Strategic Marketing Identifies Value Creation Opportunities For Driving Key Metrics And Creating Remarkable Customer Experiences
Ninety per cent of leadership is the ability to communicate something people want so the aim of marketing is to know and understand the customer so well that the product or service fits them and sells itself.
Marketing is not really a function. It’s a process that determines the fit between the requirements of the market (primarily customers) and the resources and capabilities of the business as well as the strategic means by which they will be met (the sale of products and/or services) on an ongoing basis in collaboration with sales.
Unless you understand your market landscape, its competitors, customers and their evolving journeys then creating and maintaining a sustainable competitive advantage is a matter of luck and luck is not a strategy you can rely on in business.
More to come ……
Go-To-Market (GTM) Strategy
In contrast to a traditional corporate strategy the purpose of a GTM strategy is to launch a new product or service.
A go-to-market (GTM) strategy is a comprehensive plan that organizations use to launch a product or service into the market. It encompasses every step required to succeed in introducing the offering to the target audience, generating interest, and driving sales. It encompasses:
Market Research and Analysis – to identify customer segments, problems or needs to be addressed and existing competition
Value Proposition – what makes the product or service unique (USP) and key messaging to support that
Marketing Strategy – branding and content for digital and traditional channels
Sales Strategy – the channels, processes and pricing that reflects the true value of the product or service
Distribution & Logistics – supply chain and fulfilment mechanisms to meet demand
Customer Service & Support – to ensure the optimal customer experience pre and post an investment
Metrics & KPIs – identify what needs to be measured and fed back to adjust strategy when required
It aligns organisational efforts, mitigates risks, maximises market penetration, drives revenue growth and builds brand equity.
Growth Marketing
Growth marketing, also known as growth hacking, is a strategic and data-driven approach to marketing focused on achieving rapid and sustainable business growth. Unlike traditional marketing, which often prioritizes brand awareness and long-term positioning, growth marketing is intensely focused on acquiring and retaining customers efficiently, optimizing every aspect of the marketing funnel from the top (awareness) to the bottom (conversion and retention).
Key Characteristics of Growth Marketing:
- Data-Driven Decision Making: Growth marketing relies heavily on data analytics to understand customer behaviour, track performance, and make informed decisions. This involves constant testing, measuring, and refining strategies based on empirical evidence rather than intuition.
- Cross-Functional Collaboration: Growth marketers often work closely with various teams, including product development, engineering, and sales, to implement strategies that drive growth. This collaboration ensures that all aspects of the customer experience are optimized for growth.
- Rapid Experimentation: A hallmark of growth marketing is the use of rapid and iterative experimentation to identify the most effective tactics. This could involve A/B testing different versions of a webpage, experimenting with different email marketing strategies, or trying out new social media campaigns.
- Full-Funnel Optimization: Growth marketers optimize every stage of the customer journey, from attracting potential customers to converting them into paying customers and retaining them long-term. This holistic approach ensures that no stage of the funnel is neglected.
- Scalability and Automation: Implementing scalable strategies and using automation tools to handle repetitive tasks allows growth marketers to focus on high-impact activities. Automation can include email marketing, social media posting, and customer segmentation.
- Customer-Centric Approach: Understanding and addressing customer needs and pain points is central to growth marketing. This customer-centric mindset helps in creating products and marketing messages that resonate with the target audience, thereby driving growth.
Core Tactics in Growth Marketing:
Content Marketing: Creating valuable and engaging content to attract and retain a clearly defined audience. This includes blog posts, videos, podcasts, infographics, and more.
SEO and SEM: Optimizing content and websites for search engines (SEO) and using paid search marketing (SEM) to drive targeted traffic.
Social Media Marketing: Leveraging social media platforms to engage with potential customers, share content, and drive traffic to the website.
Email Marketing: Using personalized and segmented email campaigns to nurture leads and retain customers.
Viral Marketing: Creating shareable content and campaigns that encourage users to spread the word organically, often leveraging social networks.
Referral Programs: Incentivizing existing customers to refer new customers through rewards or discounts.
Influencer Partnerships: Collaborating with influencers who have a large following to promote products or services.
Performance Marketing: Using paid advertising channels such as Google Ads, Facebook Ads, and affiliate marketing to drive measurable results.
Metrics and KPIs:
Growth marketing success is measured using specific Key Performance Indicators (KPIs) and metrics, including:
- Customer Acquisition Cost (CAC): The cost of acquiring a new customer.
- Lifetime Value (LTV): The total revenue expected from a customer over their entire relationship with the company.
- Churn Rate: The percentage of customers who stop using the product or service over a given period.
- Conversion Rate: The percentage of users who take a desired action, such as making a purchase or signing up for a newsletter.
- Retention Rate: The percentage of customers who continue using the product or service over time.
Scaling With Marketing
Scaling as Part of Marketing:
Market Penetration and Growth:
- Customer Acquisition: Scaling efforts in marketing often focus on acquiring more customers through various channels such as digital marketing, partnerships, and advertising.
- Brand Awareness: Increasing brand visibility and recognition to reach a larger audience.
Customer Retention and Loyalty:
- Retention Strategies: Implementing strategies to retain existing customers, such as loyalty programs, personalized marketing, and customer relationship management (CRM) systems.
- Customer Experience: Enhancing the customer experience to support growth and encourage repeat business.
Channel Optimization:
- Digital Marketing Channels: Utilizing and optimizing various digital marketing channels (e.g., social media, email marketing, SEO) to reach a larger audience.
- Performance Marketing: Using data-driven marketing tactics to maximize the return on investment (ROI) from marketing campaigns.
Content and Inbound Marketing:
- Content Creation: Producing high-quality, scalable content that attracts and engages a wider audience.
- SEO and SEM: Scaling organic and paid search efforts to drive more traffic and conversions.
Viral and Referral Marketing:
- Viral Campaigns: Creating campaigns designed to be shared widely, leveraging network effects to scale reach.
- Referral Programs: Developing referral programs that incentivize existing customers to bring in new customers, thereby scaling growth through word-of-mouth.
Omnichannel Marketing
Every marketing or sales channel works, whether it is pre or post-digital. It’s just a matter of finding the channels (and approaches) that work best for an organisation in delivering those key metrics.
Marketing As A Sales Tool
Marketing tools can be created to influence and sell remotely as proven by the direct marketing industry. The complexity of the product or service, and therefore the sales process, often determines whether it can be used across the entire buyer journey from discovery to close or whether a sales team is required to take the lead on qualification and closing as well as working alongside marketing for lead generation.