How to Develop a Growth Marketing Mentality

 

Every company’s goal is to continue its customer growth over time. But how do you do it? This blog will explain how developing a growth marketing mentality will help expand your customer base and the steps it takes to make this happen.

First, what is growth marketing?

HubSpot defines this as an integrated approach to growing your business and optimizing your content marketing efforts through constant testing across marketing channels. New communication platforms are arising constantly, which gives you the opportunity to advertise in a variety of different places to get the maximum reach.

Next, how do you develop this mindset?

There are three steps to this process:

  1. Know your marketing funnel

  2. Have a framework to properly operate and improve your marketing funnel

  3. Get buy-in on instilling a growth mindset with the rest of the organization

 
marketing funnel.jpg
 

Know your marketing funnel

There are three stages to every marketing funnel: awareness, consideration, and conversion/decision.

Begin putting metrics into these stages. Some you may want to consider include:

  • Traffic

  • Qualified leads

  • Qualified leads to SQL’s (sales qualified leads)

  • Conversion rate

  • Cost to acquire a customer

  • Repeat customer rate

  • Month-over-month growth

  • Year-over-year growth

After quantifying your metrics, you’ll want to address any weaknesses within your funnel. Some examples of weaknesses include not getting enough traffic to make a conversion, or you are getting traffic, but they still aren’t converting. Lastly, you want to note your funnel’s strengths and continue with these practices.


Have a framework

Use the bullseye framework!

  • The center ring: this is your top three performing channels

  • The middle ring: although these aren’t as successful, they have the most potential to gain traction for your business

  • The outer ring: these are your least successful channels, but are worthy of noting for the future

A good practice is to run tests for each specific communication channel. Each test should reveal:

  • The cost to acquire a customer through this channel

  • The customers available through this channel

  • The customers in this channel that your company wants to have

 
bullseye.png
 

Get buy-in on instilling a growth mindset with the rest of the organization

Good departments to include in this initiative are:

  • The customer service, support and success team—they can get real feedback from customers about their problems and improvements the company can make

  • The sales team—they talk to prospects regularly and have an understanding of why people choose to become customers or opt out

  • The products and services team—they can use the feedback from the customer service, support, and success team to put what customers want more of into action

Growth marketings tips at a glance

  • Facebook ads are great for targeting prospects as you can create custom audiences

  • Podcast advertising can tell you where to advertise based on demographics, interests, etc.

  • Secondary SEO—mentions on sites that rank well will help you get recognized and possibly gain traffic as well

  • Use blogs in on-boarding emails and trials to educate new customers

  • Add urgency which will lead to a higher chance of people taking action

  • Talk to your customers directly and learn about their problems and how you can fix them

By using these tips on how to utilize growth marketing, your company will be able to find out where it is coming up short, and how to draw in customer after customer.

 
Selena Frongillo