If you are a small business owner, you must be worried about growing your business and improving ROI. In this quest, the only thing you would have found ordinary is digital marketing or growth marketing.
At a dinner with my friends, who all are running their own business, I heard about digital marketing. They earlier thought it couldn’t work for them, now they all are positive toward leveraging online marketing to boost their sales.
You, too, would be thinking about how to grow your business with digital marketing. Since I have been asked too many times by people the same question, I decided to explain a digital marketing strategy for growth, which is already known among marketers as growth marketing.
No matter if your business is local, small, or large, this strategy is able to accelerate the growth of your business ten times more. So, keep on reading here.
How To Grow Your Business With Digital Marketing Strategy?
If you have a grocery store, a gift shop, or any other kind of local business, your major concern in 2020 will be “how to do digital marketing for local business?”. As your target audience is local and mainly includes neighborhood, you need to focus on people within a specific range.
However, the web is vast beyond one’s limit. However, search engines too have become smart and can help you reach out to your audience using dissimilar ways. Nevertheless, doing marketing for desired growth is quite tricky; thus we will learn about growth digital marketing strategies for small businesses.
What Is Growth Marketing?
Growth marketing is a rising trend among marketers and business owners, as it enables you to acquire and retain the customer by targeting diverse marketing channels and buying funnel-like website, email, and search. It includes creatives, data-driven tactics that consider customers’ need, pain points, and curiosity throughout the buying funnel
- It is completely different from the traditional approach, where you don’t know anything about customers’ pain.
- Instead of Television, radio, and other channels, it enables the usage of modern and traditional channels such as social media, web search, and more.
- Its central objective is to convert and retain customers and increase based on data.
- A/B testing and strategic experimentation are a major part of this.
In other words, growth marketing is a term for digital marketing that revolves around growth.
In 2020, growth marketing is the foolproof strategy to save your business from falling down. You must utilize this tactic to prompt your organization’s growth. In this endeavor, a team of deft marketers can aid you; that you can find via connecting with a digital marketing agency in Australia, deft in implementing marketing trends for desired results.
Growth Marketing Strategy For Local Business
Before diving into strategy, you need to understand the growth funnel in marketing; so that you can understand the course of the customer from arrival to conversion.
The growth funnel includes five factors :
- Acquisition: The source of the customer is termed as an acquisition channel that can be anything like content, ads, your website, etc. Channels are sub-categorized into two: Paid & Unpaid.
- Conversion: Once you get a customer, you sell your product or service (converts the customer), it is referred to as a “conversion event”. Over the web, you can learn conversion optimization through A/B testing, as you know the source of customers.
- Engagement: Even after the conversion, businesses need to engage customers to ensure future interaction and sales if customers look for assistance or aid. Just like software companies help their previous customers in maintenance.
- Revenue: Revenue is another important part of growth marketing as it can be maximized by cost reduction, conversion rate optimization, cross-selling, and retention.
- Referral: Referral enables the business to grow businesses in the long-term, which makes it essential for companies to ensure quality products & services.
So, all of these aspects together make for a growth funnel. Take a glance at some digital marketing strategy for small businesses to optimize for growth and keep on thriving by pushing away barriers.
Growth Marketing Strategy #1. Pick Your Area For Growth
Business owners always want growth, but they can hardly explain what growth exactly they want. Your growth plan must delineate a specific area. Here are some aspects where growth initiatives would require
Your business growth plan should hone in on specific areas of growth. Common focuses of strategic growth initiatives might include:
- Increase In Employee Count
- Increase in current office or space.
- Addition of new products and services.
- Expanding business to different locations
- Increase in revenue and profit.
- Increase in customer base and retention.
Growth plan will cover several aspects; thus you must have to decide what exactly you want.
Growth Marketing Strategy #2: Analyze Market, Trends & Customers
Once you decide the area of growth, you need to entail what growth you want. It is essential to research your industry and markets’ current state to determine desired growth.
Learn about trends and what your customers’ are liking these days. For this, you can run surveys, leverage social media groups, and potential customers to dig out valuable insight. Learning about customers can take you the extra mile.
The insight and knowledge that you will unearth in this step will determine your growth goals and expectation for the project by considering the timeline, budget, and ultimate goal.
Growth Marketing Strategy #3: Identify Marketing Tools & Channels
Digital marketing includes a number of channels, and growth marketing doesn’t bind you in digital channels. Thus, it is important to identify all the channels and tools that can help you.
After researching target customers, you can narrow down channels and platforms that can enable you to get a good interaction strategy. Here are some tools that you may found common :
- Web Search
- Pay Per Click
- Website Local SEO
- Paid Ads
- Social Media Platforms Like Facebook, Instagram, YouTube, LinkedIn and more
It is fine to select a few of them but ensure to have all the vital resources to manage them for growth.
Growth Marketing Strategy #4: Define A Budget & Plan Accordingly
Whenever you will look for digital marketing tips for business owners, you will see that everyone talks about budget. Budget is essential in growth digital marketing, as it also contributes to ROI.
It is advised not to optimize your campaigns for budget but ROI in terms of customer acquisition, sales, improved visibility, and customer interaction. Some digital marketing tactics need you to invest some penny with resources.
You cleverly go for a freelancer instead of hiring an employee; and reduce cost in some areas and deploy in other tactics. In short, you can reinvent your investment, so plan accordingly.
Growth Marketing Strategy #5: Execute The Plan & Measure
Execute your plan and measure the results in terms of quantity in terms of audience interaction, users on the website, number of leads, or conversion. Track everything, and figure out where you are losing the game.
For this, you can use tools like Google Analytics, Kiss Metrics, and other social media tools for tracking that will provide you campaign insight data.
Growth Marketing Strategy #6: Switch Your Tactics Quarterly
Doing the same thing will not bring real results; thus, you need to make changes. It would be a smart move to try a few growth marketing tools for some time and then switch. Here are some types of digital tools that you can switch to :
For b2b businesses, it can turn out a very effective way. For this, they can reach a lead generation agency that enables access to dissimilar growth marketing tools.
Growth marketing can improve the inflow of revenue and help in retaining your customer to bring in more money. Marketers invest 13% of their budget in mobile marketing, which shows how significant it is to have a strategy for growth, and Growth marketing is incredible.i