth Hacks
Hack #1: Knowing What Growth Marketing Is
It might sound like a no-brainer, but defining what growth marketing actually means is the first step in the process.
Growing strategies are actions taken to increase businesses’ market share and increase their revenue. These are often referred to as “share-building” strategies because they help companies increase the proportion of the market they serve.
In order to grow your business, you must first have a clear understanding of your target customer and what they want. This can be done through surveys, focus groups, and one-on-one interviews, among a few other options.
Another critical part of growing your business is identifying the barriers that keep customers from choosing your company over the competition. Once you’ve identified those barriers, determined what defines them and found ways to then eliminate them, you can start growing your business.
Hack #2: Understanding How Growth Marketing Strategies Work
We mentioned that we’re going back to the drawing board, so part of this is understanding how growth marketing strategies work.
In a nutshell, a growth strategy outlines how a business plans to overcome challenges to achieve its goals and expand both now and in the future.
Growth plans help marketers align a marketing team with long-term goals and then develop a strategy for achieving any objectives in the future.
It’s all about research, refining, targeting and being open to continuous improvement.
Remember, failing to plan is planning to fail. With that said, market research and understanding are fundamental, so be sure to do your homework first.
Hack #3: Understanding The 4 Types of Growth Marketing Strategies
Before starting to implement any growth strategies, it’s essential that you understand the different growth strategy types and what they entail.
Acquisitions, mergers, and partnerships:
When companies merge or acquire other businesses, it helps to bring their existing customer base with them.
This will help the new company to grow exponentially in a short period of time, making it easier in the bigger scheme of things.
Market development:
This is a strategy that focuses on increasing market share.
Being a more long-term approach, this entails the business aiming to become the go-to brand in its respective industry.
You’ll want to put an emphasis on customer service and product quality to achieve this goal successfully, reaping sustainable results over a more extended period of time.
An example of a company that uses this strategy is Amazon. Dominating the marketing and industry, Amazon has readily become the go-to eCommerce site for many people.
Product development:
It’s essential to keep improving existing products and services, as well as continually introduce new ones. You can start by asking your customers what they would like to see or what is missing from your current offerings.
This gives you priceless insight into the inner workings of your market and target customers, allowing you to work from the bottom up. This results in a business building a solid, sustainable line of product development through its business growth strategy.
You can also conduct surveys to find out what types of products your customers would like to see.
Creating a new product or service starts with research. Find out what your current customers want and need. Questions to help you solve this could be:
- What problems are they trying to solve?
- What do they dream of having but don’t have yet?
- What are they struggling with?
After you’ve done your research, you can start brainstorming product ideas. From there, you can start the process of designing and building your new product or service.
Diversification:
This strategy involves venturing into new markets.
You can start by finding out what your current customers like about your brand. What are they struggling with? What other products or services would they want to see?
You can then use this information to develop a new product or service. If you’re unsure where to start, conduct some market research or brainstorm some product ideas, or you can enlist the help of experts and work from there.
Hack #4: Understanding The Difference Between Growth Hacking vs Growth Marketing
Growth Hacking and Growth Marketing are terms that are often confused with each other and are used interchangeably. However, the two are not synonymous but rather have a key difference between them.
While they both help businesses grow, they have very different meanings.
Growth Hacking is a marketing strategy that focuses on using unconventional methods to achieve growth. It is a method of achieving growth by taking advantage of new opportunities and unconventional tactics.
This involves using creative ways to acquire customers and analyze data in order to improve the marketing process.
Growth Marketing is similar to Growth Hacking, but it also focuses on one other thing – the product itself. Growth Marketing is a process that helps businesses reach their goals through effective marketing strategies and techniques. It helps companies achieve their goals by providing a framework for measuring success and tools for tracking progress along the way.
Hack #5: Utilizing Top Growth Marketing Strategies.
In terms of what to use, the answer is never simple. The good news is that there are numerous strategies available that can be utilized depending on your requirements and, of course, budget.
Here are the five most common strategies:
Paid advertising
Paid advertising is one of the most effective ways of growing a business. It allows you to reach a large number of potential customers very quickly.
