Benefits of Growth Marketing For Businesses

by Buana Sari Digital Marketer

The marketing landscape might have experienced several fleeting trends, but one relatively new form of marketing - growth marketing - has started to redefine businesses. The term ‘growth marketing’ emerged almost a decade ago, and since then, it has proven to be much more than a mere trend.

More and more businesses are considering it to be the next frontier of digital marketing. With growth marketing, marketers have a blueprint to test frequently, learn rapidly and adapt efficiently. It comes with the ability to reach out to the target customers through data-backed decisions. Adoption of growth marketing best practices result in long-term, sustainable business and revenue growth.

Growth marketing disrupts and transforms traditional marketing shifting the focus on maximizing customer lifetime value. Traditional marketing is restricted to converting leads into sales as quickly as possible, whereas the objective of growth marketing is to educate customers through each stage of the marketing and sales funnel, ultimately converting them into brand advocates. Traditional marketing activities focus more on new customer acquisition, growth marketing activities emphasize customer retention.

Growth marketing strategy entails prioritization of business growth embracing new-age marketing technologies like moLotus, enhancing all of campaign goals, ideas and strategies aimed at maximizing revenue and profit through customer growth. Growth marketing toolkit is beneficial for both the brand as well as the customer. Businesses can make informed decisions at a faster rate, on a larger scale, and the customers are presented with comprehensive products that have been designed for them.

Here are the top growth marketing benefits for businesses that accrue when the marketer adds growth marketing to the gamut of marketing strategies:

1. Achieving Global Scalability

Global Scalability is the capability of a business to produce, sell, and deliver more products and services without compromising on quality, resources, revenue, or cost; meeting the rising global demand. It is becoming the bedrock of growth marketing, especially as more and more customers resort to mobile marketing experiences.

When businesses have a growth marketing strategy in hand, they are able to achieve a more diversified and substantial customer base than otherwise reaching customers via traditional marketing strategies. The competitive international marketing landscape is offering fresh challenges for the marketers striving to reach the maximum number of customers via digital advertisements. The ability to transition to globally scalable marketing can make or break a brand's success. If they are not focused on expansion, they are certainly going to lose market share to competitors — who most definitely are focused on improving global scalability and growth.

Fortunately, new growth marketing tools & technologies like moLotus, Expandi.io, Zapier, HubSpot, InMobi, etc. are assisting marketers quickly adapt to increasing customer demand, reaching out on golden opportunities to expand globally and diversify business. Brands are building awareness, enhancing customer engagement and developing a brand perception using growth marketing strategies and tools.

Brand marketers can now directly reach an unlimited number of customers via mobile advertising platforms like moLotus. Growth-driven moLotus marketing platform stands out in reaching millions of customers daily just in single go on their mobile devices irrespective of phone model or phone type - be it a smartphone, feature phone or i-phone. moLotus campaigns offer diverse targeting options based on business criteria, demographics, interests, interaction, etc. helping the marketers to not only reach unlimited customers but also the right customers in real time.

2. Maximizing Customer Lifetime Value

Customer lifetime value is the total amount of money a customer spends with a brand over the complete customer lifecycle. Studies have revealed that growth marketing leads to increase in customer lifetime value by driving customer data monetization and campaign management based on deep customer insights.

Using growth marketing tactics and tools brands can estimate the current and future value of their customers, collecting relevant data points on as many customers and their behavior as possible over multiple years.The greater the volume of data available, the more meaningful and accurate the customer insights. Keeping in view these insights brands can run campaigns focusing on the entire customer journey, managing and boosting CLV.

The dynamic businesses are fast embracing growth marketing platforms like Prospect.io, moLotus, Leadfeeder, LeadSquared, etc. to analyze, interpret and monetize customer data and run unique marketing campaigns. Thus, these platforms are helping businesses in maximizing the customer lifetime value.

moLotus spearheads all the stages of the customer lifetime value management process including brand awareness, lead generation, customer acquisition, education, upselling, cross-selling, loyalty & retention, support, and more via dedicated campaign management and delivery without any app download or active data connection.

3. Focusing on Customized Marketing

Growth marketing emphasizes and revolves around customization. With mass campaigns getting obsolete, customized marketing is touted to be the best way to reach out to the massive consumer database of brands. Customized marketing has proven to be extremely effective just about every time it is used whether applied to a small group or a large group of customers. Salesforce data reveal that growth-oriented businesses are using customization and segmentation 51% more than businesses relying on traditional marketing.

Businesses must know whom they are targeting by interrogating their customer data – basic demographics, attitudes, online behaviors, interests and perceptions. Big brands are using moLotus mobile video customer interaction platform offering customized campaigns - targeting demography, languages, etc. that are capable of leveraging customer data at micro-levels and delivering brand message with customer name or unique customer id.

