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
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