Guide to creating a Growth Marketing strategy
Growth Marketing is one of the essential disciplines for a company to achieve its objectives.
Increased profitability does not depend on applying isolated and speculative marketing techniques, but on planning processes and people that allow greater control over traffic, sales, or customer retention.
Almost all entrepreneurs and e-commerce marketing directors ask themselves the same question: how to find the right growth strategy, minimizing the economic cost of making mistakes? And the answer always comes to be the same: through Growth Marketing .
Although we cannot make an absolutely precise prediction of the results, it is possible to apply a strategy that facilitates the optimization of resources. By applying the Lean philosophy , any online project can quickly discard techniques or products that do not work and improve learning to reduce the failure of business strategies.
In this small guide we will give you a model to define and choose a Growth Marketing strategy for your business.
What is Growth Marketing?
Growth Marketing is based on a new approach to understanding the market and achieving objectives. Data analytics and creativity are combined to develop strategies that allow:
- Achieve maximum growth in the shortest time possible.
- Optimize financial resources.
- Make the most of your time to achieve goals.
- Eliminate techniques that do not work in the marketing strategy.
This type of approach to marketing therefore allows us to minimize the errors and failures derived from traditional marketing. At Webmefy we focus on analyzing and improving your ecommerce ratios to achieve the expected results.
Data and creativity are used to discover what the customer wants. In short, it is about finding the shortest path to success, avoiding falling into the labyrinth that traditional marketing strategies sometimes involve, more focused on the company and the product than on the customer and their needs.
How to choose a Growth Marketing strategy for your eCommerce
The first thing that is necessary to do before applying a Growth Marketing strategy is to define the objectives and the choice of the most appropriate strategy, which will depend on the situation in which the company finds itself and a sum of factors in which the role of the growth hacker is decisive.
1. Define the objectives for your Growth Hacking strategy
If we apply Growth Marketing to e-commerce, we would talk about ensuring that the greatest number of customers possible and in the shortest period of time enter our sales funnel and achieving the highest percentage of customer retention possible by applying the correct techniques.
This must be done within a revenue/sales planning and a calendar, where we control the main performance indicators ( Key Performance Indicators ) on which we can work. For example:
- Web traffic
- Web positioning
- Customer acquisition costs
- Active leads
- Conversion rate
- Customer retention percentage
- Shopping cart abandonment rate
Here the support of an agency specialized in business growth for e-commerce is vital, which establishes a traffic acquisition strategy, digital analytics and CRO (Conversion Rate Optimization) to improve the performance of your business, from the acquisition phase. customers to loyalty.
2. Choose the most appropriate Growth Marketing strategy for your business
Your eCommerce insights will be the key to developing a growth strategy, since they are the source of information that explains your current situation.
Only if you act directly with techniques that impact these ratios will you be moving in the right direction. Anything investing in marketing without an accurate view of the data and its interpretation does not correspond to an effective Growth Marketing strategy.
When it comes to Growth Marketing strategy, many projects use the Ansoff matrix to plan their growth strategy. These are 4 different strategies, the suitability of which depends on the level of market maturity and the level of knowledge about our products.
These 4 strategies are: market penetration, product development, market development and diversification.
The market penetration strategy is aimed at those eCommerce that need to expand within their market, increasing their business share, but without leaving their niche. It is a strategy aimed at increasing sales, which seeks both to obtain new customers within the existing market and to increase customer retention (and obtain recurring customers).
If, for example, you have an online store focused on the sale of prescription glasses in Spain, your Growth Marketing strategy should be aimed at getting more customers and more sales within your market.
As? Through an Inbound Marketing strategy, you can attract more qualified traffic, getting more leads for your subscriber list and applying CRO techniques to increase conversions in your online store.
The growth strategy based on market development implies greater maturity of our project. It is about expanding our activity to new markets.
These new markets can be different geographic regions, or new customer segments. For example, if until now you only sold prescription glasses in Spain, this strategy would involve starting to sell them at a European level, with a strategy localized in different languages.
This type of Growth Marketing strategy is indicated when you have the possibility of being competitive in other markets. It is also advisable if the audience you target in a certain geographic region is very limited, for example if your products are focused on an audience with high purchasing power.
This growth strategy would consist of expanding the profitability of your eCommerce by developing new products for your audience.
For this Growth Marketing strategy to be successful, you need to know your buyer persona in depth. Ideally, with this growth strategy you focus on the sale of similar products, aimed at the same type of audience. For example, combine the sale of jewelry with luxury watches.
You can buy these products from a supplier, develop them in your own production line, or establish a strategic association with a partner to be able to offer those products.
This strategy consists of bringing new products to new markets. This is the riskiest growth strategy for an eCommerce. It would involve not only targeting another customer segment, whether from another geographic location, or another customer profile. It would also involve the acquisition or launch of new products on the market.
Diversification implies greater risk, as we know less about the new market and the needs of new clients. It can be carried out from two approaches: diversifying your offer by taking advantage of the market and products you already offer, or without your new offer having any relation.
An example of this Growth Marketing strategy would be that if you have a brand linked to the sale of artisan nougat, you would create another line of business focused on the sale of traditional sweets, focused on another type of audience with a less seasonal purchase.
3. Create a Growth Marketing team
No Growth Marketing strategy can achieve results if the human team necessary to carry it out is not chosen.
Many of these strategies require the application of marketing techniques to attract a new audience, especially when we penetrate a new market. On the other hand, ensuring that new products have a positive impact on our sales requires a strategy aimed at boosting the sale of new products.
The application of marketing techniques and digital analytics are key to the development of any Growth Marketing strategy. Having a team specialized in e-commerce like Webmefy can help you achieve the expansion and development objectives of your online store.
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