1. Identification Dropping Off Customers
You may have 1,000 visitors visiting your site each week, but only 50 of them request more information. What happens to the remaining 950 and why do they leave without taking any action? This analysis will be an important step to improve your strategy.
2. A/B testing
Third-party data can tell you a lot about your market and ideal customer base, but it can’t fully explain customer behavior. A/B testing helps you focus on the root cause of poor conversion or acquisition rates and increase them. For example, startups that adopted A/B testing saw a 10% increase in weekly website views.
3. Multi-channel approach
Traditional marketing efforts do not rely on a single channel or form of advertising. Most strategies involve a combination of outdoor, print, radio, and television advertising. Growth marketing strategies can take a similar approach when expanding or experimenting with new channels.
The difference with growth marketing is that you may not have the data to show that a particular channel is reaching your audience. For example, if you’re into the world of mobile advertising, you won’t know if they’re effective until you try them. However, expanding the channels and media you use can help increase your acquisition, conversion, and retention rates.
4. Clearly defined priorities and key performance indicators
Most successful strategies prioritize specific goals and align measurable key performance indicators with them. Pick a few areas you want to focus on, such as improving conversion rates among new website visitors.
Once you have identified the areas you want to improve, lay out how you are going to measure your progress. Base your KPIs on SMART goals and take advantage of any built-in analytics or tracking tools at your disposal. For example, your CRM application probably has custom reports to help track paid and organic blog traffic. Social media tools can also measure conversion rates for posts and ads shown to specific audiences.