Growth Marketing is basically creating a unique approach to attracting and retaining potential customers and their interests, creating personalized messaging and content in line with customer needs. It is also the process of designing and conducting high-complexity experiments such as A / B and multivariate tests to improve the results of these approaches by identifying the channels that customers are mostly in. These experiments play an important role as customer needs and reasons change rapidly and become difficult to understand. Obtaining and analyzing the results of these experiments will help growth hackers develop more efficient strategies.
Growth Hackers should work data-driven by using their technical skills to create unique solutions to solve identified problems. It enables them to understand the process and status of growth strategies with metrics and solid data. They are briefly trained and have expertise in some marketing assets. At the same time, content marketing, SEO, social media management, etc. have a basic understanding of every necessary marketing concept such as. This gives the ability to understand each part of a marketing strategy in general and which parts they can give a contribution with their specialty.
Basic Elements of Growth Marketing
As you can see from the funnel below, Growth Marketing focuses on more points of the funnel than traditional marketing. It uses them to be active in every part of the funnel and to bring ideas and solutions.
Acquisition
Acquisition is the process of generating leads and gaining new customers. Customer acquisition channels are the methods, platforms and strategies that companies attract new fans, readers and leaders. You should try to find out where your ideal target audience is. These are blogs, content offers, videos, social media, search engine optimizations, etc. It can be through. The best channels for your business will depend on your target audience, resources, and overall strategy. For example, a growth hacker might try to increase the number of form submissions by experimenting with messaging, call-to-action button, or page redirection.
Activation
Activation is understanding how many people are using the product or service. Once you have put your customers into an activation phase, you can start measuring the user experience optimized for them. You may want to look at different ways to ensure what will happen by experimenting with how your potential customers think about your product. There are four different ways to increase your activation rate by increasing user motivation.
Create better user engagement with enthusiasm.
Break down difficult tasks and reduce effort
Encourage users with visible progress
Use customer feedback to redesign the path to activation
Retention
In the Retention section, the main focus is on keeping your customers active and satisfied with their experience. To increase this rate, you can offer personalized support or increase the value of your product for your customers. These personalization strategies will help users discover different values from the product. As your loyal customers will convert and spend more than new ones, you should also focus on their needs and what they enjoy with your product, thereby reducing customer churn. For example, a few days after your customer starts using your product, you can send an email with information about what you missed or create custom audiences for your email lists.
Revenue
So what’s the best way to increase revenue?
By increasing your Customer Lifetime Value (CLV) and decreasing your Customer Acquisition Cost (CAC).
Your customer lifetime value is the amount of revenue you earn from a customer during their lifetime or rather the lifetime as a customer of your company.
Your customer acquisition cost (CAC) is the amount of money you spend on acquiring your customer. That includes cost for marketing, sales, meetings, fancy dinners or whatever it takes to get your customer to convert. A good ratio of CLV to CAC for growth is 3: 1.
To reduce your customer acquisition cost you should optimize your sales funnel.