This blog will discuss five ways to start preparing for successful growth marketing in 2023.
But first things first.
Why is it important to plan your growth marketing ahead of time?
It’s vital to take a thoughtful, step-by-step, well-planned approach to your growth marketing. For, if done rightly, it can bring in several priceless benefits that can accelerate your business’ success. These benefits include
- Encouraging you to reconsider old practices and assumptions: Doing things the way you’ve always done them isn’t a scoring procedure. A good growth marketing plan will help you think out of the box.
- Lowering risk by taking new facts into account: Developing your growth marketing plan would require you to re-evaluate your marketplace, target audience, competition, and value proposition. This will help lower risk.
- Provides accountability: Growth marketing planning makes your teams set goals and gauge their progress toward those targets. It also holds the management accountable for providing sufficient resources to them.
- Maximizes impact: Planning ahead of time gives you greater control of your marketing, maximizing its impact.
- Gives a competitive advantage: When you plan your growth marketing, you’d have to ponder over what differentiates you from your competitors. When you come up with compelling differentiators, you gain a competitive advantage over your counterparts.
5 Ways to prepare for successful growth marketing in 2023
Now that you got to understand what makes planning your growth marketing important, here are five ways to prepare for successful growth marketing in the upcoming year.
Successful growth marketing should be backed by research. You need to review data specific to your industry and look at your customers’ current perceptions of your brand. These are crucial to consider when coming up with a marketing plan for the future. Along with these, you also need to include general trends to stay up-to-date and relevant.
Besides, you also need to know what marketing strategies your competitors are employing. Here are some questions to which you need to take time to research your market and industry to find the answers.
- What are the benchmarks and average costs for marketing tactics in your industry?
- What are the trends in your niche that might impact your business?
- Who are your competitors? What are their best marketing techniques and what aren’t?
- Get to know the economic pressures on consumers
A marketing niche that is gaining more significance in providing value to consumers in a scenario of rising inflation is economic pressure. The recent pandemic has left more economists predicting this. Brands can make the most out of this situation by employing empathetic messaging and strategies that could help them.
For instance, they can offer discounts and special promotions. They can also add value by running loyalty programs. All these can build trust with consumers. Another strategy is to run a referral program that can provide them with a means to earn money in exchange for referring you around. A referral software tool can help you in this regard.
When it comes to empathetic messaging, marketers should also track consumer sentiment to prepare themselves to adapt their messaging to evolving economic situations.
- Build brand trust with Gen Z
Gen Z or Zoomers refers to those born in the years- the mid to late 1990s and the early 2010s. A study reported that this generation has around $360 billion in disposable income and that their spending potential will increase as more of them start earning. So, brands and their marketers need to understand their values and preferences and accordingly deliver content, products, and experiences.
A study says that Gen Z seeks more personalized advertising than Baby Boomers and Millennials. They don’t find celebrity endorsements appealing. They also dislike YouTube ads and television ads. That’s because these lack an element of personalization in them. Forbes has listed two ways in which brands can convincingly market to this generation-
- Reach them through social media. Make sure there’s brand inclusivity in all your marketing messages and ads there. Brand inclusivity is nothing but addressing all forms of diversity in your audience.
- Align your marketing messages and ads with Gen Z’s progressive way of thinking to strengthen their brand affinity.
- Outline your marketing plans and set a schedule
Start outlining your growth marketing plans. Focus on those marketing strategies that brought you the best results in the past and fix the dates for them on a calendar. Also, identify the activities you believe would help you meet your sales goals and include campaigns that you’d like to try and test. Schedule launch dates as well as durations for each campaign.
Besides, evaluate the resources that would be needed for launching each campaign. When you lay out your marketing plan, don’t forget that you’ll have to look back and evaluate the outcomes of your efforts. So, set up data systems to enable you to regularly check in and gauge your success.
- Facilitate flexibility
Remember that you’d need to make adjustments in your growth marketing plan as and when required. Your situations, prospects, or even business might change. So, always leave room for alterations in your plan. Review your plan periodically to revise for these things, while adhering to your sales goals.
Ask yourself these questions as you reconsider your plan:
- Which marketing strategies or activities are bringing good results?
- Which ones require improvement?
- Is my pipeline sufficient to accomplish my goals?
- Does my team require more marketing skills refinement or training?
- Are the right things being done in adequate amounts?
Preparing an efficient growth marketing plan is just the tip of the iceberg. Its execution is a big task requiring a lot of commitment and understanding. Everyone on your team needs to comprehend what has been laid out and what their role is in launching the plan. This will help in increasing your likelihood of success and profitable growth.
**About the Author: Shivani Goyal is a content writer at InviteReferrals, which provides referral software that allows businesses to attract new customers from existing customers through referral campaigns.