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Growth Marketing Experiments: An Innovative Strategy for Better Growth

Category : Growth Marketing Author : Vikram Kotnis Date : 31 Jul 2020

Do you remember the last time you saw any newspaper ad that contained even a quarter of the copy of this ad?

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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.

Awareness Acquisition
Activation Retention
Revenue Referral

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

Content consumption is highest among female audiences

Conversion

Conversion rates are maximum for male audiences

Consumers

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:

Market

Competition

Target group

SWOT analysis

Communication strategy

Media strategy

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:

Campaigns

Separate campaigns for females and males

DV 360

Various awareness campaign mediums, like Adroll and DV 360

Testing

Testing conversion campaign mediums, like a social media-focused campaign versus content marketing-focused campaign

Hyperlocal

Hyperlocal campaigns based on the sales of the last 6 months

Experiments

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
  • Conversions

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:

Rupees

With increasing content consumption, sales would increase for both females and males.

Arrow

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:

133% increment in time spent on the website, which means an increase in content consumption
214% increment in monthly sales
33% decrement in ACOS
17% increment in social media followers
DV 360 awareness KPI results were performing better than Adroll due to premium inventory
Google searches were increasing
Conversion from social media was increasing
 

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

DV 360 for awareness

Social media platforms

Social media platforms for conversions

Google Search Ads

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 vikram@amuratech.com

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Comments (40)

  Caleb posted 28 days ago

You have covered growth marketing extensively and elaborately. Few articles on the internet have done it this well. Kudos on the great piece!

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  Pink posted 28 days ago

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.

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  Sean posted 28 days ago

It's the first time I am encountering the conversion funnel idea. Suffice to say I am very impressed.

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  Laura posted 28 days ago

I am in love with your seven step process. I would recommend them for any company!

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  Terry posted 28 days ago

No single marketing strategy can guarantee a 100% success rate. It is always prudent to try out a variety of different techniques.

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  Desma posted 28 days ago

Nowadays I see some very creative ads all over the web. I think that shows how far growth marketing has come.

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  Olga posted 28 days ago

Relying on one ad is like putting all your eggs in one basket. It's just not the way to go anymore.

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  Penny posted 28 days ago

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.

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  Marley posted 28 days ago

It's amazing how much advertising has changed in recent times. The industry is so dynamic to say the least.

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  Rickard posted 28 days ago

The first few seconds are very important in grabbing a reader's attention. Good growth marketing experiments focus on this.

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  owoideh posted about 1 month ago

I like the steps for the framework like Understanding the Conversion Funnel using Pirate Metrics

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  Smith Joe posted about 1 month ago

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

  Gunner posted about 1 month ago

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.

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  mabel posted about 1 month ago

Businesses should know that You need to test multiple ways of consumer engagement to ensure top-of-the-mind recall and drive conversions.

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  Adebayo Adeola posted about 1 month ago

The successful implementation of the traditional business will determine the digital progress and achievement.

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  Tommy posted about 1 month ago

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

Leave a Reply

  kelly posted about 1 month ago

if you want to leverage your brand’s legacy to increase sales. To achieve this, we would dig up insights

Leave a Reply

  Susy R posted about 1 month ago

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.

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  Sylvia posted about 2 months ago

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!

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  Storm posted about 2 months ago

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.

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  Anderson posted about 2 months ago

Identifying growth areas as well as gaps is of key importance. These basically point to the opportunities in the market.

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  Shantel posted about 2 months ago

The conversion funnel is actually a genius idea. I can't believe I never thought of it before.

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  Louis posted about 2 months ago

This is a well detailed and elaborate process. Most of all it takes into account the key performance indicators.

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  Teddy posted about 2 months ago

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.

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  Daphne posted about 2 months ago

I have come across some interactive flash ads in my web travels. I think that's a good way to engage potential customers more.

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  Oliver posted about 2 months ago

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.

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  Patricia posted about 2 months ago

I love the point you brought out with the old newspaper ad. Indeed, there has been such a huge paradigm shift in recent times.

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  Meg W posted about 2 months ago

Advertising has shown some drastic changes over the past couple of years. What worked a decade ago would never work today.

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  Roy posted about 2 months ago

The attention span of the average consumer has greatly reduced. As such new innovative ways off getting their attention are required.

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  Stacee posted 2 months ago

I like the analytical way in which you approach things. The marketing chart examples really drive it home for me.

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  Helen posted 2 months ago

The funnel has replaced the traditional landing page. You need multiple touch points to convert visitors nowadays.

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  Rodney posted 2 months ago

"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!

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  Maury Cheskes posted 2 months ago

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.

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  Hope posted 2 months ago

The should be a way of diversifying ads to not get lost. The content is just so much online.

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  conrad pranze villas posted 2 months ago

I am so happy to come across this site. I always gain new knowledge with every content.

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  love posted 2 months ago

Picking Areas of Focus is really a good step. It will enable one have a better result than spreading more

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  Alex posted 2 months ago

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.

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  Wilson Jake posted 2 months ago

Digital marketing has really been 99% used, thanks to COVID 19. This piece is really an eye opener. Thanks for sharing

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  Meldred Judith posted 2 months ago

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.

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  Oyeyipo Oladele posted 2 months ago

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.

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