The marketing landscape has come a long way over the past decade. We’re talking artificial intelligence or AI-driven algorithms, new search tools and advertising trends that change faster than you can say “growth marketing.” If you’re still clinging to your old-school marketing playbook, it’s time for a reality check.
The game has evolved and you need to adapt or get left behind. You need a growth marketing strategy that’s not just robust but also agile.
Here’s what you’ll learn:
• What Is Growth Marketing?
• 4 2024 Growth and Digital Marketing Trends You Need To Know
◦ AI Driven Marketing
◦ Voice Search Optimization
◦ Video Marketing
◦ Social Commerce
• 7 Steps To Build a Growth Marketing Strategy
◦ Define Your Goals and Objectives
◦ Identify Your Target Audience
◦ Develop an Engagement Strategy
◦ Plan Your Content Calendar
◦ Consider Paid Advertising
◦ Track and Measure Results
◦ Monitor and Adjust Strategies
• 5 Content Marketing Strategies for Growth
◦ Optimize for Voice Search and Mobile First Marketing
◦ Nail Different Content Formats
◦ Leverage Storytelling and Authenticity
◦ Invest in Your Social Media Presence
◦ Reach More Audiences via Email and Automation
• Tools You Can Use to Measure and Optimize Growth Marketing Metrics
So, what’s the plan for 2024? Do you need help from a growth marketing agency? Read this complete guide to master your growth marketing plan next year.
What Is Growth Marketing?
If you’ve heard this term before, you’re probably wondering what it means.
So, what is it exactly? Growth marketing is a comprehensive approach that goes beyond just acquiring customers. It focuses on the entire customer journey instead of concentrating on customer acquisition. This helps you maximize your customer lifetime value, which is a more sustainable profit model in the long run.
“Growth marketing is really just an expansion of the traditional concept of marketing to focus on the full funnel, from awareness to loyalty, not just from awareness to acquisition,” said Josiah Wiles, Vice President of Client Experience at Thrive.
Here are the components of a winning growth marketing formula for companies:
• Devising a strategy
• Attract audiences
• Convert customers
• Close sales
• Delight customers for repeat purchases
“This Growth Formula is valuable for our clients because it takes a wider view of how the sales funnel works,” said Wiles. “It’s not only focused on lead acquisition but how we take the leads that we generate and turn them into loyal customers.”
(Read more: The Thrive Growth Formula)
We’re laying out the difference between traditional and growth marketing strategies in this table below:
| Focus | Primarily on customer acquisition, often through specialized channels. | Entire customer journey, including attracting, converting, closing and delighting customers. |
| Relevant metrics | Impressions, Clicks, Sales, Customer Reach | Growth marketing KPIs, such as Customer Acquisition Cost (CAC), Customer Lifetime Value (CLV), Monthly Recurring Revenue (MRR), Churn Rate, Net Promoter Score (NPS) |
| Channels | Specialized Channels like TV, Print, Radio | Integrated, cross-channel, including search engine optimization (SEO), Social Media, Email Marketing, Paid Ads |
| Decision-making | Experience-based, often relying on past successes. | Data-driven marketing, utilizing real-time analytics and A/B testing |
| Adaptability | Structured campaigns with set timelines≥ | Agile methodologies allow for quick pivots based on data driven marketing approaches |
| Technology | Selective use of technology like CRM systems. | Extensive use of data analytics tools, automation and AI driven marketing. |
| Customer Engagement | Direct communication, often one-way, like newsletters. | Multi-channel, interactive communication, including social media community building and personalized email campaigns. |
Both traditional and growth marketing have their strengths. Traditional marketing is great for targeted campaigns and immediate sales, while growth marketing offers a more holistic, data-driven marketing that aligns with modern digital trends.
4 2024 Growth and Digital Marketing Trends You Need To Know
While growth marketing has been around for over a decade, it’s an ever-evolving discipline. This means marketers need to keep up with the latest trends and insights in order to remain competitive.
Here are four key growth and digital marketing trends to look out for in 2024:
1. AI Driven Marketing
AI has become a large part of our lives now and the marketing industry isn’t falling behind.
According to Martech, 84% of marketers are already using AI in some form and 75% plan to spend more on it in the next three years. In fact, tools like HubSpot and Marketo are leveraging AI to automate tasks and provide insights.
2. Voice Search Optimization
Test this on your device: “Hey Google, how big is voice search?”
Image from Oberlo
It’s pretty big, actually. According to Oberlo, 72% of U.S. consumers are using voice search through digital assistants. And while the top activity is checking the weather, you’re still missing out on a huge chunk of potential traffic if you’re not optimizing for voice search.
