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Grow Your Business: Growth Marketing and Why You Need It


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Grow Your Business: Growth Marketing and Why You Need It

  2. 2. REVENUE EXPENSES NET PROFIT - = Increase Customer Base Decrease Expense Load - Most startup, young businesses must grow the top before dealing with the bottom. - It is normal for business to not be profitable while generating a customer base and revenue - It is always more expensive to generate new customers than keep them You Can Grow a Business Two Ways, From Top & Bottom
  3. 3. Rapid Growth Eventually Slows, Especially in Fixed Markets 13-101 Billion 677% Growth 153-142 Billion -0.10% Growth Does this mean apple stopped making money? No, they then increased margins by lowering expenses.
  4. 4. Revenue First, Profits Should Follow FB Added 20 Billion in revenue over 6 years, with very little profit growth.
  5. 5. To Support Growth, You Need a Solid Foundation SOLID INFRASTRUCTURE
  6. 6. You Need a Growth Marketing Plan
  7. 7. What is Growth Marketing? Growth marketing focuses on full-funnel marketing of the business, product, or service. Whereas other marketing tactics mostly focus on increasing traffic and leads. https://blog.useproof.com/what-is-growth-marketing
  8. 8. Growth Marketing is Stochastic- Completely Random Michelle Money - Growth marketing REQUIRES experimentation - There is no wrong or right answer for growth - There is only a right approach, and that is try a lot of different things in controlled ways, to assess what works
  9. 9. Before We Begin, Build Your Foundation THIS IS THE GOAL!
  10. 10. Start With Your Sales Funnel Michelle Money - Know your customer and the journey they take - Work with sales team to be aligned with process - Don’t over complicate it - Understand how someone progresses through each stage
  11. 11. Next, Your Sales/Marketing Technologies - These are your softwares that will be used to support all marketing/sales efforts. - CMS, CRM/MAPs, ERPs - Hubspot, Salesforce, Quickbooks, etc..
  12. 12. Once You Have Your Foundation, Now the Fun Begins
  13. 13. WAIT- Not So Fast, How Will You Analyze All That Data? https://martech.org/marketing-analysis-unlocking-power-descriptive-statistics/
  14. 14. Establish KPIs for Each Funnel Stage ○ Perception survey of target audience at start of marketing plan, to be deployed again later for comparison ○ Branded search terms ○ New visitors to website, blogs ○ Search Engine Optimization results ○ Impressions from digital ads (monthly) ○ Blog consumption metrics
  15. 15. Establish KPIs for Each Funnel Stage ○ Clicks and click-through rates (monthly) ○ Email opens, clicks ○ Content downloads ○ Social media likes, shares, follows ○ Primary conversions (form fills, phone calls) ○ Number of new leads
  16. 16. ○ New clients ○ Closing rate by channel ○ Monthly total revenue with YOY comparison ○ Monthly new business revenue ○ Value of new business Establish KPIs for Each Funnel Stage
  17. 17. - Cost Per Lead- how much it costs to get someone in the funnel - Cost Per Acquisition- how much it costs to get a new customer - Lifetime Value- how much the average customer spends of the course of their lifetime - Close Rate per Channel- what percentage of leads from each channel convert to a customer - Funnel Progression Conversion Rates- percentage of people that make it to each funnel stage - Marketing Cycle Length- how long does a lead stay in the funnel before becoming a customer Once Data is Flowing, The Absolute Key Metrics Michelle Money
  18. 18. Most Growth Marketing Relies on Digital Marketing Michelle Money - It’s nimble - It speaks to people where they are - It generates data quickly - It can be changed daily
  19. 19. CRM/MAP pixel records behaviors Most Digital Efforts Result in Website Traffic - Website should be optimized for user experience - Clear CTAs to capture lead information - If website is not optimized, utilize landing pages for capture - LPs can be campaign specific - Combo of web and LPs are used often - Appropriate tracking and analytics pixels should be deployed BEFORE traffic campaigns begin
  20. 20. It’s All About Attribution https://roswellatellis.com/patients/appointments/?utm_source=google&utm_medium=search&utm_campaign=rosewell_cancer Tracked Phone Numbers
  21. 21. Web Traffic Strategy- Long and Short Game ● Use SEO for long term organic keyword rankings ● Use smart content to do this ● Buy traffic using smart paid techniques for short term traffic ● Bid on keywords you rank low organically and that your competitors rank higher than you for Takes Time Paid (PPC) Organic (SEO)
  22. 22. Optimize Conversions Through Experimentation
  23. 23. Once You Fill The Funnel, Content is Key To Squeeze Down Conversions “LEADS” 90% 70% 20% 5%
  24. 24. Use Automation to Deliver Content, and Further Qualify Leads
  25. 25. Use Lead Scoring to Better Qualify Leads and Move Down
  26. 26. Use Nurture Sequences to Keep Leads Engaged Smartsheet - Form submit begins sequence - Emails then follow in a timed manner - Scoring gets overlaid based on behavior (opens, clicks, etc..)
  27. 27. Retention Strategies-> Use Automation Smartsheet
  28. 28. Traffic Flowing, Funnel Filling, Leads Scored & Nurtured-> Data Time
  29. 29. User Journey From Entry to Conversion
  30. 30. Behaviors Beyond Conversion
  31. 31. Visualize and Analyze Data https://app.gogrow.com/dashboard/106986
  32. 32. Generate Insights from the Analysis SAMPLE REPORT
  33. 33. Iterate & Improve
  34. 34. Summary ○ Growth marketing looks at the whole funnel focusing on generating, nurturing and closing leads (also retaining) ○ GM is a science, and therefore, constant experimentation is required ○ Establishing a data/tracking infrastructure before ramping up is essential ○ Generate digital traffic to your website using various methods that can attributed to a source ○ Optimize each traffic source for conversions that place leads in the funnel ○ Use a scoring system based on behavior to advance leads down the funnel ○ Create nurture email/text series to consistently engage leads as they sit/move through each stage of the funnel ○ Analyze all of the data focusing on what sources are leading to the highest closing rates ○ Repeat, Grow, Repeat Grow
  35. 35. FAQs ○ Isn’t growth marketing just for tech start up companies? ○ What if we are using digital marketing techniques, but don’t have a real infrastructure to capture and measure it. Is it to late for a growth strategy? ○ All of this sounds very expensive, do I need a big budget so successfully employ a growth strategy? ○ If I run a non-for-profit, does growth marketing still apply? ○ Is product marketing the same thing as growth marketing? ○ When should I look to hire a growth marketer or an agency that offers this service?
  36. 36. THANK YOU!!! chris.fasano@overit.com