Do you remember the last time you saw any newspaper ad that contained even a quarter of the copy of this ad?
Chances are, you don’t. And even if you do, it must have been at least a 20-year old one! The simple reason behind this fact is the change in consumer behaviour.
Back in the day, copywriters had the privilege of writing long-copy ads because consumers had time to read them! Fast forward to 2020, consumers are not only short on time, but they have short attention spans and they barely read the newspaper! And that’s why modern-day advertising is much crisper and more visual. This is just one example that shows old marketing strategies cannot help you win new-age consumers.
Today, you cannot put out one ad and be completely dependent on its success. Simply because your ad will get lost in the sea of online content and consumers won’t remember your product. You need to test multiple ways of consumer engagement to ensure top-of-the-mind recall and drive conversions. For which, growth marketing is a perfect choice!
Growth marketing is a data-driven and experimentation-led approach. Instead of putting all your eggs in one basket and hoping to get results, growth marketing involves running multiple ‘experiments’, scaling the successful ones and eliminating the underperforming ones to increase your marketing efficiency. What’s more, this modern marketing technique provides you with a faster go-to-market strategy and helps you achieve better return on investment! How?
Read about our 7-step experimentation framework below.
Step 1: Understanding the Conversion Funnel using Pirate Metrics (AAARRR)
We begin by understanding your consumer’s path to purchase and setting particular Key Performance Indicators (KPI) according to each section of the sales funnel.
Step 2: Pick Areas of Focus
By studying the conversion funnel, we identify growth areas as well as gaps in the entire journey. Let us consider an example to help you understand better.
Say you want to leverage your brand’s legacy to increase sales. To achieve this, we would dig up insights, like:
Content consumption is highest among female audiences
Conversion rates are maximum for male audiences
Most of your consumers are millennials
Step 3: Brainstorm Experiments
Based on such insights, we would brainstorm ideas to create different experiments on the basis of:
1. Your product marketing strategy, which includes:
2. The problems we are trying to solve
For our case, we would create two separate strategies for awareness and conversion. Simultaneously, we would also leverage social media to appeal to the millennial audience. Experiment ideas could include:
Separate campaigns for females and males
Various awareness campaign mediums, like Adroll and DV 360
Testing conversion campaign mediums, like a social media-focused campaign versus content marketing-focused campaign
Hyperlocal campaigns based on the sales of the last 6 months
Different communication-related experiments
Step 4: Prioritize Ideas for Experiments
Generally, we dedicate 15-20% of the budget for experimentation. So, we prioritize only efficient and effective ideas to experiment. In this example, let us assume the ideas that offer the best ratio of potential growth to resources required are:
Female vs Males (TG level)
- Consumption of content
Awareness campaign mediums
Adroll vs Display campaigns vs DV 360
Conversion campaign mediums
Social media focused vs content marketing focused
Step 5: Devise Hypothesis for Experiments
Using existing data from previous experiments, we would hypothesize how much growth each of our prioritised ideas would drive at each level. We would set the KPIs for each experiment based on the objectives.
In the above-mentioned case, let us assume that we come up with these hypotheses:
With increasing content consumption, sales would increase for both females and males.
Right messaging to the right audience through the right platforms would drive double sales in a span of 2 months
Step 6: Run Experiments
We would run the proposed experiments for a short period in the initial phase of our execution to check their performances. Then, we would analyse the results with set KPIs in a target versus achieved format.
After running the experiments for, say, 15 days, let us assume that we find out:
Step 7: Scale the Winning Experiments and Drop the Others
Analysing the results, we would double down upon successful experiments and iterate them for continued results on one hand. On the other hand, we would learn about the experiments that are not doing well and stop them.
Based on the results of our example, we would scale strategies using:
DV 360 for awareness
Social media platforms for conversions
Google Search Ads
After traditional marketing, digital marketing became the new way to drive results. However, following simple digital marketing strategies is not enough in today’s competitive market. Because that is what your competitors are doing too! If you need to stay ahead of the curve, you need an elaborate strategy that uses technology and data to deliver better results.
At Amura, we follow a rigorous experimentation framework that goes beyond the generic standards. To find out what we, as a growth marketing agency, can do for your brand or product, get in touch with us.