3. Video Marketing
According to Wyzowl, 91% of marketers say video marketing has helped them increase traffic in 2023. Platforms like YouTube, Facebook (now known as Meta) and Instagram are where video content really shines.
Image from Wyzowl
Other short-form video platforms like TikTok and even 360-degree video have been on the rise lately, too. While it may not apply to all businesses, there’s a lot of potential in these platforms if you find the right audience.
4. Social Commerce
If you’ve purchased stuff directly from your social media feed, you’ve already seen social commerce in action – a fusion of social media and eCommerce marketing.
Statista reports that the worldwide revenue of social commerce is valued at $724 billion in 2022 and is expected to surpass $6 trillion by 2030. Platforms like Facebook and Instagram lead the charge in several categories, including:
• Apparel
• Grocery
• Food delivery services
Pinterest also offers “buyable pins,” where customers can purchase items from the app.
7 Steps To Build a Growth Marketing Strategy
Building a marketing growth strategy isn’t a one-and-done deal. It’s a combination of systematic planning and creative experimentation. Here are seven steps to consider when mapping out a growth marketing strategy:
1. Define Your Goals and Objectives
The first thing you should do is figure out what you’re trying to achieve.
Do you want to boost your sales? Increase your web traffic? Improve your customer retention? No matter what it is, you need clear goals. The SMART framework (specific, measurable, achievable, relevant and time-bound) is a good starting point that helps you set ambitious but realistic objectives.
“If you wait until Q1 of 2024 to build your plan for the year, you will already be behind your competition,” Wiles said, citing the up-and-down economic situation in the U.S. and economic volatility around the world.
(Read more: How to Plan, Measure and Achieve the Right Marketing Goals)
“It’s time now to start evaluating this year’s results, using that data to build out your plan for next year and allocate resources accordingly,” said Wiles.
Your goals and objectives will serve as your roadmap, guiding your decisions within your marketing growth strategy.
2. Identify Your Target Audience
You might want to target everyone to maximize growth, but it’s simply not possible.
Instead, focus on the people most likely to buy your product or service. You can use data analytics tools to segment your audience based on several factors, such as:
• Demographics
• Behavior
• Engagement
The more you know about your audience, the more personalized and effective your marketing efforts will be.
3. Develop an Engagement Strategy
Once you know who you’re talking to, figure out how to engage them. This is where content distribution comes into play, utilizing the right channels at the right time. To start, these three channels could prove valuable to you:
• Social media: These platforms are great for engaging with your followers, sharing content updates and developing relationships.
• Email: Use email campaigns to keep customers informed and encourage them to act.
• Blogs: Blogging is a great way to share expertise and demonstrate thought leadership in your industry.
Don’t just copy and paste content, though. Tailor your message to fit the platform and the audience, keeping mobile first marketing in mind.
4. Plan Your Content Calendar
Timing is an underrated element in content creation and you should pay attention. A well-planned content calendar helps you stay organized and post the right content at the right time.
Keep these things in mind when building your content calendar:
• Key dates
• Holidays
• Relevant industry events
However, your calendar shouldn’t be rigid and inflexible. Leave room for impromptu, reactive content that takes advantage of timely opportunities and conversations as they arise. Use tools like Airtable or Asana to keep everyone on the same page.
5. Consider Paid Advertising
Organic growth is great, but sometimes you need a little push. Paid advertising can give you that immediate boost in visibility and engagement.
Platforms like Google Ads and Facebook or Meta Ads offer advanced targeting options, allowing you to reach potential customers already interested in your offering.
6. Track and Measure Results
Let’s circle back to your goals at this point: When will you know if you’re on track to achieving them? Your growth marketing KPIs like conversion rates, customer acquisition cost (CAC) and customer lifetime value (CLV) help you gauge the effectiveness of your strategy.
“There is no such thing as a static digital marketing strategy,” said Wiles.
“For our clients, we are constantly reviewing data, processes and other components of their strategies to optimize for maximum return.”
Free tools like Google Analytics can provide insights into user behavior as the year progresses. If you’re more of a paid tool person, platforms like Mixpanel and Heap Analytics come at a cost but can provide deeper insights into user behavior.
7. Monitor and Adjust Strategies
Tracking numbers and growth marketing metrics should guide your decisions on what to try next. If you are in a slump, tweaking and testing different content distribution strategies can help you get back on track.
Experimentation is key here because you never know what will work until you try it. Keep an eye on the data – anytime something occurs, take note and adjust accordingly so you can stay on track with your growth goals.