Paid advertising can be very expensive, and it’s essential to ensure that your adverts are relevant and targeted to the right audience to make this process worthwhile.
Content Marketing
Content marketing is a very effective way of attracting new customers in a targeted manner.
This is an effective way of getting your business in front of potential customers and keeping them engaged with your brand.
Search engine optimization (SEO)
SEO is an excellent way of attracting new customers and is essential for driving traffic to your website through organic search results.
By using SEO-related growth hacks, you can ensure that your website is not only seen by the right people but that it effectively attracts them to keep engaging. This can help to increase brand awareness and drive up sales.
Content amplification/promotion
Content amplification or promotion involves sharing your content with others in order to attract new customers.
This can be done through social media, email marketing, or your own website. Content amplification is a great way to get your brand and products in front of new people.
It also creates a helpful customer experience by providing valuable advice and resources. In order to get the most out of content amplification, you can tailor your message to the audience.
A/B testing
A/B testing is a great way of improving your conversion rates and increasing the number of sales you make.
By performing A/B tests on your website, you can improve your conversion rates and increase sales.
A/B testing involves making changes to your website, such as the color of your header or adding/tweaking a particular feature to see whether it improves your conversion rates.
Once you’ve made these changes, you can then compare the results with the original version of your site. You can then use this information to improve your site and increase sales using actual results to gauge the potential success rates.
Hack #6: Acknowledging What Makes A Business Growth Strategy Effective.
Let’s revisit the fundamentals that determine the success of any growth plan. It is essential to understand your identity and the company’s DNA first.
This is the first step towards a successful growth strategy.
The next step is to identify your core values and strengths. This will help you understand your business better, and it will make it easier to build a strategic plan that not only works but also lasts too.
You should also conduct an in-depth analysis of the current state of your business. This will help you find out where you are currently and what needs to be done to achieve the desired results.
Last but not least, the thing you should do is set measurable goals that will help you track your progress along the way.
These goals should be clear, realistic and achievable within a set period of time. You can measure progress using various methods, including financial and Key Performance Indicators (KPIs).
Hack #7: Understanding The Components of A Successful Business Growth Strategy
What are the effective ways of building a successful business development program?
Let us examine some crucial aspects.
• Conduct market research:
You can start by conducting thorough market research. This will provide you with all the necessary information about your current clients, potential future customers, as well as your competitors.
• Determine your growth strategy:
After completing your research, you can start to determine the best possible strategy for your business.
Having a clear vision of where you want to go and how you plan on getting there is essential. The growth strategy should be realistic, achievable, and set in stone – it should also be based on the information you gathered during market research.
• Monitor and measure success:
You should aim to create a strategy that is easy to follow and monitor. This will help you track your progress along the way.
You should also have benchmarks in place to measure your success. You can use various tools and metrics, including financial and key performance indicators (KPIs).
• Create your execution plan:
After you have a clear vision of where you want to go, the next step is determining how you plan to get there. How should you execute your strategy? What are the most effective ways of building a successful business development program?
These are just some of the questions that need to be answered to create a solid execution plan.
• Set growth goals specifications:
After you have determined the most effective ways of growing your business, you can start to set growth goals. These goals should be clear and measurable, and they should also be realistic and achievable within a set period of time.
Hack #8: Get Expert Assistance
Growth Marketing can seem overwhelming, especially when you’re pressed for time and resources. When you are feeling overwhelmed and don’t know where or how to start, consider calling in the expert.
SSC Digital is a digital marketing agency with a difference, working with you to develop a digital marketing strategy that is customized for your business and aligns with your goals, giving you the best return on investment (ROI).
We have years of experience and have worked with numerous niche industries to expand and grow our client’s businesses.
The Goal
At the end of all this, the goal is to find a business growth strategy that will work best for your business. From there, you can accelerate potential business growth and allow your business to reach new heights.
SSC Digital is a one-stop shop that offers everything from lead sourcing and ICP development to content creation and outreach campaigning. We work within your budget and your timeframe to deliver results you can measure. Get in touch with us to implement the perfect growth marketing strategy for your business today.
