For many, 2022 was a year of challenges in terms of growth marketing. As new trends emerged, some businesses adapted to changes in market practices and customer behavior, while others missed out on a range of lucrative opportunities. In 2023, it’s time to review your results and ensure that you’re positioned for a year of growth and success.
To help you reach your goals, Myosin has prepared a growth marketing checklist of the major steps you should take. Read on to discover the most important growth marketing trends and how you should apply them.
Some Key Growth Marketing Trends From 2022
But, before unveiling the checklist, let’s review some game-changer growth marketing trends that hailed in 2022.
The emerging importance of digitalization
Digitalizing your communication channels and experiences is more urgent than ever. According to a survey conducted by Deloitte, 75% of global executives said they would invest in more hybrid experiences in 2022. The same report shows that a sharply increasing number of young people prefer to make purchases through social media platforms, virtual reality headsets, and voice assistant technology.
After years of social distancing, people want brands to speak to them more than ever. A report by McKinsey & Company shows that 71% of consumers want companies to personalize their interactions. Furthermore, businesses that prioritize personalization experience above-average revenue growth.
The influencer marketing sector is thriving
According to a report conducted by Influencer Marketing Hub, more than 75% of marketers planned to allocate a budget to influencer marketing in 2022. The impact influencers have on customer behavior is significant, especially through their video-based content.
Now, for the most current trends, here’s our checklist.
Our Growth Marketing Checklist
This section will guide you through the main steps of finding new channels for growth in 2023.
1. Audit your marketplace
To succeed in your growth marketing journey, auditing your marketplace and analyzing your past actions are crucial. Previous marketplace analyses or brand audits can serve as a reference. Just make sure to adapt each detail to current trends and predictions.
First, define your product or service and target audience. Demographics, interests, social media activity, and purchase intentions are all critical factors to consider. Once you know your target audience, the next step is to see how they behave online. Examine the content they search for and see what motivates their purchases. We use AI-powered tools to determine this for you.
Second, specify your most important competitors in the sector. Look at their offerings, prices, and conversions, if possible. Compare their performance to yours. How do they rank on Google? Do they get excellent customer reviews?
Finally, look into your own results from last year. Did you achieve most of the goals you set? Is there anything you could have done better? What were your biggest obstacles?
2. Define your offerings in an engaging way
Having an excellent product or service isn’t always enough to grow your sales. To attract new buyers, you need to present your offerings in an appealing way. Focus on what useful solutions they provide, what problems they solve, and how they make your customer’s life easier. Accentuate the aspects that set them apart from competitors.
Some customers prefer to buy products with a free shipping offer (as a matter of fact, free shipping is an influential factor in customer purchasing decisions). Others opt for subscription-based models. Quantity discounts and customer loyalty programs are popular incentives, too.
There are various ways to display your products. However, it can be difficult to find the combination that unlocks the largest new segments of buyers. To see an example of how successful brands tackle this problem, let’s take a look at Apple’s product page for the Watch Series 8. Instead of just showcasing the benefits and specs, it offers various scenarios in which the product can be useful. It explains how each feature adds value to the customer in an easily understandable and visually pleasing way.
3. Create effective lead magnets and tripwires
From first discovering your products to purchasing them, your buyers are on a journey. To make their decision quicker and easier, use lead magnets and tripwires.
The two most common types of lead magnets are free guides and ebooks on a topic that interests the customer. Demonstrating your knowledge and expertise through easily accessible, informative content indicates that your product or service is of high quality.
The famous American cloud-based software company, Salesforce, operates an online learning platform called Trailhead. While learning new skills and earning credentials for free, users of Trailhead become more knowledgeable about Salesforce, as well.
A more common example of using lead magnets is when coaches offer a free workout routine in return for subscribing to their newsletter. That’s what personal trainer Maricris Lapaix does on her website by providing a free 28-day challenge in exchange for your e-mail address.
Once you’ve gathered some leads with an effective lead magnet, it’s time to use a tripwire. A tripwire is an offer with a reduced cost that shortens the consideration process and encourages your user to buy immediately. Great examples include a discount for the first few months of a subscription or a mini course for a fraction of the price of the full course.
Lead magnets and tripwires are excellent tools to provide valuable content for your potential customers. They strengthen the connection between your business and the buyer and bring them one step closer to conversion.
Another popular way to grow and activate your community is by providing exclusive discounts, perks, materials, or courses for subscribers. For example, take a look at Hubspot’s marketing offerings, a popular CRM platform. The company provides access to numerous free tools, templates, checklists, and learning resources for new and experienced marketers. These methods are highly effective when you want to build an engaged community.