Partnering with a growth marketing agency streamlines this process, helping you quickly identify and implement strategies that will improve your user growth.
5 Content Marketing Strategies for Growth
You can’t just create and write content out of nowhere. These five growth marketing strategies will help you build more value-adding and highly visible content for your brand.
1. Optimize for Voice Search and Mobile First Marketing
With the rise of smart speakers and voice-activated devices, optimizing for voice search is crucial. Focus on long-tail keywords and conversational phrases that people are likely to say rather than type.
For mobile first marketing and indexing, Google prioritizes the mobile version of your website. Make sure your site is mobile-friendly, fast and easy to navigate. Use Google’s Mobile-Friendly Test tool to identify areas for improvement.
2. Nail Different Content Formats
Since you’re dealing with people across the funnel, you have to create different content for them. Aside from blogs, you should also create various content, such as:
• Podcasts
• Videos
• Infographics
Diversifying your content helps you reach your audience no matter where they are in their customer journey.
The key is to align the content format with the platform you’re using and the audience you’re targeting. For example, how-to videos might perform well on YouTube, while industry insights could be better suited for LinkedIn.
3. Leverage Storytelling and Authenticity
You have to remember that people don’t buy products – they buy brands and stories. Use storytelling to share your brand’s mission, values and what sets you apart from the competition.
To achieve this, you can share content, such as:
• Behind-the-scenes looks at your company
• Customer testimonials
• Employee spotlights
Platforms like Instagram and Facebook are great for this type of content, allowing you to connect on a more personal level with your audience.
Wiles also recommends finding an agency to assist you:
“Agencies bring a very diverse skill set, insights across many platforms and industries, and generally a stronger tool suite than what you will achieve with a small internal team,” said Wiles.
He also points out that agencies “build off the experiences of working with potentially multiple other brands in your industry.”
4. Invest in Your Social Media Presence
Social media community building is crucial for companies looking to increase their brand equity. Facebook and LinkedIn have their own community-building features, while TikTok and Instagram can be used to host live streams, Q&As, contests and more.
Social media automation tools like Hootsuite and Buffer help you manage multiple social accounts, schedule posts and track your growth marketing KPIs in one dashboard.
Aside from posting content, engaging with your followers is key to creating an authentic connection. Responsibly responding to comments, questions and reviews will show your customers that you value their feedback and are engaged with the community.
5. Reach More Audiences via Email and Automation
The email marketing sector is far from dead, with over USD 10.8 billion in value. The reason why it’s still going strong is because of the robust segmentation and personalization tools inside. Email marketing tools like MailChimp and HubSpot allow you to:
• Setup automated email sequences
• Segment list based on user behavior, purchase history and engagement levels
• Create welcome emails and abandoned cart reminders
All this automation and personalization keeps your audience engaged while making your life easier and your content distribution more effective.
Tools You Can Use to Measure and Optimize Growth Marketing Metrics
Data is your best friend when it comes to optimizing your campaigns. Throughout this blog, we’ve sprinkled some of the best tools to measure an activity inside your marketing growth strategy.
To make it easier for you, here’s a general list of tools to plug into your 2024 plan:
• Web Analytics Platform: Tracks website activity such as session duration, pages per session and bounce rate.
• Customer Relationship Management (CRM) Software: Manages customer data and interactions, helping you understand customer behavior and preferences.
• Email Marketing Dashboard: Monitors email growth marketing metrics like open rates, click-through rates and conversion rates.
• Social Media Analytics Tool: Provides insights into social media performance, including engagement, reach and follower growth.
• Paid Advertising Dashboard: Offers real-time data on the performance of your paid campaigns, including impressions, clicks and ROI.
• A/B Testing Platform: Allows you to run controlled experiments to test different elements of your campaigns, from email subject lines to landing page designs.
These tools provide a wealth of information that can help you make data driven marketing decisions. For instance, if your web analytics show a high bounce rate on a particular landing page, it’s a sign that the page isn’t resonating with your audience.
Similarly, if your email marketing dashboard shows low open rates, you might need to tweak your subject lines or send times. A/B testing can be particularly useful here, allowing you to test different variables and see what works best.
Be 2024-Ready With Thrive
Navigating the complexities of growth marketing can be challenging, but you don’t have to do it alone.
If you’re serious about taking your marketing game to the next level, consider partnering with a growth marketing agency that lives and breathes this stuff. Thrive Internet Marketing Agency offers the expertise, tools and data-driven marketing that help you meet and exceed goals.
Ready to make some serious moves? Contact us today and let’s get to work.
