According to Statista, 63% of US marketing professionals have seen an increase in conversions as a result of personalization, while 31% gained increased ecommerce revenues. These interesting figures underscore the growing importance of growth marketing strategies for businesses to stand out in the current competitive landscape.
Cost-conscious businesses in 2023 have embraced growth marketing techniques, basing their decision on careful analysis of customer data. This trend has led to big data-based marketing and the adoption of new marketing technologies. Usage of technologies in marketing is becoming more and more of a norm. Especially on mobile marketing platforms, customers are served with increasingly interactive and personalized adverts.
Growth marketing is not possible without data. Data is the foundation of all testing, analysis, and experimentation that growth marketing uses. USD 142.5 billion growth in the global big data market 2020-2024 (Source : Technavio) is fueling businesses to take informed decisions and minimizes guessing. Employing a data-driven strategy assists businesses to push return on investment upwards via growth marketing efforts. It also helps in shortening the purchase cycle, and boosting customer lifetime value (CLV).
Growth marketing is increasingly being used by big brands and fastest-growing businesses across the globe to attract, engage, and retain customers. It is making businesses agile and raising customer advocacy. They can take more calculated risks, innovate, experiment, and optimize marketing campaigns to get better results.
Growth marketing strategies are significantly improving the marketing results of big brands like Suzuki, HSBC, Amazon, L’Oreal, Samsung, Standard Chartered, AIG, and more by leveraging big data and new mobile technologies like moLotus efficiently and sustainably. Not only are these brands acquiring more leads and customers but also making customers loyal and engaged.
This year the global market is evolving quickly due to recessionary pressures looming large and businesses struggling to survive. Showing up in cut-throat competition is becoming difficult for businesses, especially small medium businesses and start-ups. There is an alternative to designing growth marketing strategies that are unique, engaging, and beneficial for both the customers and the businesses. The growth marketing approach goes beyond just acquiring new customers. It points out at building long-term relationships with existing customers. In 2023 growth marketers need to adapt to Apple’s new iOS 14.5 which caused Facebook to issue a number of pivots.
Brand marketers often mix growth marketing and growth hacking. In reality, both hold different meanings for businesses. Unlike growth hacking, growth marketing is not reckless. Growth hacking uses fast-paced digital marketing tactics that add to wasteful spending of resources for quickly gaining new customers. Growth marketing maximizes revenues and profits without incurring unnecessary costs. It brings agility and deep data insights via advanced digital marketing tools, with a major focus on customer relationships.
It is easy to talk about the benefits of growth marketing but formulating and implementing it as a comprehensive strategy is a real challenge. Here is a list of the best growth marketing strategies for businesses to succeed in the current competitive scenario :
1. Superior Customer Lifetime Value Management
Growth marketing involves customer lifetime value enhancement via monetization of customer data through better campaign management based on deep customer insights. Businesses should use growth marketing tools to estimate the current and future value of their customers, collect more customer data points pertaining to different time-period according to relevancy and behavior. Greater data volume would ensure more meaningful and accurate customer insights and monetization. These insights would further help growth marketers in running campaigns focusing on the entire customer lifecycle, managing and boosting customer lifetime value.
In 2023 dynamic businesses are in full swing embracing growth marketing platforms such as Leadfeeder, LeadSquared, moLotus, Prospect.io, for analyzing, interpreting and monetizing data points and running profitable marketing campaigns. Growth marketing experts advise more businesses to embrace these including moLotus mobile video customer interaction platform helping businesses in maximizing the customer lifetime value by spearheading all the stages of the customer lifetime value management process including brand exposure, lead generation, customer acquisition, customer education, cross-selling, upselling, customer loyalty retention, business support, and more via superior campaign management and rapid delivery without any app instal or data connection.
2. Aiming For Global Scalability
Scalability is the outcome of continuous growth marketing. Growth marketers are capable of building businesses that produce, sell, and deliver more products and services without compromising on cost, revenue, and quality; catering to the rising global demand. As more and more customers resort to mobile marketing experiences, scalability is becoming the bedrock of growth marketing in 2023.
Businesses should have a growth marketing strategy in hand capable of achieving a more diversified and substantial customer base than achievable via traditional marketing strategies. The international marketing landscape is presently brimming with multiple challenges for businesses struggling to maximize the number of customers.
Brands are fast transitioning to globally scalable marketing adding to success using new growth marketing tools technologies like moLotus, Expandi.io, HubSpot, Zapier, InMobi, etc. These tools are assisting them to quickly adapt to increasing customer demand, opening-up golden opportunities of global expansion and business diversification.
Now the growth marketers can directly reach millions of customers via mobile advertising platforms like moLotus on their mobile devices irrespective of phone model or phone type - be it a smartphone, i-phone, or a feature phone or just in single click. Growth marketers can create campaigns using diverse targeting options based on interaction, demographics, interests, language, etc. reaching out to the right customers in real time.
3. Concentrating on Customization
Customization happens to be the core of growth marketing. Businesses should shun mass marketing campaigns and resort to customized marketing, which is touted to be the best way to reach out to reach a big audience.
