As a growth marketing manager, you’re on the front lines when it comes to expanding the reach and impact of your company’s products or services. The competition for user retention is intense, and the business environment is constantly changing, making it a challenging and demanding role.
Despite this, if you’re up to the task of consistently experimenting, adapting, and making data-driven decisions to create the best possible user experience, your efforts are almost guaranteed to pay off in terms of driving user acquisition and referral growth.
That being said, it’s always good to get a little help!
In this article, we explore the objectives and KPIs you should have in mind when prioritizing user acquisition on your platform. We also provide some solutions for meeting these objectives and discuss how the LiveLike engagement suite can help growth marketing managers to achieve their retention goals. By following the strategies outlined in this article, growth marketing managers and business owners alike will be able to turn the challenge of user acquisition into a powerful opportunity to drive more revenue.
Goals & KPIs for Driving More Acquisition on Your Platform
The objectives and KPIs for a growth marketing manager can vary depending on the specific goals and targets of the organization. For example, a startup might be more inclined to focus on acquiring new customers, while a more mature business that has already garnered initial brand awareness might be more focused on customer retention and brand loyalty.
For any business, however, growth marketing managers should have a deep understanding of their target audience and be able to develop and implement strategies that align with their organization’s goals to drive business growth. Some common objectives and KPIs include:
- Increase User Acquisition: Drive more traffic to the company’s website or app to increase the number of new users.
- Improve User Activation: Ensure that new users have a positive first experience and take desired actions, such as making a purchase, completing a tutorial, or signing up for a service.
- Boost User Retention: Keep users engaged and coming back to the company’s product or service through personalized experiences, incentives, and effective communication.
- Drive Revenue Growth: Maximize conversion rates, upsell opportunities, and customer lifetime value to increase revenue.
- Foster Referral Growth: Encourage current users to refer friends and family, effectively expanding the company’s reach without spending additional resources on user acquisition.
- Acquisition Rate: Number of new users acquired over a specific period of time, typically measured as a percentage of the target number of new users.
- Activation Rate: Percentage of new users who take desired actions, such as making a purchase or signing up for a service.
- Retention Rate: Percentage of users who continue to engage with the company’s product or service over a specific period of time.
- Conversion Rate: Percentage of users who complete a desired action, such as making a purchase or filling out a form.
- Average Order Value (AOV): Average amount spent by a customer in a single transaction.
- Customer Lifetime Value (CLV): Estimated total amount a user will spend over their lifetime as a customer.
- Referral Rate: Number of new users acquired through referrals over a specific period of time, typically measured as a percentage of the total number of new users.
8 Tips to Supercharging Your Growth Marketing Efforts
Now, having knowledge of the best metrics to measure your retention is important, but only if you are going to take the necessary steps to improve them. That’s why it is crucial for growth marketing managers to implement effective strategies with these metrics in mind to drive growth via their digital platforms.
We compiled a list of the top tips and strategies we recommend for maximizing your growth marketing efforts and improving your retention metrics. These include:
Did you know that 80% of consumers are more likely to buy from a company that provides a personalized experience? That’s why it’s so crucial to make sure the experience on your platform is tailored to your users’ unique needs and preferences.
Whether it’s adapting your platform to different user preferences such as language, time zone, or device type, using your customer data to create personalized blog posts, or offering different promotions to different users based on their demographic information, personalization can work to build stronger relationships with your users and increase their engagement on your platform.
2. A/B Testing
Otherwise known as ‘split testing’ A/B testing essentially means creating two versions of something—copy, images, CTAs, etc—and testing them with different groups of users to see which version performs better. By gaining this information, a growth marketing manager is able to make much stronger data-driven decisions when it comes to improving their platform user experience. By continuously testing different platform elements, they are able to identify areas for improvement and enhance the user experience to drive growth and increase conversions.