Email at firstname.lastname@example.org
Leave a comment
You have covered growth marketing extensively and elaborately. Few articles on the internet have done it this well. Kudos on the great piece!Leave a Reply
After each growth marketing experiment, it is prudent to do a thorough recap and see what worked and what didn't. So doing helps a company know what to drop and what to keep doing.Leave a Reply
It's the first time I am encountering the conversion funnel idea. Suffice to say I am very impressed.Leave a Reply
I am in love with your seven step process. I would recommend them for any company!Leave a Reply
No single marketing strategy can guarantee a 100% success rate. It is always prudent to try out a variety of different techniques.Leave a Reply
Nowadays I see some very creative ads all over the web. I think that shows how far growth marketing has come.Leave a Reply
Relying on one ad is like putting all your eggs in one basket. It's just not the way to go anymore.Leave a Reply
Indeed, I can't even recall the last time I took time to read a lengthy newspaper ad. Consumers have such short attention spans nowadays.Leave a Reply
It's amazing how much advertising has changed in recent times. The industry is so dynamic to say the least.Leave a Reply
The first few seconds are very important in grabbing a reader's attention. Good growth marketing experiments focus on this.Leave a Reply
I like the steps for the framework like Understanding the Conversion Funnel using Pirate MetricsLeave a Reply
For markrting growth one need to test multiple ways of consumer engagement to ensure top-of-the-mind recall and drive conversions.Leave a Reply
Digital market got its existence from the traditional marketing. This post has really shield light on the two for our consumption for a progressive result.Leave a Reply
Businesses should know that You need to test multiple ways of consumer engagement to ensure top-of-the-mind recall and drive conversions.Leave a Reply
The successful implementation of the traditional business will determine the digital progress and achievement.Leave a Reply
After traditional marketing, digital marketing became the new way to drive results. However, following simple digital marketing strategies is not enough in today’s competitive marketLeave a Reply
if you want to leverage your brand’s legacy to increase sales. To achieve this, we would dig up insightsLeave a Reply
A company must understand how to market an effective product with significant growth. Especially with this competitive market, this article has provided a lot of information for me about all of this.Leave a Reply
A very clearly written and detailed explanation of how to go about formulating marketing experiments. So much to learn as usual. I love the articles!Leave a Reply
Evaluation of each experiment is what helps us determine which ones to drop and which ones to scale up. I like this methodology a lot.Leave a Reply
Identifying growth areas as well as gaps is of key importance. These basically point to the opportunities in the market.Leave a Reply
The conversion funnel is actually a genius idea. I can't believe I never thought of it before.Leave a Reply
This is a well detailed and elaborate process. Most of all it takes into account the key performance indicators.Leave a Reply
Worth noting is that there is no guarantee that the experiment will work. If that is the case we can always modify the plan and try again.Leave a Reply
I have come across some interactive flash ads in my web travels. I think that's a good way to engage potential customers more.Leave a Reply
As you have rightly put it, today one cannot simply rely on the success of a single ad. It quickly gets lost in the sea of ads everywhere nowadays.Leave a Reply
I love the point you brought out with the old newspaper ad. Indeed, there has been such a huge paradigm shift in recent times.Leave a Reply
Advertising has shown some drastic changes over the past couple of years. What worked a decade ago would never work today.Leave a Reply
The attention span of the average consumer has greatly reduced. As such new innovative ways off getting their attention are required.Leave a Reply
I like the analytical way in which you approach things. The marketing chart examples really drive it home for me.Leave a Reply
The funnel has replaced the traditional landing page. You need multiple touch points to convert visitors nowadays.Leave a Reply
"you need an elaborate strategy that uses technology and data to deliver better results": I definitely agree 100% with this statement. It's not good enough just to be good these days. You have to be GREAT in order to rise above all the noise and competition!Leave a Reply
You definitely have to get with the times if you want to be a successful marketer. There is a huge multitude of ways to get your content seen and it's best to use data and experiments for optimum results. While the mediums of marketing has drastically changed, the drive stays the same and any person that puts the time and effort into their writing or business startup has a chance for growth.Leave a Reply
The should be a way of diversifying ads to not get lost. The content is just so much online.Leave a Reply
I am so happy to come across this site. I always gain new knowledge with every content.Leave a Reply
Picking Areas of Focus is really a good step. It will enable one have a better result than spreading moreLeave a Reply
i may not be the marketing expert. To me this is too technical. However, I still appreciate new concepts. At the end as long as it can make a service/product better it is okay.Leave a Reply
Digital marketing has really been 99% used, thanks to COVID 19. This piece is really an eye opener. Thanks for sharingLeave a Reply
This is a lot of studying to do but it's all worth it in the end. I can't wait to do these steps for my future success.Leave a Reply
The growth of every business is the main target of every CEO of the firm. I see future for organizations with this marketing strategy tips.Leave a Reply