Many businesses are stuck in a loop of attracting customers, selling to them, losing the customers, and then attracting new customers. However, unless your customers turn to repeat customers and then become “evangelists” for your brand, your business will most likely won’t grow. A growth in business volumes that is not supported with customer retention can’t be considered growth – it is more like running around in circles because you’ll be in a constant loop of acquiring new customers just to keep revenue steady.
Growth marketing is simply a type of strategic optimization of your marketing processes to increase your customer acquisition and customer retention for sustainable growth in your business. Irrespective of whether you are an entrepreneur, run a business, or provide a service; growth marketing can help you increase your revenue faster. This piece provides three insights for getting started with growth marketing for your business.
1. Start by matching your message to your target audience
The first step towards creating a growth marketing strategy that will work is the foundational fundamental of ensuring that your product and the marketing message resonates with your target audience. Founder and CEO of Clients on Demand Russ Ruffino is a vocal advocate of attracting the right clients who will pay you the right price consistently instead of constantly spending time, energy and resources on low-profit clients. You need to understand your potential customers, know their pain and pressure triggers, understand the kind of conversations that have, and know exactly how your products/services can help them.
Matching your message with your audience also ties into getting your brand voice and tone right to evoke confidence in your brand. If your potential customers are looking for an authoritative solution, sounding flippant will most likely make them hesitant to trust you with their business.
2. Build a system for a marketing operation
What are the odds that you’ll propose marriage to a random stranger in a bar and they’ll say yes? Same goes for converting your new customers into repeat customers. You’ll need to develop marketing messaging for different cohorts of customers at different points in your sales funnel. Marketing statistics suggests that only 3% of a market will be interested in buying right now; hence, if you only have a marketing message for immediate sale, you’ll be losing as much as 97% if your potential customers.
You’ll need messaging for the time people interact with your brand, the first time they buy from you, checking up on them to see how satisfied they are with your products/services, and then finding out if they’ll be inclined to give you their patronage going forward.
3. Master the art of content marketing
Sometimes, your target audience might need a little pull/push in the right direction to buy from you, become repeat customers, or promote your business to the people in their network. Content marketing through text, pictures, and videos is a great way to promote your business without being annoyingly salesy. Content keeps your customers engaged so that they have reasons to interact with your brand beyond their lifespan of their initial patronage. Content also gives you an opportunity to sprinkle a decent dose of Call-to-Actions CTAs to share with their network so that you can get the referral effect from word of mouth marketing.