Alchemists in the past could not turn cheap metals into gold nor could they find elixirs Life and eternity however Growth marketers In this era they could understand
The need among customers, which allowed them to develop strategies that would enable them to overturn the rules of the game and turn dirt into gold. They were also able to find an elixir.
Sustainable growth for companies, through growing the customer base and continuously increasing sales based on testing and measurement in addition to valuable and properly targeted content.
You may have searched a lot about marketing and growth strategies before arriving at this article. I give you good news here. Your search has ended and you will find what you are looking for. In this article we will learn about...
- What is growth marketing
- What are the marketing strategies to achieve growth?
- How marketing strategies work to achieve growth
- What is the importance of growth marketing strategies for startups?
Definition of growth marketing:
Growth marketing A methodology that relies on experimentation, data collection, and analysis, to determine the most efficient and effective ways to grow a business. Growth marketing is often associated with creativity, analytical thinking, and a curious mindset that works on experimenting with all means and tools to find innovative, low-cost ways to acquire and retain customers..
What are the marketing strategies to achieve growth:
There are many strategies To market growth, but one of the most prominent of these strategies is
Market penetration strategy:
This strategy depends on entering the market with a product similar to existing products and seizing a share from other competing companies.
How to implement a market penetration strategy:
- Building marketing campaigns based on the customer journey:
The product or service advertisement appears strategically on a recurring basis (customer journey(In front of potential customers, it makes the product firmly established in their memory.
- Lower prices :
The low price encourages many potential customers to try the product or service, but be aware that reducing the price may have negative results for some customers, so pricing strategies based on an understanding of the target audience are necessary.
- Adding a strong competitive advantage:
Companies can attract a large number of customers if they can create a competitive advantage that interests customers or solves a problem for them. An example of this: the information security and data protection feature used by a company. Apple .
- Good geographical distribution:
jCompanies can make their products available to customers everywhere in order to facilitate their access to their products, just as some food companies do, as they display their products in distinctive places in commercial complexes and shopping centers. Have you ever noticed that Nestle products Placed on shelves aligned with the eye?
- Marketing automation:
Today, startups can benefit from marketing automation to save time and resources as well as increase lead generation and conversion rates.
- Improve customer service:
By improving customer service, companies can create a better experience for their customers, which leads to an increased rate of repeat purchases and word-of-mouth marketing. You can, for example, use chat bot applications.
- Improving customer experience:
Which includes improving the user experience because it increases the conversion rate in your store or application
The key to a market penetration strategy is to identify the most effective tactics to reach customers, test different strategies from time to time, and modify the strategy if necessary.
2Market development strategy:
The market development strategy aims to expand the customer base and increase revenues through:
- Targeting new customer segments They have similar characteristics or needs
An example of this: when Dove developed its market by producing products specifically for men
- Expansion and finding new markets In different geographical regions
Example: McDonald's McDonald's has succeeded in expanding into many markets by adapting its menu and adding dishes that suit the popular tastes of each market it enters.
- Increasing the number of distribution channels Or increase the number of sales staff
Example: Starbucks The Starbucks coffee chain is constantly opening new branches, which allows it to expand its customer base and increase its revenues.
- Create partnerships and alliances With other companies to expand the circle of customers
An example of this: the alliance of Apple and IBM, and the alliance of Coca Cola with Fanta and Sprite.
3. Product development strategy:
Product development strategy refers to improving existing products, adding additional features to them, or creating entirely new products to meet customer needs
This strategy usually begins with studying the market, identifying customer needs, problems, and opportunities in the market, then creating or developing products that satisfy customer needs and solve their problems.
One example of this strategy:
Procter & Gamble P&G is launching a new line of cleaning products,After noticing a need in the market for easy-to-use cleaning products, the company invested in research and development to create a new line From the “Swiffer line” cleaning products, the products are designed to be easy to use and more effective in cleaning than traditional mops and brooms.
P&G launched a marketing campaign targeting busy homeowners who wanted more effective and easier products to clean their homes. The campaign was successful and the Swiffer line became one of P&G's best-selling products.
4. Diversification strategy:
It is a strategy used by companies with the aim of achieving growth in the first place, then reducing risks and increasing the company’s ability to confront economic crises and protect itself from market fluctuations. This strategy can be implemented in several ways, including:
- Develop existing products for the same market
- Creating new products in the same market
- Entering new markets with existing products
- Develop complementary products to the main product or service
- Establishing partnerships with companies that provide complementary products or services
This strategy can create multiple sources of income and rapidly increase company growth in addition to protecting the company from market fluctuations and influence Economic crisesHowever, at the same time, it involves some risks as it requires planning and implementation with precision and caution. Companies seeking to implement this strategy must also have the resources and capabilities to enter new markets or develop products.
