More than 50% of businesses don’t have a growth marketing strategy.
Investing in marketing campaigns without having a scalable and repeatable process is like driving a car with blindfolds on.
It’s dangerous.
Businesses, especially the ones in their early stages, face numerous challenges while reaching out to their target audience, generating leads, and converting them into paying customers.
Carrying out thorough competitors’ analysis and implementing the same tactics won’t deliver results.
What works for one business won’t necessarily work for another.
While two companies may offer the same products or services, it’s important to note that both of them have different business models.
Their customer journeys are completely different.
Hence, it’s crucial for businesses to equip themselves with a strategic vision and a roadmap.
Why Do You Need a Growth Marketing Framework?
“Tactics without strategy is the noise before defeat.”
– Sun Tzu
Without a marketing framework in place, you will probably be wasting your time and efforts.
If you have been tuning in to your blog posts, you may have already felt the full force of growth marketing by now.
This methodology is one of the hottest topics of discussion in the marketing industry right now. And if you want to level up your marketing campaigns, you need to incorporate it into your existing marketing model.
From helping you analyze your company’s existing condition to looking for potential hurdles to addressing them the smart way, growth marketing is the one-stop-shop and home to killer marketing campaigns that truly deliver results.
It’s a data-oriented methodology with one single purpose – stimulating growth.
This blog post lists out the six steps you should follow to develop a winning growth marketing framework for your business.
Let’s have a look.
The 6-Step Growth Marketing Framework
Follow these steps, and in no time, you will have a winning growth marketing framework in place for your business:
- Define Objectives & Key Results (OKRs)
- Brainstorm Ideas & Prepare a List of the Tactics You’ll Be Testing & Applying
- Prioritize the Ideas to be Tested
- Begin Testing
- Implement Your Ideas & Analyze Results
- Create a Scalable & Repeatable Process
Define Objectives & Key Results (OKRs)
OKRs is a critical thinking and goal-defined framework and goal setting methodology used by Google and other large organizations around the world to align their goals and make sure that everyone within the organization is working together on the goals that actually matter.
So, the first step towards building a result-oriented growth marketing framework is to set your objectives.
Make sure that they are granular enough that you are able to understand whether they are being achieved or not.
While setting objectives, consider these important tips:
- Push for new achievements
- Set 3-5 objectives
- Make sure that you set your objectives such that you are able to figure out whether the results are being achieved or not.
Once you set your objectives, the next step is to set key results, which will help you set a time frame for the objectives you are setting. Some tips to consider while setting key results are:
- Define three key results for every single objective
- Describe outcomes in detail
- Make sure that the evidence stating the completion of the objective is easily accessible.
Brainstorm Ideas & Prepare a List of the
Growth Marketing Tactics You’ll Be Testing & Applying
Now, to reach your objectives within the set time frame, you need to apply the right set of tactics that deliver the best results.
The core concept of growth marketing is to test different tactics, note down results and implement the most effective ones in your future marketing campaigns.
So, the next step is to brainstorm ideas, carry out thorough competitors’ analysis, dig the world wide web and prepare a list of all the tactics that have been known to deliver results.
While doing so, it’s advisable to record all of these ideas in a safe place like Spreadsheet or Trello. For better collaboration, you may opt for a paid tool, helping everyone within your organization easily be able to document their ideas efficiently.
Prioritize the Growth Marketing Ideas to be Tested
Now, step three involves reviewing the spreadsheet or the safe place where you’ve documented all the ideas and prioritizing them based on the following elements:
- Has one or multiple of your competitors benefited from this idea?
- What’s the probability of success?
- How will this idea impact your marketing campaigns?
- What’ll you need to implement this idea?
- How much effort will your team have to put in?
- How much time will you have to wait until you see any results?
After successful prioritization, it’s time to start testing them one-by-one.
Begin Testing
Now, while testing different ideas, I’d advise you to create a separate experimentation document where you can state the objective, the time frame, Key Result I, Key Result II, Key Result III.
Share your hypothesis. Make sure you are smartly justifying your assumptions based on both quantitative and qualitative data.
Implement Your Ideas & Analyze the Results
It’s time to execute your experiments. Set the timeframe between 30 and 90 days and track the results every single week.
Based on your observations, ask yourself:
- Did the experiment match my expectations?
- How did it impact my existing marketing campaign?
- How accurate were my predictions?
- What was the impact on the ROI?
Based on your objectives, prepare a list of questions you’d like to ask. These questions will help you review your experiments and figure out the tactics that work best for you.
Create a Scalable & Repeatable Process
Finally, after reviewing the results, create a scalable and repeatable process that focuses on applying the best set of tactics in an efficient manner, helping you grow your business the smart way.
From attracting new customers to retaining the already-existing ones, this growth marketing process will help you stand out from the pack and take your business to unimaginable heights.
Conclusion
Growth marketing is not a buzzword anymore.
Instead, it’s a data-oriented methodology equipped by thousands of successful businesses around the world.
And if you want to skyrocket your sales and take your business to the moon, you need to have a well-planned growth marketing framework.
Harness the power of growth marketing with OBT creative growth marketing experts on your side.
Reach out to us today.
