Marketing is a tough industry, with many new trends and techniques emerging each year. One of the most recent developments in marketing is growth marketing, which focuses on accelerating customer acquisition through a variety of channels.

Through growth marketing, marketers evaluate business concepts across the funnel, precisely analyze data sets and provide the best possible solutions for their clients’ needs. 

Strategy and performance are the integral parts of growth marketing. A strategy aims to provide the right path to marketers and measuring performance reviews the marketing progress. The synergy that’s attained when both ingredients are combined leads to fantastic results!

This article will explore what digital marketing strategies you can implement and attain the utmost marketing performance and the benefits it brings to your company’s bottom line.

Types of growth strategies that will help in driving your business

Let’s explore the key growth strategies that will assist you in navigating your business in the precise pathway. To optimize your growth potential, you can implement all of the strategies on this list at the same time, depending on your resources and the type of your firm.

Market penetration enlarges market share

With market penetration, marketers can focus on introducing new products or transforming current ones. Bundling products, advertising, discounts, offers on large orders, and cutting pricing are all ways to do this. Although the latter is less appealing, it is a viable short-term approach for outperforming the competition.

Let’s see one of the product-changing examples; when Diet Coke first came out, it was a huge hit. However, it largely drew in female customers. Men were avoiding it since it appeared to be a more feminine product.

Coca-Cola came up with a solution: “Coke Zero,” a similar-tasting beverage promoted to capture the male market share that Diet Coke lacked, and it worked.

Market development identifies new markets

With market development, marketers can introduce their existing products in new geographical regions. Let’s see one of the market development examples; McDonald’s is present in 121 nations, and the company is highly dynamic in planning to enter new markets with similar products.

For instance, the company enabled its burgers as the McArabia in Saudi Arabia and McAlloo Tikki in India and is quite successful.

Product development offers an organic boost

Product development should be driven by outmoded technology, a lack of customer excitement, and stagnant sales growth. The release of new products creates a buzz around a brand, giving it an organic lift, and customers have a legitimate reason to be interested in your marketing.

For example, SaaS-based products stay updated with the frequent release of new features and functionalities.

Omni channel is the right strategy for business growth

Data gathered by Think With Google says that Omni channels assist in generating 80% of the in-store customer visits and 74% of customers do online research before visiting a physical store.

The right strategy for business growth is to present on more marketing channels where your target audience is most active. Best channels for business growth comprise pay-per-click, social media, website promotions, email marketing, and online videos. Rather than investing in one of these channels, you can obtain a better return by spreading your marketing spend over all of them.

Audience targeting & buyers persona

It is all about breaking up the audience and buyers through location, buying interests, and product preferences. Targeting helps boost the ROI of marketing campaigns as the services are customized to the right audience.

Integrating Marketing automation platforms like HubSpot, Omnisend or Marketo can help you identify the audience and buyer personas for targeting the campaign.

Diversification involves risks but offers higher rewards

Creating new products for fresh marketplaces can lead to a higher risk of failure, but it even offers higher rewards if successful.

Apple convinced the whole world that people required a tablet, a completely new product type, to counterpart smartphones and laptops.

Boosting ROI by the precise KPI’s

Key performance indicators (KPIs) that have an influence on ROI are the focus of growth marketers as it helps to assess and track progress toward a goal.

Growth marketers set KPIs to evaluate ROI. Track the following KPIs to see if you’re on the right path to achieve the goal.

The cost per lead (CPL) is the cost of generating a lead that has a good chance of converting. It’s a development of CPL, which doesn’t specify the lead’s strength. Because it costs more money to qualify a lead, CPL should have a higher value.

The average revenue per customer is the revenue generated per customer. On the other hand, the customer acquisition cost (CAC) is the budget you invest in generating a customer.

Besides, Lifetime value (LTV) is the customer’s repeated spends with a long-term objective to retain these customers for positive ROI.

Real-world examples of thriving growth strategies

Facebook applied a market penetration growth strategy

Facebook became a leading social media site by expanding gradually. It started small at Harvard, slowly grew to other nearby institutes, and finally opened to non-students.

Its highly calculated expansion strategy enabled it to spot the requirements of each new customer segment.

Google switched to a product development growth strategy

Google started as a B2C product company with a search engine. However, it required effective revenue sources, and so it built a new product, AdWords, working as a B2B model for advertisements.

Here, Google developed a new product by customizing the original product and even used its current B2C segment for rapid growth.

Amazon used a diversification growth strategy

Amazon was amongst the foremost online retailers, providing the capability to purchase online in a new market which was the internet.

Amazon’s growth strategy was to replicate the best customer experiences using its proven business model of selling books online and expanding into adjacent segments like selling DVDs, with further expansions in the grocery and entertainment business.

The advantages of blending strategy and performance

Clearly define your goals

Growth marketers always believe in data-driven decision-making. Data gathering is the critical foundation, and it is also significant to organize it understandably, which will allow you to define your business goals better. Making the right decisions which are based on data is critical to achieving business growth.

Tracking performance

Measuring and enhancing performance is an integral part of a process. With precise tracking of performance, you can re strategize your marketing campaigns that can be better structured and reused for the next set of campaigns.

Work for positive ROI

The utmost purpose of growth marketing is to boost ROI. It augments opportunities to build positive ROI for a business to grow and mature.

Experiment, implement, and scale

The growth strategy approach reduces risk factors as you can experiment and implement even while the business budgets are limited. Once the precise formula is discovered, the method can be scaled for enhanced outcomes.

Moving forward: Growth marketing is a continuous process

At Brand Energy Digital, we accelerate growth by using a design-centric, agile, and platform-driven approach to solve difficult business challenges quickly. We assist our client base in dealing with the present while focusing on the future. 

Our multidisciplinary teams collaborate to develop significant digital strategies & tactics to help you with your business growth and increase your brand visibility and experience to your potential clients.

To understand your business growth, let’s schedule a 30 minutes call.