What is it about growth marketing discussions by the “water cooler” that inevitably gets to the heart of the issue “how much in revenue or paying customers did your growth marketing strategy give you”? and you answer….Uhhh…well.
Usually the reply contains the tactics that drove the marketing strategy, for example, we did a unique contextual ad campaign and had high reach metrics, or we had a great set of event experiences that drove opportunities to close. However, the best answer to the question is not always the tactics or channels used in the preceding campaign that made up your growth strategy.
The conversation instead should surround the actual growth strategy, not the campaign strategy or the channel or tactics mix. For example, you can say you netted 11 more customers rather than increasing reach by 15%. Here’s a few other ways to respond to this question.
- The 11 new customers did not cost any money.
- We now have an “expand strategy” with the 11 customers landed. [read: unlike paid spend]
- We focus on these conversion projcts and not just on reach or volume metrics alone.
- Paid traffic is now more optimized and efficient when improving conversion rates.
Sometimes more volume, tactics, channels, activity…activity…activity…isn’t actually amounting to growth marketing success.
| Baseline Metrics | Split Test A: More Volume | Split Test B: Better Conersions | |
| Traffic | 50,000 | 75,000 | 50,000 |
| Conversion Rate | 1.5% | 1.5% | 2.75% |
| MQA | 750 | 1,125 | 1375 |
| MQA to Opp | 40% | 40% | 40% |
| Opps | 300 | 450 | 550 |
| Sales Won @25% | 75 | 112 | 138 |