4. Build and manage effective funnels
With buyers at various stages of the customer journey, you must properly manage every phase of your cycle. Below are some examples of how to accompany and shepherd customers through each stage – from brand awareness to conversion.
The awareness stage is when customers realize they have a problem. In this phase they recognize and define their problem. They likely will be interested in informational resources. That’s when your brand should show up in search engine results, social media posts, videos, or other media channels.
During the consideration stage, customers desire ways of solving their problems. This is a great time to offer your lead magnets, such as ebooks, guides, webinars, and courses to guide them to your website and into your email marketing stream. This educates the customer while keeping your brand top of mind as a solution provider.
In the decision stage, buyers assess all the alternative solutions and are ready to commit to a decision. Your goal here is to provide effective tripwires like free trial periods and discounts to get them through any last objections and over the finish line (aka conversion!).
Remember, building funnels is not enough in the long run. You must constantly manage, evaluate, and enhance your funnels and micro funnels to succeed. Automation helps, but real growth requires perpetual optimization.
5. Maximize your revenue potential
When your customer finally decides to purchase your product, do you maximize their lifetime value? Or, do you just focus on the next potential customer instead?
Don’t make the mistake of not paying enough attention to customers that have already made a purchase. In reality, the real growth marketing magic happens here.
Customer retention is one of the hardest parts of growth marketing. However, done correctly, it elevates your brand and maximizes your income. With excellent offer variations, attractive incentives, and advocacy, you can retain your customers in the long term. Not to mention, the new sales happy customers generate by sharing their good experiences with friends and family.
According to McKinsey&Company, word of mouth is the leading influencer behind 20% to 50% of all purchasing decisions. Customers are more likely to trust the opinion of someone they know, especially if they hear a raving review about your products or services. This is where creating an easy, user-friendly, and memorable customer experience not only leaves customers satisfied but also creates loyal consumers that will market your brand for you, generating even more traffic.
6. Assess and increase your performance through media testing
Media testing is one of the most critical steps to achieving your growth marketing goals. To find the growth marketing strategy that fits your brand, you need to compare and test all the different methods and channels that may generate revenue.
One example of media testing is creating at least two different sets of ads or targeting different groups with specific demographics for the same campaign (often referred to as A/B testing). It might take some time before you find valuable results, but it’s a highly effective method to scale your media.
Growth Marketing Trends to Implement in 2023
Now that you’re familiar with every step from this growth marketing checklist, let’s see some growth marketing trends you should watch out for in 2023.
A dynamic customer experience with AI
According to a study by Deloitte, customers are eager to buy from companies with timely offers and knowledgeable customer service. The consulting firm suggests that the optimization of artificial intelligence (AI) within the customer experience is the answer to achieving growth and success.
Why? The use of AI allows for more personalized and relevant interactions with customers. They are more likely to get all the information and offers they need at the right moment and in a way that appeals to them. Combined with a professional human workforce, this new approach can lead to more engaged customers and more sales.
Short-form videos will be even more popular
A report from HubSpot states that 90% of marketers who use short-form videos will maintain or even increase their investment in 2023. Creating short-form videos as a marketing tool is among the most popular trends, as younger generations tend to prioritize this form of media.
When asked in a survey, 40% of Gen Z customers said that they prefer to see ads in Stories, Reels, and TikTok formats. The power of short-form videos is bigger than ever, as younger audiences look for dynamic, easily consumable content. Today, approximately 40% of young people use TikTok or Instagram instead of Google to search for things like places to eat.
Sustainability and inclusivity
Customers — especially younger generations — prefer to purchase from companies that positively impact society. According to a study conducted by Deloitte, more than 60% of Gen Zs would pay more to get an environmentally sustainable product. Another survey shows that 76% of Gen Zs and 72% of millennials consider inclusivity and diversity important topics to be addressed by brands.
Since the combined spending of millennials and Gen Z is around $740 billion and growing, brands and marketers should consider adapting to their buying preferences more. Aim to advertise with a purpose and inspire people to make conscious decisions. However, being authentic and honest is paramount. Make sure that your message always aligns with your actions.
Setting Yourself Up for Success in 2023
Understanding and implementing all the necessary growth marketing tactics for your business can be a challenging task. To succeed, you need to create a smart and effective growth marketing strategy that propels your growth to the next level.
If you’re looking for a partner that can help you achieve your growth marketing goals, Myosin is here to help you. With a team of highly experienced professionals and unmatched access to data and analytics, we provide you with all the tools, playbooks, execution, and support you need to grow your brand.
Contact us and take your growth marketing strategy to the next level.