If you are looking to exponentially grow your online business, a Growth Marketing strategy may be the key to achieving this. But...
What exactly is a Growth Marketing strategy?
A growth marketing strategy is a comprehensive approach that seeks to maximize a company's growth by implementing innovative and scalable marketing techniques. This strategy is based on deep knowledge of the customer and focuses on the stages of the AAARRR funnel (Awareness, Acquisition, Activation, Revenue, Retention, Referral) and the Customer Journey.
The AAARRR Funnel and the Customer Journey
A Growth Marketing strategy focuses on the stages of the AAARRR funnel: Awareness, Acquisition, Activation, Revenue, Retention and Referral. Each of these stages represents a part of the Customer Journey, that is, the path that a potential customer follows from the moment they realize they have a need until they make a purchase.
The AAARRR funnel is a tool used in marketing to represent the customer's life cycle, from their first contact with the brand to their conversion into a loyal customer and promoter. Each of the stages is described below:
- Awareness: The objective is to attract the user's attention and make them aware of the brand and its products/services. Advertising, content and public relations strategies are often used to attract user attention.
- Acquisition: Once the user is aware of the brand, we seek to get them involved in some way, for example, through subscribing to a newsletter, downloading an app, attending an event, among others.
- Activation: In this stage, the objective is to convert the user into a customer. We are looking for you to make a purchase or contract services. Strategies like content marketing and influencer marketing can be used to increase the conversion rate.
- Revenue: Once the user has become a customer, we seek to maximize the income obtained from them. This is achieved through upselling or cross-selling strategies and through loyalty programs.
- Retention: Once the conversion has been achieved, the aim is to keep the customer in the company's database and make them return to buy again. This is achieved through customer service, personalization of messages and the offer of exclusive promotions.
- Referral (Reference): At this stage, the goal is for satisfied customers to recommend the brand to other users. To do this, incentives can be offered in exchange for referrals, and social media and content marketing can be used to increase brand reach.
How a Growth Marketing strategy addresses each stage
To address each stage of the Customer Journey , a Growth Marketing strategy uses different techniques and tools. For example, for Awareness you can use advertising on social networks and search engines, while for Retention you can implement loyalty programs and email marketing.
How these concepts are integrated to form a Growth Marketing strategy
To form an effective Growth Marketing strategy, it is necessary to consider each of the stages of the AAARRR funnel and how to approach them comprehensively. For example, it is not much use to attract new customers if you do not have a strategy to retain them and you cannot close sales if we have not started by attracting traffic to our website or online store.
What is the difference between Growth Marketing and Traditional Marketing?
Unlike Traditional Marketing, which focuses on generating a large number of leads and then passing them on to Sales, a Growth Marketing strategy focuses on the entire Customer Journey and seeks to optimize each stage to achieve exponential and sustainable growth.
If you are interested in implementing a Growth Marketing strategy in your online business, contact us! At MarketOn Growth Boutique Agency we are experts in helping our clients maximize their digital sales.