Effective growth marketing is all about experimentation and iteration, but it all starts with the right strategy to progress toward your revenue goals.
Determine the right approach for your unique challenges, know what to measure, what goals to set, and what steps to take with this guide.
If growth marketing is all about experimentation, then a growth marketing strategy is:
When implemented effectively, a good growth marketing strategy leverages every opportunity to acquire new customers while converting and retaining as many as possible in the shortest amount of time.
Specifics vary by industry, but B2B growth marketing strategy aims to fill the sales/marketing pipeline with qualified accounts.
This requires marketers to identify indicators that can help forecast the value of leads secured from various channels and prioritize the tactics proven to be most effective at driving revenue growth.
A growth marketing strategy accounts for every stage of the buyer’s journey. One cannot solely rely on top-of-funnel techniques — they need to consider the entire pipeline holistically and optimize for proven, revenue-driven strategies.
The first step of growth marketing is understanding your customers. You need to know precisely what kind of individual wants your product or service, along with their immediate needs. This step informs every other detail of your growth marketing strategy, from choosing the right channels to designing advertising creative.
The most effective way to understand customers is to build data-driven segments based on personas, then testing to validate whether your assumptions about those prospects are correct or need adjustment. Here’s a simple but effective approach to getting started:
In a B2B context, it’s also important to map these “buyer personas” to your go-to-market strategies. For example, Product A or Industry A may require targeting different buyer personas from Product B or Industry B, and require adjustment.
For a B2B growth marketing strategy to be effective, you must understand how your marketing pipeline converts prospects into customers. Prioritize a pipeline assessment that analyzes lead activity:
In terms of growth marketing, your goal is to determine where potential customers fall away from the pipeline. While you should expect some churn, sudden or significant drops at any stage may signal that your strategy needs work.
Here are some questions to keep in mind:
These steps will vary depending on the nature of your marketing pipeline or funnel. Hubspot, for example, follows an “attract, engage, and delight” model. Others may adopt the AARRR framework: “acquisition, activation, retention, referral, and revenue.” In all cases, optimizing your pipeline for maximum revenue will drive growth over the short and long term.
It’s also crucial to determine which key performance indicators will represent growth. Unlike a traditional campaign strategy, growth marketing focuses on the entire funnel — so you’ll need multiple KPIs for each stage. By doing so, you can track pipeline effectiveness while immediately highlighting any potential churn points.
KPIs will vary depending on your product or service, but here are some ideas to keep in mind:
At this stage, it’s worth noting KPIs become more valuable as customers move between stages. A top-of-funnel KPI will typically represent a low-cost event, while a bottom-funnel KPI is much more expensive — and valuable.
Making this distinction can help you determine the optimal metrics for driving long-term growth.
By this point, you’ve developed segments, optimized your funnel, and pinpointed several of your most critical growth-related KPIs. Before you start developing ad creative and messaging, take a moment to be sure you’re deploying content to the correct marketing channels.
This step is where an understanding of audience behavior is vital. For example, consider that while most potential audiences use smartphones today, each demographic will use them differently.
For example, while Gen X and millennial audiences tend to use Facebook and Twitter, Gen Z prefers Snapchat and Instagram. For your growth marketing strategy to be effective, you must find your customers and determine the most effective ways to engage with them.
Launching your growth marketing strategy is no easy task, but there are tools to help marketers find their footing. 6sense’s Pipeline Intelligence capability offers a complete pipeline management and funnel optimization solution that gives you the clearest picture of your efforts.