5 keys of Marketing Growth
Wotking within a 5 step process makes marketing easier to understand and implement.
Linkedin has created a research paper that investigated with over 3700 b2b marketers across 9 industries what it takes to grow and here is what they found.
It takes a balance between these five principales
1. Who - Customers and non customers. It is really important to each beyond your customer base. Churn is out of your control, your existng customers can only spend so much and existing customers together with new customers will drive a faster maximising growth strategy There is a balance between loaylty and acquistion approach.
2. What - marketers need "fame" or to be top of mind and awareness at every point along the customer journey. Fame is a level of awareness where your ideal customers have heard of your brand and thinks of you in buying situations. To achieve this you need to run brand campaigns for at least 6 months to have consistency and reach as well as some permancy in its effects.
3. When - As marketers we are always balancing long term with short term. Both types of campaigns are critical for growth. Generally shorter term campaigns are demand generation efforts and longer term are brand orientated campaigns. Ideally it is a good rule of thumb to have a 50/50 split between the two. Often there is a lag time with campaigns so it is important to measure them over time.
4. Where - Targeting campaigns are a mix of broad and narrow markets. Again it is important to have some really segmented campaigns to particular audiences and some broader campaigns so we don't ingore some buying circles and future buyers.
5. How - Buying decisions are both rational and emotional and so we need to approach marketing in this way as well.
Download this resarch paper here.
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