- Growth Marketing Framework – An Overview
- Importance of a Growth Marketing Framework?
A Growth marketing framework is a collection of rules and practices that ensure your growth experiments are well-intentioned, appropriately assessed, and adequately analysed. Your digital growth marketing efforts will be far more successful and efficient if this framework and process is followed consistently.
Using this approach, you can identify challenges or opportunities, test the solutions or ideas, and learn from the outcomes. Each business should have a suitable growth framework to boost their profitability and growth.
Read on to learn how to develop a tailored marketing framework that meets the needs and objectives of your business.
Growth Marketing Framework – An Overview
1. Set up and monitor your marketing funnel
For most businesses, a well-defined marketing funnel does not exist. They may have an abstract version (awareness, consideration, conversion, advocacy), but it may not be tailored and specific to their objectives or customer base. The lack of knowledge about their clients’ stages when interacting with the product is alarming, without even considering how many of their clients go through each stage.
Setting up a marketing funnel will reveal your strengths and weaknesses. After careful designing and analysis of your marketing funnel, you may have a shallow conversion or advocacy rate.
You can get the information you need in two steps –
- Qualitative – Talk to your clients about their current stage.
- Quantitative – Use your organization’s data and evaluate the number of clients that travel through each step.
If you follow these steps, you will be in an excellent position to choose the right goals that will help you create a growth marketing framework that thrives.
2. Clear Objectives & Key Results (OKRs)
You must have a clear set of objectives for a successful business, as obvious as it may sound. Once you have developed your funnel, analyze to see if you need to improve anything.
An OKR is a method of outlining your objectives and results that are measurable, attainable, and realistic. OKRs, based on market data, ensure that an individual or group can track and be held accountable for their activities and progress.
The goal must also be SMART (specific, measurable, achievable, relevant, and timebound). For example, a SMART goal would not be “we want to please our customers.” It would be like this: “Within the next 12 months, we hope to double our client’s lifetime value.”
You would then add key outcomes that illustrate the path to that endpoint to turn that goal into an OKR. For example, decreasing churn by x% or increasing initial order value by y%. Aims should have roughly three significant results and clear, measurable milestones that will assist you in reaching them.
3. List your ideas
Once you have defined your OKRs, gather your team and brainstorm ways to achieve them.
Here’s what you need to know:
- The most important thing is to motivate everyone to participate. Contributions need not be ideas; they could simply be pertinent questions that can point out potential flaws in a concept or strategy.
- Each person should be able to detach themselves from their concept. When introducing an idea to a project, most see it as their extension. When someone criticizes a concept, they might feel attacked or failed since their idea will not be pursued. It is important to not take rejection of an idea as a personal rejection and focus on the end goal, which is growth of the business.
- The most important thing is to get every concept down in a master document. That way, you can track them all because they may not be appropriate at the moment, but they will be in the future. You can use your favorite project management software or a simple spreadsheet.
4. Plan your goals
The next step is to pick a few ideas to test. The number of ideas you test will vary depending on your OKRs and resources, but it is better to test a few thoroughly than to test too many in the beginning. It’s a good idea to set one or two goals per OKR.
As you write down your concepts, grade them out of ten according to the following criteria:
A) How far could the idea move the needle if implemented?
B) Probability of success.
C) Resources needed for thoroughly testing the concept.
In most cases, these two are at odds. An idea with the potential to have a significant impact may have a low prospect of success or require significant resources to test. Such cases call for prudent decision making and seeing how it goes.
5. Test your ideas
Your next step is to develop a document that translates the selected concepts into experiments.
For every topic you choose, create an experiment document that includes the following:
- Objective: What are the objective and critical outcomes of this notion?
- Hypothesis: How do you think the proposal will affect the key result and the target mentioned above?
- Measurables: Key performance indicators for this idea should be simple, measurable measures, such as click-through rate, bounce rate, and session length.
- Duration: You will need to experiment for some time. Don’t end up chopping it too close to the bone. Some tests require a long period to be successful. We suggest running them for at least 30 days.
- Experiment owner: Who oversees deployment and data collection for the experiment?
- Results: Use a table and record your findings. These tables should be pre-populated with current values of the measurables so that you can track progress or regression easily. Keep an eye out for false negatives; they can really mess up your results.
6. Examine the outcome
Your experiment is now ready for data collection.
Consider the following factors when analysing the findings:
• What was the experiment’s outcome? Have you gotten the desired results?
• Why did the experiment produce the outcomes that it did?
• What percentage of your guesses were correct? Not simply in terms of outcomes: did you appropriately estimate the number of business resources needed to experiment?
Your master idea document and each experiment’s document should include all your data.
7. Optimize the process
You can now turn our attention to the actual procedure.
Do you think your performance was adequate at each stage of the marketing framework? What went wrong, and what went right in this situation? How can you improve future experiments to be more likely to succeed and significantly affect the future?
Your marketing framework is made up of these documents and protocols. As you repeat the technique, your growth experiments will improve in terms of efficacy and efficiency.
Importance of a Growth Marketing Framework?
Growth marketing is a new and refined method of long-term marketing, targeting the right demographic and generating leads quickly and cost-effectively.
Another factor that makes a growth framework so valuable is that businesses can focus on the complete customer funnel rather than just on the top. If a company hires a growth marketing firm like Voxturr, it will focus on multiple aspects of the growth hacking strategies to yield results.
Here is a list of some of the variables that make your growth marketing framework successful:
1. Selecting the Right Channels
It is possible to develop marketing ideas and strategies through various marketing channels. The effectiveness of each channel depends on the offer you are making, the type of business plan you are using, the industry you are in, the target audience, and other factors.
You should not spread your budget and effort across all channels to maximize acquisition among audiences or customer groups. Instead, it is recommended that you reach your audience and customers through the top three or four channels.
2. Recognize Your Weaknesses
You must identify any potential bottlenecks in your approach or, for that matter, in the overall framework you built before you begin to grow. It will help to prevent customers from hindering the development of customer relationships.
3. Set goals and make a plan
Now that you have identified your growth hacking strategies and customer life cycle weaknesses, it’s time to consider turning them into opportunities. Prioritising weaknesses based on their severity is a waste of time. Treating them equally with your other ideas would be helpful throughout this process.
4. Make Content Marketing a Top Priority
Content marketing generates and distributes valuable, relevant, and consistent content to attract and keep a clearly defined audience and consumers. Growth Marketing Framework uses content marketing to help customers take profitable activities.
5. Execution, Validation, and Repetition
It is recommended that startups pick and implement concepts with the most impact and least effort. This will assist you in staying within your budget and keep your prices down.
This high deployment frequency among the ideas allows you to run tests to select which repeatable method you want to keep using.
6. Inquire about feedback:
By requesting customer comments, you demonstrate that you respect their input. You’re interested in what they say about your company or product, whether positive or negative. You serve your consumers to feel involved in defining the business and your product; they feel significant.
Several concepts and tactics are often cited as ideal growth hacking funnel for future growth in your organisation, and the list is likely never to end. Discover many more growth hacking tips, growth guides, and much more on Voxturr.
With the help of the above concepts, you might develop a successful Growth Marketing Framework for your company.