You and your team are excited to put your newly designed growth marketing campaigns into action this year. You’ve got a lot ready to roll out, from blog posts to white papers to social media posts using the latest tech trends. Will all that keyword research pay off? Are the organization’s campaigns going to bring in more business? You’re looking forward to seeing whether your efforts will have the hoped-for impact when all is said and done.
Knowing whether your growth marketing initiatives are performing well begins with establishing objectives that align with the company’s overall direction. Vague goals that are difficult to measure and track won’t do. You’ve got to set up detailed and trackable KPIs for each stage of the customer’s journey or sales and marketing funnel.
Using a workable framework, your team will be able to tell whether things are off track. Then they can make necessary adjustments to content and strategies to ensure you achieve your goals. Here are four methods to keep your company’s growth marketing on target this year.
1. Determine Overall Growth Objectives
Before a business team can implement growth strategies, they’ve got to know what their target is. And that target should be detailed, measurable, realistic and relevant to the company’s vision. Setting a goal of boosting revenue isn’t as helpful as stating you want to increase revenue by 15% this year.
To make sure your objectives are realistic, use a combination of historical and real-time data. If revenue was flat last year, you might want to adjust expectations downward. However, you might not need to if the slump was influenced by a struggling local economy that’s since recovered.
Once you’ve set your overall goals, break them down into smaller intentions. For example, how will the business boost revenue by 15%? Will it come from new customers, existing clients or a combination?
You can also outline bite-sized time frames that lead to the main goal. For instance, every four months, the aim is to improve revenue by 5%. With an overarching metric, you can start to look at which portions of the customer’s journey you want to focus on.
2. Use a Funnel Framework
Successful growth marketing strategies concentrate on various stages of the buyer’s journey. While there are various frameworks out there, they all conceptualize how prospects find you and later become customers and brand advocates. Some of these frameworks contain as few as three stages, such as awareness, consideration and decision. Others, including the Pirate Funnel, are more complex and include phases for retention, referral and increased revenue.
By using a framework, you can begin to answer critical questions about leads and customers for each stage. Determine how prospects find you online and how many pieces of content they see before converting. Distinguish the behaviors of customers who stay and those who drop off.
With CRM analytics and follow-up outreach, you can start to determine why some of your customers are leaving. Do the same for clients who stay, identifying the triggers will turn them into promoters.
3. Set Performance Indicators for Each Funnel Stage
You can post online content in the form of blog posts, PPC ads and gated white papers. But without matching each piece to a KPI within a funnel, you can’t say your content was a success or failure. In other words, what does the team hope each piece of content will do to help the company grow? If blog posts are meant to drive awareness and attract leads, gauge your success by measuring conversion rates.
Perhaps your company has identified first-time homebuyers as a viable market for your renovation services. This market is concerned about where to turn for home improvement projects and repairs. After performing extensive keyword research, your group zeroes in on several short-tail and long-tail phrases for blog posts. You start blogging on these topics, incorporating the keywords you believe will generate the most traffic.
After a few months, your team reports organic traffic tied to those keywords is up by 20%. In addition, three-month conversion rates from the blog have risen from 3% to 8%. As a result, you make plans to boost the number of blog posts the company produces and promotes to your target segment.
4. Prioritize Growth Marketing Initiatives
Creating content for content’s sake will have your marketers chasing every tactic in the book. Posting to certain social media platforms won’t make sense if your audience isn’t there. Just because a competitor is doing well with infographics or account-based marketing doesn’t mean it’s going to work for you.
Since so many outreach possibilities exist, it’s better to prioritize those that will help you reach your target audience. After looking at data from your content management tools, you determine most converted leads come from your webinars. However, the company’s online how-to videos are picking up, and personalized emails are growing on existing customers. You decide to keep doing webinars but film more how-to videos and increase the frequency of personalized emails.
Prioritizing or ranking the importance of various forms of content doesn’t require saying no to other opportunities and experiments. You can still take a chance on a downloadable white paper and dabble in interactive content. It just means your team won’t be spending as much time on those formats—unless new data says you should. In which case, the group can bump that content up in rank and shift their efforts.
It’s frustrating to set a growth goal and then wonder whether your business met its target. Or worse, to realize the team didn’t meet it because the target wasn’t well-defined or within reach. Fortunately, you can achieve your growth marketing objectives more often than not if you start with a bull’s eye that’s realistic, specific and trackable.
From there, you can break down your goals into the who, how and when. Choose stages of your buyer’s journey and match and prioritize measurable content efforts for them. Follow these steps, and you’ll gain the necessary data to keep your growth marketing initiatives on course.