Living Stone blog 3

 

 

All Posts

Growth marketing for B2B: Getting started

Growth marketing for B2B is based on the techniques honed by “growth hackers,” who use data and experimentation to boost growth for internet startups. These data crunching experts are the marketers behind the huge growth rates at companies like Dropbox, Airbnb, Uber, Facebook and others.

B2B marketers can borrow from the growth hacking playbook, and apply these principles to more traditional types of businesses. All it takes is a focus on data analytics and a willingness to try (and test) new approaches, whether you opt for incremental changes or major disruptions. Whether you’re a brand-new startup or a blue-chip multinationals, the goal is the same: boosting growth in terms of conversions and customers.

Measuring growth

Start by focusing on these five metrics:

  • Acquisition – how users find you
  • Activation – the first experience that users have with you
  • Retention – do your users come back?
  • Revenue – are you making money from users?
  • Referral – do your users tell others?

Then consider the data that you have on each metric. Also, consider the amount and quality of data you have. You may want to strengthen your ability to track and analyze data with a platform like HubSpot, which streamlines and simplifies the execution and analysis of your inbound marketing activities and campaigns.

Review your data and ask these questions for each area:

Acquisition: Are the right users coming to your website? Are the anticipated number of users visiting your pages, or do you need to increase the number of visitors? 

Activation: How successful are you at getting website visitors to sign up for your newsletter, or offer?

Retention: This will really depend on the nature of your business. Are your customers renewing contracts? Are they ordering a second piece of equipment?

Referral: How important are testimonials to your business? Are you customers willing to provide them? Are your customers recommending you to others?

Revenue: Can you link the rise or fall of revenue to what you’re doing online?

 

Now, choose an area to focus on with an experiment in growth marketing techniques. Where do you see potential to improve? Or which results are alarmingly poor? Perhaps you want to start with a small project, one that’s easy to execute and measure. Focus on a numeric goal, choose your tactics and watch the action closely.

Things to try:

  • Free trials
  • Coupon
  • Referral bonuses
  • Paid online ads
  • Co-branded reference cases
  • Live chat
  • Launching a blog
  • Making your content more shareable,
  • Adding CTAs to your web pages,

Do A/B testing to see how your ideas land with your targets.  

Incorporate what you learn for better data

Each time you conduct a growth marketing experiment, you gain valuable data and insights. Even if your plan falls flat – if your numbers go down instead of up – you will have learned from your efforts.

Include your product development colleagues

Information should be flowing both ways between marketing and product development. Whatever feedback you get should be funneled to your development colleagues, and ideally they keep you in loop about what products are coming.

Want to learn more? Download 6 Ultimate Growth Marketing Tips You Don’t Want to Miss and start using growth marketing to power your business.

Cta-Download-growth-marketing

Anne-Mie Vansteelant
Anne-Mie Vansteelant
COO | Managing Partner at Living Stone

Related Posts

Meet MUM: Google’s new game-changing algorithm

Some updates to Google’s algorithm have a bigger impact than others. With the rollout of BERT (Bidirectional Encoder Representations from Transformers) in 2019, Google’s algorithms went from simply understanding words to being able to understand the context that the words were in. For example, think about how the meaning of the word “bank” differs in these sentences: I am going to the bank. / I am standing on the bank of the river. Thanks to the BERT algorithm, Google recognizes these nuances, and is able to provide search results that more closely align with the subject being searched for, providing the searcher with information that is more relevant.

Customer lifetime value emerges as top KPI

According to the experts at Marketo, marketers can expect to see a significant shift in marketing priorities over the next couple of years. The marketing automation company surveyed over 700 marketing execs and CEOs for their views on how marketing KPIs, required skillsets and technology tools will change by the year 2025. The surveyed marketers ranked customer retention, lead generation and customer lifetime value as their top three KPIs today (in that order). By 2025, they forecast that the order will switch, with customer lifetime value taking the lead at spot number one, followed by customer retention at number two (and lead generation will drop down to spot number six.)

Commercializing a new medical device? 3 critical success factors to consider

Launching a new medical device is a complicated process. First, of course, you have to come up with a concept. What do you want your technology to do, and how will it do it? There’s that initial period of blue-sky thinking and prototype development, where you refine your technology and determine whether it’s viable. Then, once you decide to move ahead with commercialization, and you’ve achieved your safety and efficacy goals, the pace picks up, and suddenly you’re on a fast track to your launch target date.