Growth is the ultimate motive for every business. How it grows largely depends upon the ways it markets itself. This quote by Steuart H. Britt gives a clear idea of how important marketing is for business growth –
‘Doing business without marketing is like winking at a girl in the dark. You know what you are doing, but no one else does.’
But the metrics of measuring business growth have changed over the years. As the world has shifted its focus towards mobile, marketers are left with a big CHALLENGE – how to align their strategies with this constantly evolving marketing ecosystem?
Being a marketer myself, I have been keeping a close eye on the changes that industry has been going through. And how the leading marketers have been channelizing their strategies for growth driven marketing in this constantly changing environment.
From clicks and conversions to sales and profits
Each business has its pattern of growth owing to factors like unique strengths, goals and opportunities. The marketing campaigns run by businesses are centered around these factors. Metrics like clicks, conversions and bounce rate have been always used to measure the success of these campaigns, which is quite obvious to certain extent.
But things have started to change off lately. Leading marketers have shifted their focus from metrics like clicks and conversions to the ultimate goal i.e. Sales and Profits! According to one of the recent studies carried out by Google in collaboration with Econsultancy, “more than 95% of the marketers believe that marketing analytics’ KPIs must be clubbed together with the broader business goals like overall growth for them to truly matter.”
Betting big on experimentation
According to the same survey mentioned above, it’s been found that leading marketers are twice as likely to go beyond mainstream and conduct strategic experiments.
According to one such leading marketer, Jeremy Hull of iProspect, “In digital, optimization is best practice; you look at what’s going on and you constantly try to find ways to improve. However, testing is still one of the most underused practices.”
Experimentation is the reason why these leading marketers are able to unearth the opportunities that others are missing out. Like Jay Baer says, “Make your marketing so useful people would pay for it.” That’s the kind of attitude these marketers keep when it comes to growth driven business marketing in the current scenario.
Creating something out of nothing
A great aspect of growth driven marketing that anyone can learn from the leading marketers today is their ability to come up with something amazing out of nowhere. A great example was showcased by the marketing team for Nissan Automobile.
Keeping into mind the fact that majority of the people conduct an online search before buying a car, they came up with the strategy to analyze customer behaviors during these searches and their visit to the online portals. Using these insights they were able to develop a better customer experience during their visit to the dealership. With this strategy, they were able to not only see a sharp rise in their sales but also develop better customer relationships as well.
Quite an intriguing example of how you can make the most of the available data!
The one thing that separates a top-notch marketer from just an ordinary marketer is their way of looking at things. While the regular guys are looking to stick to the predefined terms, a leading marketer is always on the hunt of something innovative, which could bring a revolution in the field.
This post is part of our contributor series. It is written and published independently of TNW.