The business world is changing like never before. Every year thousands of new businesses or startups emerge. With this rise in number, the competition is also increasing rapidly. To survive in this competitive market environment, you must revamp your market strategy. Make your brand attractive. Therefore, to bring that creative or attractive element to your brand, you must work on your strategies and make them a bit appealing and sort of iterative.
You should focus on building a strategy that not only helps you gain new customers but also enhance your brand’s organic growth. So, you require a new marketing technique popularly known by the name growth marketing or growth hacking. You can understand growth marketing as data-driven marketing. This kind of marketing method is helpful in the optimization of demand marketing. Growth marketers focus on enhancing the growth of the business, they observe the marketing channels, ideas, solutions etc that attract new customers.
The more customers driving towards your brand, the more revenue you will generate. They focus on strategies, run tests throughout the funnels, derive data out of them and build strategies around them. They focus more on-demand generation. However, now things have changed, situations are different. So, now it is important to maintain a balance between brand and demand marketing. In this blog, you see the methods to optimize brand and demand (infographic) for marketing growth.
Growth marketing is the method of improving the growth aspect of businesses, especially B2B and B2C. It is the process of developing, constructing and performing experiments to enhance and optimize the results of a specific area. It focuses on fostering loyalty, building customer relationships and growing an organic customer base etc. It is more about analyzing your customer’s journey and deriving useful data. This data can help you create a strategy to drive more engaged and loyal customers. This marketing method needs you to focus on the funnel.
Growth marketing is more concerned about demand marketing or generation. However, a report released by LinkedIn has something different to say to the marketers. According to the report, now all marketers, especially B2B and B2C need to invest equally between demand and brand marketing. You must maintain a balance to fully optimize brand and demand (infographic) for marketing growth. These both marketing methods are sort of dependent on each other.
Demand marketing is a marketing method that marketers use to generate demand. They do so by getting people excited about their brand, new products and services. It is the method through which you can inform people about your brand and compel them to take action. It helps your brand reach new customers, market, build customer relationships, promote new services or products and re-engage your existing customers etc. It focuses on nurturing prospects and building customer relations throughout the conversion, optimisation and sales cycles.
On the other hand, brand marketing is about marketing or promoting your brand to promote your product or services. It emphasizes and highlights your brand to promote your products and services. Its motive is to link your brand’s identity and values etc with brand communication to your customers. It is an approach to highlight your brand and enhance its visibility. This marketing method is capable of influencing your customer’s decision. So, now that you are familiar with both the marketing methods, you must have figured out how they are different.
Brand marketing is a long-term approach whereas demand generation is a kind of short-term approach towards promoting your brand, product, services and generating sales. They are two sides of the same coin, so you must invest equally in brand and demand marketing.
According to the “Brand and Demand” report of LinkedIn, in the Asia Pacific, 69% of marketers believe that focusing on improving customer loyalty and acquisitions is best for marketing growth. However, this is not true, to achieve high business growth, you will have to focus on gaining new customers as well while maintaining the existing account’s growth. You have to focus on enhancing your brand’s visibility and popularity and build campaigns that can increase your brand’s share of mind. In short, you must target new and existing customers together.
Next, decide your goal, whether you run a campaign for gaining fame or for brand awareness. However, fame is more necessary for a brand’s growth. So, you must attain top-of-mind awareness or improve the firm’s share of mind at scale.
According to the report, 77% of marketers run their campaigns for six or fewer months. However, for effective growth, you should run your campaign for more than six months. Focus on activities that can create long-term demand and provide revenue in the short term. To achieve fame, you should focus on ad consistency, duration and reach.
The report says that B2B organisations allocate about 45% of the budget to brand marketing. However, demand generation and its conversion into revenue are essential for business growth. So, there you consider applying the 50/50 rule to maintain a balance between brand and demand marketing. This balance is important to optimise brand and demand (infographic) both. You should invest in short-term demand generation and long-term brand campaigns for marketing growth. Focus on brand activity to create demand and on the activation for conversion of demand into revenue.
Decide your audience, whether you are marketing to a narrow audience or a broad audience. According to the report, 65% of marketers prefer hyper-targeting and not broad targeting for the campaigns. However, hyper-targeting often results in limiting your reach. Narrow targeting takes away your capacity to nurture future audiences. Therefore, you must expand your reach beyond your existing customer base.
A balance between rational and emotional ads is essential for business growth. However, according to reports, B2B marketers prefer rational ads 2x more than emotional ads. But you must focus on both to gain growth. Rational ads are good for short-term brand building but not for the long term. These ads are effective for current customers. But emotional ads create an impact on future buyers, it can drive more traffic and growth.
The market is now surrounded by a talented crowd. It makes it difficult for companies to shine. So, with changing market conditions, brands must change their marketing strategy. To achieve marketing growth, you must balance the demand and brand marketing. Then only you can get effective and efficient results. The five principles will surely help you gain more growth in the marketing field.