4. Building Brand Visibility

Data-driven growth marketing roadmap is being applied to increase brand visibility and for demand-generation activities. Precision in branding is essential now as businesses struggle to grow due the recent changes in the consumer’s decision journey. Data-oriented growth marketing is providing marketers an edge when it comes to gaining visibility. Without proper brand promotion, customers would have no clue as to what brands are offering.

Brand visibility can be enhanced in many ways using growth-oriented marketing campaigns. Here growth marketing tools come to picture allowing marketers to understand customer sentiment better and target them specifically yielding better visibility. Especially the advent of growth marketing tools with data-tracking capabilities like moLotus has led to the evolution of growth-based branding - a quick and rigorous way of creating brand exposure and awareness.

moLotus specializes in creation of a compelling brand identity in all stages of the brand journey. By tracking and quantifying brand awareness campaigns, marketers can better easily find out what works and what does not towards brand visibility and also what action needs to be taken to enhance it.

5. Driving Customer Success via Transformation

Growth marketing is not just focused heavily on generating new leads and customers, but it concentrates on enriching the experience of existing customers by transforming and automating customer processes. Marketers therefore often refer to growth marketing as customer success marketing.

Brands put the spotlight on customer success via digital transformation. They are using platforms like moLotus to automate and digitally transform their customer processes to meet their growth marketing goals. Marketing automation platforms including moLotus, Marketo, Hubspot, etc. are automating the customer process making them much smoother, faster, and convenient. If growth marketing trends 2022 are to be believed, moLotus technology, with its superior automation capabilities, is being applied to seamlessly automate the customer processes like service reminders, new customer onboarding and a lot more while lowering cost and enhancing revenue growth.

moLotus technology is proactively helping customers by transforming the loyalty card space; replacing plastic cards with mobile loyalty cards. It is building a long-term relationship with the millennials and Generation Z consumers by keeping them engaged via moLotus mobile transformation capabilities like Mobile Reminders, Digital rewards, Frequently Asked Questions(FAQs), How-to, Real-time customer ratings, Feedback via mobile and more.

6. Real-time Performance & Growth Analysis

Growth marketers must be aware of the metrics that are meaningful to their businesses and measure the impact of them in functioning of their business. Since growth marketing concentrates on boosting these business KPIs, such as leads, sales, etc. brands get an opportunity to measure, analyze and improve those metrics directly. Growth tools and technologies like moLotus, Google Analytics, HotJar, etc. make KPI based campaign tracking easier. Marketers can monitor and tweak the campaigns based on the deep insights gathered ensuring revenue growth.

moLotus enables brands to implement their growth strategy in real-time, tweaking their campaigns with evolving customer behavior and preferences. Growth marketing channels like moLotus empower brand marketers with robust real-time campaign tracking and data analytics. With access to real-time data analytics, businesses are capable of enhancing performance, optimizing effectively, and, therefore, earning greater ROI.

7. Building Customer Loyalty & Retention

Businesses have witnessed success in customer retention by introducing new growth marketing plans. Growth marketing ensures high customer retention rates with the majority of customers repeatedly choosing to purchase products or services for the brand of their choice; deepening their relationship with the brand as they climb the customer loyalty ladder.

Customer loyalty campaigns tend to carry forward growth marketing. Brands have been using customer loyalty & rewards programs delivered via mobile apps like Spendgo, Shopkick, Smile.io, etc.

Research shows that moLotus delivered loyalty campaigns are fueling business growth by delivering hyper-personalized messages to customers for special occasions like anniversaries, festivals, birthdays, reminders, etc. and that are custom-branded with options for name, greeting, reward, call-to-action for customers. Businesses are sending different kinds of reward-based coupons directly to customer’s mobile inboxes. These loyalty & rewards campaigns have boosted customer loyalty adding to the conversions.

8. Emphasizing on Effective Lead Generation

Lead generation has been a big challenge for most businesses. Studies indicate that businesses waste a lot of marketing dollars generating no leads. The overwhelming majority of brands earlier used traditional advertising tools like Facebook, Google ads, etc. for lead generation with inadequate results.

High-performing growth marketing teams are now focused on providing more high-quality leads using new-age lead generation platforms like moLotus. It is capable of capturing instant leads in the form of contact info via message delivery directly into the inbox on all mobile handsets, irrespective 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.

Conclusion

Strategies for growth marketing are important for any brand seeking sustainable growth. Growth marketing depends on best practices including preparing, executing, analyzing, and revising. A quick way to implement growth marketing is by embracing breakthrough marketing technologies like moLotus. Successful growth marketers are the ones who grow a larger customer base; building a highly engaged customer base that will help to reduce churn, as well as increase the customer lifetime value of each individual customer with high ARPU.