Marketing is a huge thing. Efficient marketing can make your business, while poor marketing can break it. However, you need to ensure that you nail your growth marketing strategy to ensure that your marketing yields the desired results for you.
Choosing the right growth marketing model is a must to ensure that you absolutely nail your growth marketing strategy. However, selecting the right growth marketing model isn’t easy for any business. This blog lists some of the best options that would narrow down the right options for you, and help you select the best.
Porter’s Five Forces is the first growth marketing model that you can effectively use to make your business thrive. This growth marketing strategy model is easily the most popular and effective marketing model.
This model consists of five forces. These forces are as follows.
a) Threat of New Entrants: This is the first force you must consider. Competition is increasing every day and new entrants are acquiring every field. Hence, you might have to lower your price and increase the service quality to combat newcomers.
b) Bargaining of buyers: This is the second force that you must take into consideration. The bargaining power of buyers can subside the price of the products and services considerably.
c) Bargaining from suppliers: If suppliers have effective bargaining skills, they can increase the price of products and services at their will and to a considerable extent.
d) Competition: Market rivalry is the next force you must consider. The quality of services and products offered by your competitors might lead them to more sales and revenue.
e) Substitutes: The threat of substitute products is the next thing to consider. If your product has a number of substitute products, chances are there that your product might easily get replaced with something similar, effective, and budget-friendly.
The segmentation, targeting, and positioning (STP) model is another growth marketing model that you can consider.
a) Segmentation: It includes segmenting the customers into a group on the basis of similar requirements or characteristics. Segmentation is all about understanding your customers efficiently and creating correct groups.
b) Targeting: Targeting incorporates rectifying the correct set of customers who will be the most receptive to your products. You can create various groups here on the basis of aspects like relevance, chances of conversions, etc.
c) Positioning: It includes optimizing your own product, and improving the quality of the same on a continual basis. Positioning can increase your retention rate along with conversions to a considerable extent.
AIDA stands for attention, interest, desire, and action. This model has been a proven success when it comes to sharpening the growth marketing strategy.
a) Attention: It includes marketing your products effectively, and gaining the attention of your target customers.
b) Interest: Next, you must generate interest among target consumers about your products. You can provide information about your products, offers, etc. to generate interest among the customers about your products.
c) Desire: After the interest has been generated, you must be able to generate the desire among your target customers. You can highlight unique features and benefits of your products to generate the desire.
d) Action: Lastly, you as a business owner must convince your target customers to purchase your products or use your services. You can offer them discounts, and make them understand the benefits of the same.
This is another widely used growth marketing model. P’s in this model are as follows:
a) Product: What are you selling to your target customers?
b) Price: For how much are you selling your product?
c) People: Who are your target customers?
d) Promotion: How will you market your products to your target audience?
e) Process: How will you deliver the promised quality to the customers?
f) Place: Where will you sell your products?
g) Physical Evidence: How will you prove the existence of your business along with the quality of your products and services?
RACE stands for Reach, Act, Convert and Engage. Reach implies spreading your message among the target audience. You can use SEO, PPC, online marketing, etc. here.
Act includes converting your customers and increasing your sales. You can let your customers know the benefits, features, and discounts you offer. Then, it’s important for you to engage with your customers. You can use email marketing, surveys, etc. to do so.
The SOSTAC model is another important framework that you can effectively use as a part of your growth marketing strategy. Different components of the SOSTAC model include:
a) Situation: You need to define the current situation. You need to consider every aspect here.
b) Objectives: Then, you must set some objectives. The objectives you set must be realistic, achievable, and cost-effective.
c) Strategy: Now, after you set the objectives, you must define a concrete strategy to achieve your objectives.
d) Tactics: After the strategy has been formulated, choose the tactics to execute your strategy with perfection.
e) Action: Now comes the execution. You must execute your tactics with the utmost perfection to ensure that the desired results are achieved.
f) Control: Here, you will be keeping the track of your progress and making changes to your strategy whenever required.
This growth marketing model incorporates improvising your products and services and making them better as compared to your competitors. Analysis and implementation are the keys here.
So, how do you select the right growth marketing model for your company? Well, you can seek help from a growth marketing agency here. It can help you analyze the correct fit for your business requirements and hence ensure that you simply stay away from the mess. A small investment of time and money here can really make your business thrive.