Marketing has seen drastic changes in the past few years. The Spray-and-Pray approach does not work in the current times. The marketing activity is no longer restricted to the top of the funnel. It also includes strategies for acquiring customers who are loyal to your brand. 

Businesses have always targeted growth in their customer base. However, this growth is futile without retaining the customers. In this article, we would focus on Growth Marketing and how it helps in the entire customer life cycle.

What is Growth Marketing?

Growth Marketing can be described as a process of designing and conducting experiments that would help in optimizing and improving the results of a targeted problem. Growth marketing teams usually determine the areas to conduct the tests and improve upon. They develop experiments that can test the hypothesized improvements. They analyze the results of the experiments and decide the next course of action. 

In other words, growth marketing can be defined as a data-driven marketing tactic that considers the needs of the customer at all stages of the buying funnel. It emphasizes equally on client conversion and retention and uses digital and traditional channels. 

The Implementation of Growth Marketing

In this section, we would be looking at the funnel that Growth Agencies use to implement the growth marketing strategies. The Pirate Funnel is an extensive funnel that consists of six steps. The six steps can be abbreviated as AAARRR. 

• Awareness
• Acquisition
• Activation
• Retention
• Revenue
• Referral

• Awareness

It is the brand-building step in which you educate your customers about the services and products you have on offer. It is all about letting people know about your existence, and how your services could positively affect others’ life. 

• Acquisition

This step is all about generating leads and acquiring new customers. All potential customers’ details are collected through chatbots, subscription forms, free trials, or gated content. 

• Activation

Activation would mean getting people to use your products or services as soon as possible. Making the customers use your product right away would help you capture the customer’s attention when their interest is high. 

• Retention

Retention means making your customers come back to your brand. Providing a great after-sale service would help you gain customer trust and, thus, keep the customer loyal to your brand. 

• Revenue

The Revenue step includes all the actions that generate money for the business. It includes a customer making a purchase, signing up for an upgrade, or preventing attrition or churn. 

• Referral

In an ideal scenario, a customer loves your service so much that he/she refers to your brand to near and dear ones. This referral, however, is pretty informal. A growth marketing strategy includes referral programs that encourage people to refer the products to their contacts in exchange for additional benefits. 

The Benefits of Growth Marketing

Given below are the five most important benefits that growth marketing brings in.

• Attracting New Customers

Growth marketing makes use of the data collected to convert new customers. The information collected is also used to alter the marketing strategy to connect to the audience better. The data analyzed would also indicate the interests of the customers and what attracted the customers to our business. 

• Branding Recognition

The brands that project themselves in a more relatable manner make greater profits. Growth marketing advocates the analysis of the customers’ social media engagement. This is done to understand the needs of the customers and create a marketing campaign that makes our sales pitch relatable to the customer. 

• Enhance the Performance of Existing Marketing Campaigns

Growth marketing teams offer insightful reports based on their experiments. These reports can determine our existing campaigns’ success, let us know about the problem areas, and suggest changes to our marketing strategies. A/B testing, for example, tells us the impact of the campaigns and suggests to us if an experimental campaign is worth pursuing or not. 

• SEO Benefits

The Data collected in our Acquisition stage can help us identify the keywords that customers have been using. Also, social media analysis gives an insight into the high-performing keywords. These keywords can help us create engaging content on our website and social media pages. 

Conclusion

We see how growth marketing impacts the business and enables smarter decision-making. The consequences of data-driven marketing have a large impact on the revenues, making it difficult to ignore. That’s where a growth agency comes into play. 

Amura makes it easy for brands to capitalize on growth marketing strategies and build themselves an innovative marketing strategy. The Growth Agency provides a plethora of solutions for all businesses.