How do marketing strategies work to achieve growth?
Growth marketing uses many tactics that differ from one company to another, but it depends directly on:
Creating a marketing plan:
help Marketing plan It helps make marketing efforts focused and consistent with the overall business strategy. In addition, a marketing plan allows companies to track and measure business progress, and make the necessary adjustments to stay on track and achieve the desired results. Without a marketing plan, a company may struggle to effectively reach its target audience and may lose opportunities. Sales and growth potential.
Conduct market research:
By understanding the target market, competitors, market needs, gaps that can be exploited, and the overall market trend, this information can be used to identify growth opportunities and develop effective marketing and business strategies.
Study the target audience:
The goal of audience study is to gain a deep understanding of the target audience's needs, wants, preferences, purchasing behaviors, and...customer journey Which can be used to create content, campaigns or products that reach them.
Determine marketing channels:
Marketing channels are determined after studying the target audience and determining the most effective ways to reach them.
Some examples of marketing channels:
- Social media
- Email marketing
- Content marketing
- Search Engine Optimization (SEO)
- Search Engine Marketing (SEM)
- And paid advertisements
- Newspapers, exhibitions and conferences
Defining customer personas:
A customer persona or buyer persona is a fictional representation of a potential customer. Companies base defining customer personas on real data about the target customer, including demographics, behaviors, motivations, and goals. Defining customer personas helps companies understand their customers better and create targeted, more accurate marketing campaigns.
Setting goals and setting key performance indicators:
The goal of the marketing strategy must be determined from the beginning and it must be compatible with the general goal of the company. To achieve your goal accurately, follow the smart goals method, meaning that the goal must be specific, measurable, realistic or achievable, relevant, and time-bound.
To achieve this goal it is important to establish Key performance indicators To track and analyze data regularly to determine the rate of progress towards goals, and to identify areas in which the company excels and areas that need improvement, allowing the company to make adjustments to improve performance. .
Make the necessary amendments to the plan:
Growth marketing works according to a specific plan but tries many strategies and tactics alongside the plan. He studies the data resulting from current campaigns and ways to develop them, and works to modify the plan according to the results and data in order to reach the targeted customers in the easiest ways and at the lowest costs.
The importance of marketing strategies to achieve growth for startup companies:
In a highly competitive environment, small and emerging companies must have a strategy that creates awareness among customers and works to achieve sustainable growth at the lowest costs and as quickly as possible, and this is the essence of growth marketing work.
Here are some of the main reasons why growth marketing is important for startups:
Small companies and startups usually have a limited marketing budget. If the marketing team fails to make the most of this budget, the marketing process as a whole fails.
Growth marketing allows startups to identify the most effective strategies and channels and increases their efficiency, which helps achieve growth without excessive spending on marketing.
time saving :
Time is money. As Benjamin Franklin said, startups are often sensitive to time and want to grow quickly, either due to lack of funding or due to attracting more investors. See how we achieved growth exceeding 800% for one of our clients in less than a year.
Create a competitive advantage :
The market often imposes harsh conditions on startups, pitting them against large companies with huge marketing budgets And a deep understanding of the consumer audience or customers, but with a little intelligence and by a marketing team that has a growth mindset in addition to exploiting analytics and data Startups can outperform major companies with a small marketing budget.
Growth marketing helps startups and entrepreneurs increase revenues by understanding and segmenting their target audience and directing customized marketing campaigns that contribute to acquiring more customers and retaining existing ones.
Achieving sustainable growth:
The essence of growth marketing work is to achieve sustainability for companies and grow profits. This is through caring for potential customers, communicating with them, answering their questions and objections, and turning them into real customers, in addition to caring for existing customers, solving their problems, listening to their complaints, and providing them with practical solutions that increase their satisfaction.
Growth marketing is a fairly recent but essential strategy, especially for startups that aim to grow their customer base and increase their revenues.
By focusing on data, analytics, and understanding the target audience, you can create creative marketing campaigns that address this audience in a language that it understands and interacts with.
Startups that carefully implement growth marketing strategies can see significant increases in revenue and market share in the near term and ensure significant success and sustainable growth in the long term.
Don't let your company fall behind Contact our team at Octohubs Let us help you implement a successful growth strategy.