In the age of information, being different is the new norm. As a result, companies are pressured to find ways to stand out when it comes to attracting customers. This pressure has led to the rise of growth marketing – a strategic process that focuses on increasing a company’s brand awareness and customer base through various channels.
However, as you probably know from your experience with marketing, not all strategies are created equal. Some are more difficult than others. As a result, many businesses struggle with finding the right growth marketing solutions for their unique needs and challenges.
Read on to learn about the top 5 most common growth marketing challenges marketers face today and how you can solve them:
- Finding and Developing Talent
- Knowing Which Channels to Use
- Finding the Right Growth Marketing Tools
- Tracking and Measurement
- Knowing which marketing activities are contributing to the growth
1. Finding and Developing Talent
When it comes to growth hacking, talent is critical. After all, if your team can’t efficiently execute your strategies, they will fall short of their full potential – potentially harming your business. According to InStride, “U.S. corporations spend nearly $180 billion annually on formal training and talent development, $28 billion of which is tuition reimbursement.”
- Start with your organization’s marketing team to ensure you have the right talent in place. First and foremost, marketing is a team effort. That’s why it’s essential to have both marketing and sales on the same page.
- Marketing and sales need to work together to find the best growth marketing strategies. This is easier said than done because these teams have different objectives and use various tools.
- To ensure these teams communicate effectively and find growth marketing solutions that serve their goals, your organization needs to have a clear growth marketing strategy. Without it, your team members will likely fall back on their skills and experience, hindering the company’s progress.
2. Knowing Which Channels to Use
Another top challenge in growth marketing is choosing the proper channels to drive growth. When it comes to marketing and sales, there are numerous channels you can use to bring in new business. But not all of them are created equal.
- Some channels are more accessible and more efficient to implement than others, while others may be more costly to use. In addition, when choosing channels, remember that it may better suit some of them for specific types of customers and prospects than others. For example, e-commerce businesses may find that Facebook and Instagram are good channels for reaching customers but less for driving sales.
- On the other hand, in-person events and trade shows may be a better fit for driving sales and closing deals.
- To make the most of each channel, ensure your team members clearly understand when and where the pipeline should use each one.
- They should also have access to the tools needed for each channel—a piece of content or an event.
A growth marketing agency helps businesses to grow by identifying opportunities and developing strategies to take advantage of them. The agency will work with you to identify your growth potential and then develop a plan to help you reach it. They will also help you to track your progress and make adjustments to your strategy as needed.
3. Finding the Right Growth Marketing Tools
Growth marketers can access hundreds of different tools to increase brand awareness and drive new leads and sales. But how do you know which ones are right for your business?
There are a few strategies you can use to select the best growth marketing tools
- Look at your competitors: One of the best ways to find the right growth marketing tools is to look at the ones your competitors are using. By studying your competitors’ strategies and the tools they’re employing, you can discover which ones are working best.
- Look at your needs: Another successful strategy is to look at your organization’s needs. To do this, start by identifying your most significant challenges and pain points. Next, list how you’d like to address those challenges and pain points. From there, you can look for tools to help your business achieve those goals—thereby serving as the best growth marketing tools for your organization.
- Look at your budget: Finally, one way to find the right growth marketing tools is to look at your budget. While some tools will be more costly, it’s important to note that price is not always a good indicator of quality or effectiveness.
A growth marketing firm helps businesses grow by using marketing techniques designed to increase revenue. This may include improving the conversion rate of website visitors into customers, or generating more leads through effective online marketing campaigns. A growth marketing firm will use data and analytics to track the results of their marketing efforts, and adapt their strategies accordingly in order to continue driving growth for their clients.
You can find the best growth marketing tools by considering these three strategies.
4. Tracking and Measurement
Another challenge in growth marketing is tracking and measuring the results of your strategies and tools. But it’s hard to make informed decisions about future strategy if you don’t know what’s working and what isn’t.
- You should implement a centralized marketing analytics platform to track your growth marketing efforts. You can track your team’s efforts from one centralized dashboard. This will make it easy to identify what’s working and what isn’t and how you can make adjustments as needed.
- While marketing analytics can help you track your progress, it can also be used to measure the success of your growth marketing strategies. This can be done by assigning monetary value to your marketing efforts. For example, if you’re hosting an in-person event and want to know how much it’s contributing to your growth, assign that event a value.
5. Knowing which marketing activities are contributing to the growth
To ensure you’re using the right growth marketing strategies, you need to know which ones contribute to your progress. After all, if you don’t know which strategies are working, you won’t know which ones to scale up and which to back.
To determine which strategies contribute to your success, follow this simple three-step process:
- Set goals: Before you can determine which strategies contribute to your growth, you need to set goals. That way, when you look back at your analytics, you can easily see which strategies are helping you meet your goals and which aren’t.
- Track your strategies: Once you’ve set goals, track your strategies to see what’s contributing to your growth. Start using your marketing analytics platform to keep track of your team’s efforts.
- Review your data: After a few weeks, look back at your marketing analytics to determine which strategies contribute to your progress. Make sure to look at quantitative and qualitative data, such as lead and opportunity numbers, and qualitative data, such as how leads and opportunities were generated.
From there, you should be able to identify which strategies contribute to your growth.
Growth marketing is a strategic process focusing on increasing brand awareness and customer base through various channels. Ultimately, growth marketing aims to find new customers and increase revenue for your company. These strategies are meant to be long-term campaigns, so staying consistent and diligent is essential when executing them.
That said, the method and tools used in growth marketing may change as your business grows and evolves. With this in mind, staying flexible and open to change is essential. That way, you can adjust your strategies and tools as needed and ensure you’re meeting your audience’s needs.