Growth marketing is different from traditional marketing as it takes into account and improves every stage of the customer journey. For better business outcomes, customer satisfaction, and retention.
Growth marketing is used in software as a service (SaaS) business and focuses on the whole customer journey.
Customer Funnel
The stages involved in the customer journey are as follows;
- Awareness
- Acquisition
- Activation
- Retention
- Revenue
- Referral
Growth marketers use AI to analytically monitor marketing strategies rather than creative aspects.
This article will explain how businesses can focus on growth marketing by using technology to strategize and execute the experiments for better business performance.
Awareness
What is the point of a business if your audience does not know about it?
Making your products discover-able and spreading a proper understanding of your business offers are necessary to business growth.
Awareness is possible with the proper social media marketing, SEO, and paid-ads content. While spreading awareness, businesses can also initiate the collection of customer geographical, demographic, and personal data.
From this point, detailed reports of customer behavior are available to your system. Keep in mind that the collection of data is not the goal. The success of businesses lies inefficient utilization of that data.
Customer Acquisition
In simple terms, customer acquisition means attracting and bringing in new customers. In growth marketing, the businesses focus on the existing behavior and changing trends to see how it impacts customer acquisition.
Companies need to be proactive and focused on staying ahead of the acquisition competition.
How well will your business perform if you can market the right product to the right customer at the right time? Note that as intriguing as it is, this goal is humanly impossible.
Let me say that again,” Humanly Impossible.”
You must utilise Artificial Intelligence to predict customer behaviour and provide useful recommendations through Machine Learning(ML).
The businesses need to evaluate the target market and set trigger points to automatically predict and stimulate target market campaigns.
Suppose that your company sells furniture. How will you stay ahead and acquire new customers? If businesses manage to collect data of the audience who is buying or renting houses, this indicates their future need to purchase furniture.
You can organize such successful customer indication and marketing campaigns by leveraging AI tools. All you need to do is figure out and focus on the best channels that help you achieve acquisition targets.
Activation
When companies can get people in using their products and services immediately, it is called activation. A designed strategy is required to collect customer behavior information, so it is easy for businesses to retain them.
It is the most crucial stage of growth marketing as at this point the customer will make the decision to buy your product.
Have you ever abandoned a website that asks for your credit card number first to proceed even if the trial period is free?
This is part of activation in growth marketing. Businesses at this point need to place their products, content, and payment at the right place and time.
This is how activation can be monitored and achieved by using tools to check where customers leave your website rather than buying.
Once businesses are aware of the issues they can make improvements.
Revenue
Businesses are successful when people like their products and services enough to go through the payment process.
In growth marketing, the businesses focus on smoothing their customer journey from acquisition to payment processing.
It is essential to make the payment process extremely convenient for the customers. This is possible when businesses provide accurate price, language, and channels geographically.
Growth marketer experiments with different variables distinctly to optimise conversion and increase revenue.
Retention
Growth marketing focuses on every step to create a seamless journey for customers, and customer retention is what makes the business grow.
The goal is to provide customers satisfaction to gain their loyalty. These customers then become your advocate and help in spreading word of mouth.
How can businesses retain customers by leveraging artificial intelligence?
Besides product and service satisfaction, the collection and segregation of one-time customers can be re-targeted by different automated channels.
For example, if your website is blog-oriented, regular automated email of new blogs is one way of maintaining contact with your customers.
Other businesses can initiate discounts and offers to make sure that their customers become loyal.
Customer Lifetime Value is a metric that indicates the average revenue per customer. If businesses can retain customers who are frequent users of your product, then overall revenue can double.
Learn How you can calculate Customer Lifetime Value
Referral
The last but not least step of growth marketing is to achieve customer satisfaction to the extent that they bring you more customers. Customer review matters a lot, and one bad review can cost your business a loss of 60 customers.
The question arises that how artificial intelligence can increase referral?
Most of the businesses encourage active referrals where they place a reward for every referral. In this way, your customers will bring you more customers, increasing business profitability.
In passive referral, the customers make buying decisions based on testimonials. Growth marketers in businesses must manage to provide sample and testimonial experiences to their potential customers.
This will increase credibility and trust, which will lead to maximum efficiency and high conversion rates.
Best AI tools for Growth Marketing
The tools and techniques businesses use to gain and maintain customer relationships are beneficial in growth marketing. These tools by leveraging AI provide targeted and efficient results.
Some of the best software that you can use are below:
SEMrush
SEMrush is a SAAS business tool that businesses use for awareness and customer acquisition purposes. This tool is for search, advertising, social media, and content marketing.
With SEMrush, you can create, optimize and analyze your content performance.
This helps the businesses in formulating data-driven decisions for performance improvement.
HubSpot
HubSpot helps businesses to manage the sales pipeline, collect data and automate emails, which enables companies to nurture their leads.
Companies can also track customer interactions across different channels. You can manage up to 1,000,000 contacts for free by using HubSpot.
With the constant growth and development of business, you can upgrade the Hub-spot service package.
Salesforce Sales Cloud
This tool is best for an e-commerce website as it covers the whole purchase journey and provides an account, contact, opportunity, lead, and sales management.
This is a paid application with affordable annual fees and adds-on.
Businesses can work on different aspects of growth marketing and use the Salesforce Sales Cloud to manage their sales and retain customers.
Conclusion
Growth marketing is a consistent and systematic process that helps grow business by focusing on the entire customer journey. Companies with the help of artificial intelligence can make growth organised and calculated.
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