Just a few months ago, we were all mapping out what 2020 would look like for each of our companies. Who could have predicted Q2 kicking-off in the middle of a global pandemic? While the long-term implications of COVID-19 are sure to be significant, one thing is for certain: your business deserves to survive this crisis.
For most businesses, many short-term objectives are already pretty clear; ensuring safety, adapting business models, pivoting to digital, or conserving cash, to name a few.
Holding the big-picture in mind is essential during every business decision being made right now. Now more than ever, where and how you’re spending your marketing budget matters. Executing targeted growth-marketing campaigns now will help generate strong returns and place some control back in your hands.
So let’s unpack it.
What’s growth marketing? At its core, growth marketing uses campaigns to achieve specific business growth objectives. No matter the type of campaign (email, social, direct mail, etc.), the ultimate job is to deliver on growth objectives (sales, gross profit, lifetime value, etc.).
Why growth marketing? It just makes sense. Marketing is more successful when it is informed by your growth goals. After all, marketing’s first job is to promote and sell products and services. This generates cash flow- the lifeblood of any business. Second, marketing that aligns with specific growth objectives is far easier to measure and demonstrate ROI.
Why make the shift now? Security and survival. COVID-19 has forced us to evolve how we operate our businesses in a way that most companies have never seen. Being proactive and thinking big-picture is one of the best things any leader can do right now. This is the time to focus on high-value strategic efforts that generate sales, improve customer experience, and protect revenue. In times of crisis, consequences are amplified, so creating positive ROI on your marketing efforts is especially critical.
How do you know if you’re already doing growth marketing? Easy. If you and your team can easily describe the growth objectives each of your marketing campaigns are driving, you’re likely well on your way. Bonus points if you already measure campaign ROIs by your growth objectives. For example, “every dollar we spend on XYZ campaign generates $10 in gross profit.”
How do you get started? First, shift your investment away from non-growth marketing. Then, start designing marketing campaigns by identifying the specific growth objectives they will drive. Next, determine how you will track performance and measure ROI before you invest a penny. Repeat campaigns as necessary to drive growth and ensure your business comes out on the other side secure and positioned for continued success.
This is an uncertain time, but we’re here to help provide clarity wherever we can. Click here to schedule a time to talk with one of our partners about what growth marketing could look like for you.