The coronavirus pandemic has not only caused severe health and humanitarian crisis but has also given rise to enormous business challenges around the world. The dearth of consumer demand, significant modifications in regulations, interruptions in the supply chain, job losses & unemployment, economic recession and more have only added to the already looming uncertainty. And just like most other sectors, the business sector needs to bounce back and find ways to recover.
Developing a marketing strategy in times like these is tricky but it all boils down to how to adapt to this current scenario and think about business growth. At a time when most people are confined to their homes, brands need to adjust not only the way they do business but also why they do business. That’s why having a growth marketing mindset is necessary to navigate this pandemic-ridden landscape. But before we elaborate, let us brush up on the basic principles of growth marketing.
What is Growth Marketing?
Growth marketing refers to a sum of experimental strategies implemented to bring out growth in a certain aspect of business. The aspect you want growth in will depend on your business and your future goals. It differs from traditional marketing as it focuses on the whole customer sales funnel and not just the top. It aims to create loyal customers and not just on acquiring leads. It doesn’t have a cookie-cutter marketing plan. Results are achieved by working across channels, funnels, and through agility within departments.
Growth marketing is thus, an overall marketing strategy that produces long-term growth and promotes customer loyalty.
How Growth Marketing Can Help During COVID
Marketing during COVID-19 requires an understanding of the current scenario in terms of consumer sentiments and their preferred online platforms while ensuring brand recall and relevancy. Here are some of the growth marketing strategies to implement during the pandemic.
The New Buyer Journey
During COVID-19, consumers will adapt to doing everything at home. Digital experiences will replace in-person experiences. Some of the new habits will become the new normal – even after the crisis passes. Looking ahead, the best companies in the world will prepare now for how to meet the needs of consumers when the recovery period begins and this is where growth marketing can be helpful.
Due to the lockdown, consumers have been forced to be exclusively online, creating a sharp focus on digital channels. For instance, e-commerce shopping has accelerated now that physical stores are off-limits. Brands are increasingly pivoting to a direct-to-consumer (D2C) business model – selling directly to consumers through mobile and digital channels. Growth marketing helps in identifying these opportunities and gives your brand more online visibility.
Since people are spending more time online and on various digital platforms currently, you need to be able to provide a consistent message no matter how they interact with your company. Create a comprehensive growth marketing strategy and voice that translates similarly across multiple touch-points, including your website, mobile app, social media, and content.
Fresh data and accurate insights have never been more important. In these uncharted territories, relying on instincts alone is dangerous. By collecting enough data on buying behaviours you can place yourself in a better position to anticipate and react to consumer needs. You can also reach out to past customers and focus on retention based on previous data.
Small Budgets Experimentation
Experimentation is an important aspect of growth marketing. It’s difficult to know exactly what is going to work in such an uncertain environment. So there is no use spending all your budgets on a guess. But by creating multiple hypotheses and then testing them, will help your business figure out what is working. Then you can simply put all your efforts and budgets on the hypothesis that is yielding the maximum results.
Analysis & Optimizations
Analysis and optimizations are the next steps to modify your campaigns on-the-go. By collecting data and using analytics about website visits, sales, or whatever metrics are most important to your business, you can then scale with the ideas that work and drop the ones that don’t. Once you receive crucial insights from the data you can modify your campaigns to drive better results.
Agility in Internal Processes
Growth marketing processes are extremely agile, meaning there will be quicker turn-around-times for all internal processes in your company. While it’s important to recognize the uncertainties and fears surrounding COVID-19, enabling your team to really understand your customers and act based on timely insights is key to navigating your way through this crisis both for your marketing team and your company.
This moments of crisis has paved the way for social solidarity, resulting in an increased sense of community. During these uncertain times, people won’t be as trusting of brands as earlier. So building a community of engaged users through growth marketing helps endorse your brand and radiate a sense of trust for your products and services.
Final Thoughts: Focus on Customer Experience
The most important thing to keep in mind while marketing during this pandemic is empathy. In worrying times like these, focus on instilling confidence by providing them with the means to cope, spreading the right information, and going above and beyond to help your consumers. Being empathetic and prioritizing customer experience will help your business stand out and build a loyal consumer base.
Need help devising the right growth marketing strategy for your brand? We are happy to help! With over 10 years of experience in growth-focused marketing, Amura is a growth marketing agency with 250+ clients across diverse industries.