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What is a Growth Marketing?
A lot of people in the marketing world are talking about this right now, but the point is that growth marketing is a more streamlined process of acquiring customers. The focus is on making existing strategies more efficient, not just focusing on a single strategy. In other words, growth marketing is a never-ending process of tweaks and data analysis to get more sales. Let me give you an example: Say you’re spending 30% more on Google Adwords than Facebook ads. You would shift your funds to Facebook. Dropbox provides another example- Dropbox increased its customer base substantially by offering existing customers additional storage for linking their account with Dropbox on Facebook and sharing Dropbox ads on the social site. By doing this, Dropbox went from 100k customers to 4 million in just over a year. This idea turned out to be great for very little investment.
Listed below are five ways in which growth marketing and adaptive advertising may be advantageous to your firm.
1 Advantage of Search Engine Optimization
If you use social media and pay-per-click (PPC) campaigns, the data gathered might give insight into which keywords are the most effective for your business. However, social media has an impact on search results regardless of whether or not searchers actively participate in social media. Take advantage of the information and include the keywords in your website content and social media posts, if applicable.
2 Recognizability of a brand
Consumers will be more receptive to your brand if you identify a need or a pain point that they are experiencing. This may be achieved in a variety of methods, including checking in on your own Facebook or Twitter accounts, as well as those of your rivals’ accounts and websites. Participate in the discussions and provide information that is beneficial. Dollar Shave Club is an excellent example of focusing on a customer problem that rivals had failed to solve and then leveraging that information to their advantage in order to expand their own business.
3 Improve the effectiveness of existing campaigns
Follow up with prospects who have shown interest in your current campaigns on social media platforms or investigate new avenues for getting further information about their purchasing preferences. The measurement of monetary disparities between different sources of lead is another technique to get the most out of the information collected.
4 Prevent PPC Overload from occurring.
It is possible to prevent PPC saturation by diversifying your growth marketing efforts. Even though PPC for adaptive Ad-buying works, it means spending more money on a single campaign in order to get more leads. This means that bigger competitors will also spend more money on PPC, which means that the cost will go up and the ROI will not be worth the money.
5 Getting More Customers
Growth marketing will make use of the data gathered from newly acquired clients to uncover the specifics of what it was that drew them through the sales funnel in the first place. The marketing approach may then be modified in order to better resonate with the target demographic as a result of the new knowledge.
Growth marketing demands continual attention and data analysis in order to be effective, but with inventive ideas, the same expenditures may be put to many uses for your benefit.