The speed of changing times from time to time has brought business conditions to become more strategic. The idea that emerges from a product becomes one of the main selling points that customers consider. Every business is now trying to optimize profits without having to take unnecessary risks.
In this stage, the marketing strategy plays an important role in being able to focus on relationships with customers. This is the main strategy so that customers remain loyal and trusted in the market. For this reason, every organization or business begins to conduct growth marketing experiments to find the most appropriate strategy to achieve profit.
Growth marketing is a holistic and data-based approach to marketing needs in a company. The goal is to focus on the entire funnel and apply the scientific method by formulating hypotheses, testing them, and refining or eliminating them.
Originally this strategy was known as growth hacking which refers to the notion of being creative, generating collaborative ideas, and solving problems for difficult challenges. However, the term growth marketing has been promoted again to refocus the discipline.
Growth marketing focuses on all marketing channels, from the brand awareness stage to retention. The goal of growth marketing is not only to get more website traffic or build awareness, but to convert visitors into customers through engagement, and provide a better experience. Some examples of growth marketing include the following.
The process of growth marketing allows a business to be able to interact with customers through many channels. For this reason, many businesses or companies have just changed their marketing strategy. However, the process of growth marketing is not an instant step. Here's how to start the growth marketing process to improve business performance.
The starting point for conducting testing in general is keeping in mind the larger goal the business seeks to achieve. Some questions that need to be planned related to marketing strategies include:
Answering the questions above will create hypotheses and long-term goals. Based on that, you can plan concrete tests and variations. The power and value of a growth marketing team comes from creative minds working together and generating out of the box ideas for customers.
As part of planning, rate ideas based on business impact, ease of implementation, and your confidence in test success. The rating will give you a clearer timeline and priority for different test variations.
Schedule the experiment to run long enough for the results to be statistically significant. Before starting to experiment, know the obvious control variables for the test and use sufficiently different test variations. Keep track of how many things you've changed at the same time.
Having an understanding of the basis of the test results will help in the analyzing process. When you start testing, you can stop variations with very poor results in order to minimize the impact on your business. At this time is also the best learning moment to find out the cause of a significant decrease in test results.
While the test is running, optimizing it can provide the needed lift. Stopping underperforming tests is the first step, but applying learning outcomes is a more practical next step.
There will be many tests with no significant results at all. For this reason, this process also encourages you to review and tinker with it for reuse. When there are excellent test results, analyze the results carefully.
Do customers from this test react differently to content or pages on your website? Does the conversion flow have different steps than the average customer? How does ad text affect how readers behave while on the page?
When there are very good and statistically significant learning outcomes, review marketing activity across multiple channels, find ways to scale the results for greater impact.
As the number and variety of experiments increase, you need to have good documentation from the start. The learning process and gaining insights happen during testing, but the documentation function will help with consistency and follow-up of long-term goals.
The minimum documentation that a business must have when conducting a marketing experiment includes hypotheses, channels, timelines, results, and conclusions. If the results are good, the conclusions drawn from an experiment can lead to a new project or strategy.
If a major lesson or conclusion seems difficult to come by, there are several different techniques to help with this section. One example is looking at the results and stopping at each one to evaluate the data. Through good experimentation, businesses can learn customer behavior patterns and avoid things that are risky for their business.
The speed of changing times from time to time has brought business conditions to become more strategic. The idea that emerges from a product becomes one of the main selling points that customers consider. Every business is now trying to optimize profits without having to take unnecessary risks.
In this stage, the marketing strategy plays an important role in being able to focus on relationships with customers. This is the main strategy so that customers remain loyal and trusted in the market. For this reason, every organization or business begins to conduct growth marketing experiments to find the most appropriate strategy to achieve profit.
Growth marketing is a holistic and data-based approach to marketing needs in a company. The goal is to focus on the entire funnel and apply the scientific method by formulating hypotheses, testing them, and refining or eliminating them.
Originally this strategy was known as growth hacking which refers to the notion of being creative, generating collaborative ideas, and solving problems for difficult challenges. However, the term growth marketing has been promoted again to refocus the discipline.
Growth marketing focuses on all marketing channels, from the brand awareness stage to retention. The goal of growth marketing is not only to get more website traffic or build awareness, but to convert visitors into customers through engagement, and provide a better experience. Some examples of growth marketing include the following.
The process of growth marketing allows a business to be able to interact with customers through many channels. For this reason, many businesses or companies have just changed their marketing strategy. However, the process of growth marketing is not an instant step. Here's how to start the growth marketing process to improve business performance.
The starting point for conducting testing in general is keeping in mind the larger goal the business seeks to achieve. Some questions that need to be planned related to marketing strategies include:
Answering the questions above will create hypotheses and long-term goals. Based on that, you can plan concrete tests and variations. The power and value of a growth marketing team comes from creative minds working together and generating out of the box ideas for customers.
As part of planning, rate ideas based on business impact, ease of implementation, and your confidence in test success. The rating will give you a clearer timeline and priority for different test variations.
Schedule the experiment to run long enough for the results to be statistically significant. Before starting to experiment, know the obvious control variables for the test and use sufficiently different test variations. Keep track of how many things you've changed at the same time.
Having an understanding of the basis of the test results will help in the analyzing process. When you start testing, you can stop variations with very poor results in order to minimize the impact on your business. At this time is also the best learning moment to find out the cause of a significant decrease in test results.
While the test is running, optimizing it can provide the needed lift. Stopping underperforming tests is the first step, but applying learning outcomes is a more practical next step.
There will be many tests with no significant results at all. For this reason, this process also encourages you to review and tinker with it for reuse. When there are excellent test results, analyze the results carefully.
Do customers from this test react differently to content or pages on your website? Does the conversion flow have different steps than the average customer? How does ad text affect how readers behave while on the page?
When there are very good and statistically significant learning outcomes, review marketing activity across multiple channels, find ways to scale the results for greater impact.
As the number and variety of experiments increase, you need to have good documentation from the start. The learning process and gaining insights happen during testing, but the documentation function will help with consistency and follow-up of long-term goals.
The minimum documentation that a business must have when conducting a marketing experiment includes hypotheses, channels, timelines, results, and conclusions. If the results are good, the conclusions drawn from an experiment can lead to a new project or strategy.
If a major lesson or conclusion seems difficult to come by, there are several different techniques to help with this section. One example is looking at the results and stopping at each one to evaluate the data. Through good experimentation, businesses can learn customer behavior patterns and avoid things that are risky for their business.
