Have you heard the term growth marketing? It’s all over the Internet lately. Marketing has always been associated with business growth. The main purpose of all strategies is to achieve growth, accelerate it, and maintain it. B2B companies have been designed to grow fast, and marketing plays an important role in the overall process.
According to one precise definition, growth marketing strategies are closely linked to A/B testing. That definition is a bit narrow. In fact, growth marketing is much more than A/B testing. It’s all about attracting more clients and increasing their levels of engagement.
To make things clearer, let’s compare growth marketing strategies with traditional marketing:
When your marketing techniques are focused on growth besides the promotion your B2B brand, the strategy will be characterized with the following features:
Now, we’re left with the main part: what growth marketing strategy should you implement to make your B2B brand more successful?
Retention marketing, also known as loyalty marketing, is the foundation of the growth of every B2B brand. A successful company is focused on providing flawless customer service in order to keep its clients on the long term. It would be easier if you were working with usual customers – you would quickly gain new ones if you lost some of the loyal users. When other businesses are your target audience, you have to maintain long-term relationships. Thus, you should focus on retention just as much as you care about acquisition of new clients.
That’s an easy thing to do. Compare the money a new client spends on your products or services with the investment you would have to make in order to keep them coming back (this would involve promotional offers, discounts, and other benefits you provide for loyal clients). That’s your ROI right there.
If the return of investment is beneficial, you can focus on attracting the client to make more than one purchase for you by offering contracts for long-term collaboration. According to a case study from Bain & Company, increasing the rates of customer retention by 5% can result with profitability increase anywhere between 25% and 95%.
It’s the main factor responsible for retention of clients. It doesn’t matter how great your services or products are; some business will have problems with their orders and they will need to solve them ASAP. The way your customer support system reacts in these situations is crucial for the clients’ decision to keep working with you.
B2B brands rarely provide this benefit for their clients. Since they are working with businesses, they assume their clients have employees to take care of the orders. However, if you enable each client to create a personal profile at your website and process the orders online, then this convenience will result with happier customers.
The main mistake many B2B marketers make is focusing their entire energy on mainstream social media. Yes, these communities are important for expanding your reach, but you should never limit your growth marketing campaign to them.
LinkedIn is the ultimate social network for B2B marketing, okay? Your company’s Twitter and Facebook profiles may attract attention, but your LinkedIn profile helps you develop and maintain the image of a reliable brand.
The process of generating leads through LinkedIn is really simple:
Classic marketing strategies are focused on discovering the needs of the target audience through surveys, social media monitoring, and competition analysis. You should absolutely do that, but that’s not the point where you’ll stop. The task of listening to your clients is not limited to the audience you can attract towards your business; it’s also about listening to the brands that have already used your products and services. In one word – feedback!
Send personalized emails to ask your clients how they would rate their experience with your brand. Ask them about the strengths and weaknesses they noticed. Ask what aspects of your work they would want to see improved. Then, listen! If they suggest reasonable changes and improvements, make sure to implement their requirements into practice, so you’ll make both loyal and future clients happier.
Sean Ellis from GrowthHackers.com put it nicely: “For meaningful growth, startups must completely change the rules of traditional channels or innovate outside of those growth channels. They are too desperate and disadvantages to adapt to the old rules of marketing. They have to dig deep creatively, and relentlessly test new ideas. If they don’t figure it out quickly, they will go out of business.”
Let’s just forget about that last sentence, because you will figure it out. For example, let’s say you’re using the good old techniques of email marketing, search marketing, content marketing, and social marketing. Although you’re relying on the same B2B marketing channels as every other company in your business, you can always add your own flare. Infographics, for example, are pretty cool. Think of a really creative way to present the way business benefit from your offer, hire a designer to make an exceptional infographic out of your idea, and invest in paid promotion via social media.
Game of Hacks by Checkmarx is a great example of a creative approach towards the growth marketing campaign. The game, which was designed to test the hacking skills of security experts, attracted thousands of them at the website.
Never stop innovating; that’s the key to a marketing campaign that leads to growth.
Inbound marketing, which encompasses all strategies that have a purpose to draw more visitors to your website, is an important element of the growth marketing campaign. Instead of approaching the techniques with the goal to gain more visitors, you need to change your point of view: develop them with the purpose to create conversions and long-term partnerships with brands.
There are few crucial elements of inbound marketing:
There are many different ways to use marketing techniques to enhance the growth of your business. The traditional marketing methods remain effective, but you should never stay in that box. Don’t forget to experiment and bring something creative to the world of business. When you get your target audience surprised and intrigued, your chances of attracting more clients will be much greater.
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