3. Paid Advertising
Paid or pay-per-click (PPC) advertising can be an extremely valuable strategy it comes to acquiring new users and driving traffic to your platform. In fact, PPC can generate over twice the number of visitors compared to SEO, with a stunning 200% ROI rate when used effectively. It’s no wonder it’s so crucial for growth marketing managers to prioritize!
Paid advertising can come in the form of search engine ads, social media ads, and display ads, and involves using targeted campaigns to reach relevant users that are likely interested in the products or services you are offering. By creating these targeted campaigns, paid advertising can be a great and cost-effective way to reach large audiences quickly and efficiently in the hopes of acquiring new users.
4. Content Marketing
We’ve all heard the saying: content is king. And it only becomes more important as the markets get more and more saturated. Content marketing involves creating and sharing valuable, relevant, and engaging content that will provide value to your target audience.
This content can take the form of blog posts, videos, social media posts, or even podcast episodes, depending on the type of audience you are trying to reach. The idea behind this is that by consistently publishing valuable content, your users will engage more frequently with your platform and be more likely to share your content with others, driving more organic traffic. By doing this, you’re able to reach new customers without breaking the bank and use your marketing budget for other areas of growth promotion.
5. Referral Marketing
This leads us to the topic of referral marketing. When users are loving your platform—whether it’s because of the content you put out, the experience you provide, or the actual products and services you offer—they are more likely to spread the word.
While great content and a quality product are both key, referral marketing can be achieved by offering incentives or making the referral process more engaging. By gamifying your referral process and making it more interactive via points, badges, leaderboards, or discounts works to incentivize users to recommend your brand to others and results in customer acquisition and brand awareness.
6. Email Marketing
Did you know that in 2022, the number of email users worldwide was 4.3 billion? Email is an easy, cost-effective way to reach the most amount of people at once, and with such strong ROI opportunities, it’s no surprise that it’s a favourite content distribution method for most growth marketing managers. Use email marketing to build and maintain relationships with your users by sending regular, personalized communications to inform them about your company updates.
Make sure to segment your audience based on their behaviors and interests, using customer data and A/B testing to craft messages that are relevant and engaging for your target recipients. By taking the time to nurture these relationships, you’ll ultimately be able to direct more conversions for your business, boost brand loyalty, and encourage desired actions from users.
7. Search Engine Optimization
It’s no secret how effective SEO can be in terms of driving organic traffic to your platform. If you want to boost growth through SEO, it’s important to do some keyword research and make sure you’re using best practices for on-page optimization. This means creating great content that includes the keywords you want to target, using meta tags, adding descriptions to images and videos, and making sure your website is easy for search engines to understand.
And don’t forget the importance of backlinks—getting links from other high-quality websites can give your platform a big boost in search results. By focusing on SEO, you can increase your visibility and reach a more engaged audience, which can lead to more growth and success for your platform.
8. User Onboarding
User onboarding is a critical component of any growth marketing strategy, as it prioritizes those users who are experiencing your brand for the first time. A streamlined, informative, and interactive onboarding process can greatly impact how a user feels about your brand, and ultimately increases the chances of them taking desired actions on your platform. By providing new users with a positive first impression, they are more likely to continue using your platform and engaging with your brand. A well-designed onboarding process can also reduce friction and minimize drop-off rates, ultimately leading to higher user retention and conversion rates.
Now that you’ve gone through all of our growth marketing tips, you might have noticed a pattern—each strategy involves some kind of interactivity. Almost every step to effectively deepening audience engagement on a digital platform involves how well you’re able to grab and hold your users’ attention, and build a sense of community around your brand.
It can seem daunting to find new and innovative ways to enhance the interactivity of your platform, but with the help of LiveLike’s engagement toolkit, it has never been easier. Our innovative tools, including interactive widgets, live chats, and loyalty and rewards programs, are designed to increase fan engagement and attract new customers to your platform. With LiveLike, infusing interactivity and community building strategies into your platform is a seamless and straightforward process created with growth marketing managers in mind.
Get in touch to learn more about growth marketing strategies or to find out how LiveLike can enhance your platform experience.
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