A Marketing Growth Strategy That Drives Customer Acquisition And Retention

Marketing growth strategy focuses on adding value at all stages of the marketing funnel. A successful example is Dropbox’s referral program, which has helped them grow to a $10 billion valuation without spending much on advertising. The first step in building a marketing growth strategy is goal-setting. These goals will guide your efforts and provide you with a clear framework to follow.

Product-Led Marketing

Product-led marketing is an increasingly popular go-to-market strategy that leverages the product to generate demand and sales. It relies on self-serve channels like free trials and a freemium model to create interest and drive conversions, making it an efficient alternative to traditional marketing tactics. It also offers a much more personalized experience for users, and it prioritizes best-in-class product features. It allows businesses to increase retention rates and optimize their customer lifetime value. In addition, it requires fewer resources than other traditional marketing tactics.

Product-led companies have shorter sales cycles and better user experiences. They also have lower customer acquisition costs and higher retention rates. This is largely due to their intuitive products and a clear value proposition. This type of GTM strategy is also a more effective way to grow your business than paying for expensive paid acquisition channels. It is also less reliant on SEO and other marketing techniques. The product is the main driver of marketing growth strategy for a product-led company, and its success drives all other digital channels.

Referral Marketing

Referral marketing is a powerful strategy that allows businesses to acquire customers at a lower cost and increase customer loyalty. However, it’s important to remember that word-of-mouth only works if your product is exceptional and your customer experience is top-notch. Otherwise, your program will not be successful.

Typically, referral programs incentivize existing customers to share a code or link that generates a reward when a new user clicks on it and purchases something from the business. This process can create a continuous flow of new customers, called a viral loop.

The best way to promote your referral program is through your core marketing channels, including email and social media. You can also include a referral landing page in your website footer to give your customers easy access to the program. The most effective referral rewards include cash or store credit, which offer instant gratification. Harry’s uses this strategy on their home page to invite people to share a link to earn a free razor, which encourages repeat sharing.

Lead Nurturing

Just like forming a friendship, a business relationship with a prospect requires nurturing. The goal is to make sure that prospects move through every step of the sales cycle without getting lost or siphoned off by competitors. Using marketing automation tools and an email tracking software, marketers can send targeted communications to help potential customers reach their goals. Start with an awareness campaign that educates prospective customers on solutions for their problems. This can be as simple as a welcome series or as complex as a multi-touch journey that leads the customer through different levels of consideration until they’re ready to pass on to sales.

Ensure that marketing and sales teams are aligned to keep branding, voice, and messaging consistent across all touchpoints. You can also use behavioral triggered emails to deliver personalized messages that match the prospect’s stage in the buying cycle. This approach improves engagement and increases conversion rates. It also saves time for the sales team, reducing the number of phone calls and enabling them to focus on closing deals.

In-Quarter Execution

In-quarter execution is a process where marketers create campaigns and experiments to achieve their growth goals. This build, measure, learn cycle allows them to identify new opportunities for marketing and product development. This approach also helps them make better decisions about the future of their campaigns. As a result, they can improve their customer experience and ultimately boost profits.

In this process, teams set 3-5 Company Rocks or priority objectives for the quarter. These Rocks are the most important goals for the team and should take precedence over all other priorities. Using this methodology allows the team to discuss what they need to focus on and why they will not be able to do other things.

Once the team sets the Company Rocks, they create an executable quarterly plan and communicate it to their team members. This is critical for ensuring everyone is on the same page and aligned with the organization’s goals. This is especially important when teams are distributed across the world and cannot meet regularly.

Conclusion

Increasing business revenue requires a marketing growth strategy that drives customer acquisition and retention. Using customer feedback, A/B tests, and SEO mastery, growth marketers make data-driven decisions that fuel growth. One way to grow your company organically is to offer a freemium or free trial of your product. This nurtures user satisfaction and encourages referrals.