In today's competitive world, the most critical aspect of owning a flourishing business depends mainly on how much profit the business is making for you and at what rate or speed its growing or expanding its domain.
The profit that a company or a business makes depends on the growth rate, and thus it becomes relatively essential for companies to look for leverage towards new tactics, growth strategies.
For this purpose, most companies end up investing a great deal of time, money, and energy that are being expelled, but a narrow focus on growth may end up wasting this investment or resource.
The problem here is that there are a lot of missing segments in the entire process. Beyond acquisition of customers, there is also an entire lifecycle involved that many companies aren't leveraging for growth, and that's where Growth Marketing comes into the picture.
What is Growth Marketing?
Growth Marketing, also commonly termed growth hacking, is the process of developing and executing experiments and ideas designed to boost the growth of a company or a business quickly.
These experiments are developed and executed over a short period of time with their focus mainly or typically being projected on the total lifetime value of the customer, employing various tactics. These strategies are beneficial for all kinds of businesses and startups.
What is a Growth Marketing Framework?
Every plan or idea requires a proper strategy and plan. It acts as an essential supporting structure, as in the case of a building, vehicle, or an object. Likewise, Growth Marketing also requires the application of similar supporting structures, and these structures are what we call Growth Marketing Frameworks.
Also read: Growth Marketing Experiments: An Innovative Strategy for Better Growth
These frameworks provide a step by step of how a particular idea or strategy has to be executed. Having a proper framework leads to the smooth and proper execution or application of the ideas.
Beginners should play it safe and go for ideas that have less risk and comparatively higher returns.
Some of the factors that contribute and play a major role in building a sound and profitable Growth Marketing Framework for your business are listed below:
- 1.
Identifying Appropriate Channels:
Marketing ideas and strategies may involve several marketing channels. Depending on the offer that you are making and the type of your business model, industry, audience, and other factors, the performance of every channel may vary.
So, instead of spreading your budget and efforts across every channel to maximize acquisition among audience or customer segments, it is advised to identify the top three or four channels for maximum acquisition and engagement.
- 2.
Identify Your Weaknesses:
Before you take the plunge and start the entire process to stimulate the desired growth, you need to find out where the possible bottlenecks are in your strategy or, for that matter, in the entire framework that you have designed. This will help in avoiding customers to inhibit the growth of customer relationships.
- 3.
Prioritize and Plan:
Once you've successfully flagged your weaknesses in your strategies and customer life cycle, it's time to start thinking about turning those into opportunities.
At this point in time, it will be of no use trying to prioritize weaknesses by severity. In this phase, you should treat them equally, along with your other ideas.
- 4.
Prioritize Content Marketing:
Content marketing creates and distributes valuable, relevant, and consistent content to attract and retain a clearly defined category of audience and consumers. Using content marketing as a tool, Growth Marketing Framework helps in driving profitable customer actions.
- 5.
Use Social Media Platforms to Target and Retarget Customers:
Social Media Platforms are easily accessible and can become powerful channels and reliable tools in your growth marketing framework due to high brand exposure and a great return on investment. It can play a vital role in hacking for the growth of your business and consumer base.
- 6.
Execution, Testing, and Repeating:
For Startups, it is advised to prioritize and deploy ideas that are based on what will have the highest impact with the least amount of effort. This will help keep your costs down and work within your desired budget.
This high frequency of deployment among the list of ideas lets you deploy experiments to determine the repeatable process you want to continue to utilize.
- 7.
Ask for Feedback:
By asking for your customers to provide feedback, you're communicating that you value their opinion. You care about what they have to say about your business or product regardless of whether it is positive or negative. Your customers feel that they are important because you are treating them in such a way that they feel involved in shaping the business and your product.
Interesting: What Is A Growth Agency And How Do You Choose The Best One?
There are lots of ideas and strategies that come up now and then, which may seem like a better hacking tool for potential growth in your business, and the list may never end.
However, for beginners, it is always advised to play safe. By following the few ideas shared above, you may get the hang of creating a profitable Growth Marketing Framework for your business.
We follow a rigorous growth marketing framework that goes beyond the generic standards. To find out what Amura, as a growth marketing agency, can do for your brand, get in touch with us at vikram@amuratech.com