One of the best things about marketing initiatives is the rapid pace of evolution — to drum up and support sales, innovative and creative marketers will push the envelope and try just about anything.
But, therein lies the danger: Shiny Object Syndrome is an issue that plagues many marketers. And often, as a result, they fail to really gain meaningful momentum on any of their campaigns when multiple strategies are in play.
Embracing the modus operandi of growth marketing can be a powerful solution to that. Because the ultimate goal is to drive growth, marketers can formulate a mix of marketing strategies and pivot on the fly.
But here’s the rub: growth marketing — driving growth in revenue and sales — can only be truly successful when empowered by customer insights.
A Quick Primer On Growth Marketing
Growth marketers like to think of themselves as “hacking” marketing techniques — and that mindset should tell you everything you need to know about growth marketing approaches. It’s experimental, iterative, and built on testing and analytics.
So growth marketers will experiment with a variety of channels and strategies and then set about to frequently test and optimize these initiatives so they know where to funnel those precious marketing dollars.
Now, there’s another key aspect of growth marketing that sets it apart from other approaches — it focuses on building a user base as quickly and effectively as possible, with a high rate of retention. Basically, customer loyalty is how businesses grow revenue (through sales).
And so it’s no surprise that growth marketers will use tried-and-true techniques — A/B and multivariate testing, customer segmentation, and cross-channel marketing (email, SMS, in-app messaging, etc.) for example — to:
- Build a highly engaged, satisfied audience (which helps to reduce churn)
- Increase the lifetime value of each user
Finally, because growth marketing strategies are iterative, and the tests that marketers run are focused on optimization, these cross-channel strategies can become extremely personalized. The focus is to add value to the customer’s evolving journey, rather than constantly seeking ways to monetize them.
And that leads to a focus on delivering the best customer experiences — which cannot happen without the data behind customer insights.
Using Customer Insights In Growth Marketing
Customer data and insights are about gaining visibility and clarity into customer behaviors. This means decisions, actions taken, conversions occurring, and more.
And this can translate to clicks, tracking scrolling through heat maps, exiting or arriving on pages from specific sources, offers opted into, and channels these interactions occur on, to name a few.
Specific marketing software suites can help collect and offer analysis on these data sets through techniques such as surveys, real-time user conversations, benchmarking performance, scraping, and scanning. In other words, marketers can learn about the facts, the “what” of it all.
Obviously, this focus on customer behavior ties in perfectly with growth marketing goals. But customer insights must take it further — qualitatively, this data should also help marketers understand the “why” of customer behavior and the “who.”
Only with this multifaceted view of customer behavior can product and sales teams make decisions around:
- Pricing and positioning
- Optimal product features
- Identifying new sources of growth
- Aligning customer behavior and expectations with brand messaging and relevant offers
The best marketing solutions should quantitatively and qualitatively assess and provide 360-degree visibility into customer behavior, market demand, and an understanding of how the overall brand impacts purchase decisions — especially when it comes to competitors.
Software geared towards growth marketing gives product, sales, and marketing teams a chance to collaborate around customer conversations and messaging — with the goal of giving teams a way to create incredibly personalized and relevant messaging that subtly persuades customers, rather than pushing for the hard sell.
Ultimately, growth marketing strategies backed by solid customer insights give marketers and sales teams a cohesive way to map the growth and make better, smarter decisions across a variety of business decisions.