Whether applied to a small group or a large group of customers, customized marketing is extremely effective just about every time it is used. As per Salesforce data, growth marketers are using customization and segmentation fifty-one percent more than traditional marketers relying on traditional marketing channels.
Businesses should target by interrogating their customer data – attitudes, interests, basic demographics, buying behaviors, and perceptions. In 2023, more businesses are switching over to moLotus mobile video customer interaction platform which offers unique customized campaigns - targeting several business-related criteria - languages, demography, etc. micro-leveraging customer data and delivering brand messages with unique customer id. and customer name.
4. Emphasizing on Effective Lead Generation
Lead generation is a critical ingredient of growth marketing which attracts and converts potential customers into leads, nurturing them into paying customers. Businesses have been challenged by insufficient numbers of leads leading to wasting a lot of marketing dollars. Advertising tools like Google ads, Facebook, etc. have been used by most businesses for lead generation offering.
Growth marketing teams of most dynamic businesses are focusing now on using new-age lead generation platforms like moLotus for capturing more high-quality leads. The tool generates quick leads in the form of contact details via inbox delivery of messages directly on all mobile handsets, independent of phone type or model at optimum cost per lead. Lead generation capabilities of moLotus are enhanced by a gamut of smart features including automation, global scalability, personalization, interactivity, customization, integration and more.
5. Ensuring Customer Success via Automation Transformation
Growth marketers are concentrating on enhancing customer experience by transforming and automating customer processes. More businesses should put emphasis on customer success via digital transformation in 2023.
Many are using new marketing technologies like moLotus for automation and transformation of customer processes in order to meet their growth marketing goals. Marketing automation tools like moLotus, Salesforce, Hubspot, etc. are being extensively used for automating customer processes making them faster, smoother, and much more convenient. According to the growth marketing trends 2023, moLotus automation capabilities are being applied to automate the customer processes seamlessly like new customer onboarding, service reminders, and many more while reducing cost and increasing revenue. The new tech is assisting clients proactively by building a long-term relationship with the millennials and Generation Z consumers; keeping them engaged via moLotus mobile transformation capabilities like digital rewards, how-tos, mobile reminders, real-time customer ratings, frequently asked questions (FAQs), feedback via mobile and many more.
6. Developing Visibility Exposure
Growth marketing roadmap emphasizes on using customer data to increase brand visibility and for developing demand-generation activities as more and more businesses struggle to grow due the recent changes in the consumer’s decision journey. Businesses should focus on precision in branding. It is essential for them to apply data-oriented marketing to gain an edge in visibility. Else, customers would have no clue as to what businesses are offering.
Growth marketers can enhance brand visibility in many ways via innovative marketing campaigns. They are trying several growth marketing tools for understanding customer sentiment better and micro-targeting customers yielding superior visibility. The advent of growth marketing tools like moLotus with advanced data-tracking capabilities has evolved new growth-based branding - a unique way of improving exposure and awareness.
moLotus brand awareness campaigns create a compelling brand identity in all stages of the brand journey. It tracks and quantifies brand awareness better, easily finds the campaign efficacy towards creation of brand visibility. The intelligent tool also suggests what action needs to be taken to enhance visibility.
7. Retaining Making More Loyal Customers
It is now a well-established fact that growth marketing adds to customer retention with brands deepening their relationship with customers, climbing up the customer loyalty ladder. Customer loyalty campaigns carry forward growth marketing using customer loyalty rewards programs delivered via various mobile marketing tools like moLotus, Spendgo, Shopkick, Smile.io, etc.
Global businesses are continuously witnessing success in customer retention by introducing innovative loyalty campaigns via moLotus. Studies show that moLotus technology is the key growth marketing differentiator delivering loyalty campaigns that are hyper-personalized for special occasions including festivals, anniversaries, reminders, birthdays, etc.
The campaigns are custom-branded with customer names, rewards, call-to-action (CTAs) for individual customers. With moLotus, businesses are capable of sending various reward-based digital vouchers and coupons directly to customer’s mobile phone inbox to boost customer loyalty, response, and conversions.
8. Real-time Performance Growth Analysis
Brands must know and utilize the growth marketing metrics such as cost per leads, sales, etc. meaningful to their businesses and gauge the impact of them on controlling outcomes of their businesses. As growth marketing focuses on boosting the business key performance metrics, etc. marketers can measure, analyze and improve those metrics directly.
Growth marketing tools like moLotus, HotJar, Google Analytics, Facebook Analytics, etc. enables KPI based campaign tracking. Marketers can use the tools to monitor and tweak the campaigns based on the deep customer insights generated. This further boost revenue growth. More businesses are implementing their growth strategy using growth marketing channels like moLotus in real-time, tweaking their campaigns with evolving behavior and preferences of customers. They are enhancing their performance, optimize campaigns effectively, and, therefore, earning greater ROI.
Conclusion
From the ever-growing influence of short-form moLotus mobile videos to the numerous possibilities of the moLotus digital transformation, growth marketing strategies are set to shape the industry outcomes in 2023. By implementing these growth marketing strategies, businesses can attract more potential customers in the form of leads; convert them into paying customers; engage and retain more. Businesses must remember to test and iterate their growth strategies continually to ensure that they achieve the best possible outcomes.
