In practice, digital marketing is very straightforward in terms of process. Marketing is done because we want to increase sales. Our business determines how direct a point of sale our online services can be. Even if we do not want or cannot sell directly from an online store, we can still generate better leads for sales through this channel or help our customers do more business with us.
When we remember marketing’s role as a sales driver, we are already well on our way to effective digital marketing. Of course, without concrete actions, it is quite unrealistic to expect growth in sales or directly related metrics.
What actions are included in an effective growth marketing process? Here is a five-point model that works for most Finnish companies.
1. Defining the Growth Problem(S)
Growth marketing is an effective strategy for business growth, but its success requires precise identification and resolution of problems. The first step is to define the bottlenecks limiting growth, which are sales and marketing problems.
Using the traditional sales funnel model is one way to approach this challenge. In practice, you can use models such as RACE, Tofu/Mifu/Bofu funnel, or AARRR. These models help to visualize the customer journey and identify at which stage potential customers might encounter obstacles.
Instead of speaking abstractly about funnels or their stages, it is more sensible to name the problems concretely. Here are a few examples:
- We are not getting enough visitors to our website.
- We are not getting the right visitors to our pages.
- Visitors are not taking the desired actions on the pages.
- There are too many abandoned shopping carts in the online store.
- etc.
Identifying these problems is the first step towards solutions. Once we know what is hindering growth, we can plan and implement strategies that help us achieve our goals.
2. Data Collection
Collect the necessary data to support marketing planning. This may include market data, customer data, product data, and detailed data, e.g., from Google Analytics. Data is also key to success in growth marketing, especially if you remember to act on it. We too often forget this simple instruction.
In addition to marketing planning, data also helps us create concrete goals and metrics for tracking them. Effective digital marketing is not possible without goals that guide actions.
3. Digital Marketing Planning
When we know why and what we are doing, digital marketing planning is easier. Our toolbox certainly contains possible solutions for the growth bottleneck described above. At a high level, the solution is most often found in these actions.
- search engine optimization
- search engine advertising
- conversion optimization
- paid advertising (PPC)
- search engine optimization
- content marketing
- marketing automation
- email automation
Formulate hypotheses about actions that can solve the identified problems. Design an operating model that supports the desired effect in the best possible way and allows for the evaluation of the undertaken actions based on the results they produce.
4. Implementation and Measurement of Marketing Actions
Once you have identified the most potential actions to solve your marketing problem, it’s time to implement them. It is often sensible to start by taking fewer, but more effective actions, rather than spreading investments in too many directions. When you take action, it is paramount to measure the impact of these actions using web analytics.
At this stage, it is also essential to use other metrics than just sales. Especially when the acquisition process for your product or service is long-term, it is important to monitor other metrics, such as website traffic, time spent on the site, and user interaction with content.
To understand the impact of the actions, it is recommended to give them enough time to work. Continue measurements and analysis for a sufficient period so that you can evaluate whether the marketing action performs excellently, well, moderately, or not at all. This helps you make the necessary changes and improve your marketing strategy to be even more effective.
Implement the planned actions and closely monitor their impact using web analytics. Measurement is an essential part of successful marketing.
5. Evaluation and Development of Growth Marketing Actions
The next step in implementing effective digital marketing is very significant. Carefully evaluate the actions taken based on the metrics you have set. It is important to discard those actions that do not produce the desired results. Instead, focus on developing those actions that still have potential. Be brave and try new approaches.
When you find an action that demonstrates effectiveness, do not hesitate to increase its investment and scale it. For example, you can increase the advertising budget or expand the application of the action to other market areas. Do not be afraid to take risks and try different strategies. The keys to success are often found in bold experiments and continuous development.
This model is the foundation of Inlean Creative Ltd.’s operations.
We operate according to this model when implementing digital growth marketing.
- We define (together) the bottlenecks limiting growth, as well as other sales and marketing challenges
- We collect existing market, customer, and product data as the basis for our work.
- We hypothesize about probable growth-generating actions.
- We implement actions.
- We measure the results of the actions using web analytics.
- We evaluate the implementations made. We discard. We improve. We scale effective actions.
- We do things that have an impact on achieving the goal.
- We create sales growth.
Book an online meeting, and let’s discuss more about growing your company’s sales.
