7 Growth Marketing strategies that you must implement in 2023

The execution of Growth Marketing strategies will be crucial to continue achieving milestones with our businesses and ventures in 2023.

I need you to understand this: all businesses need to grow; regardless of their size.

Unfortunately, there are still companies that have a hard time identifying new business and growth opportunities.

If you are an entrepreneur and you need your business to grow next year, you must understand Growth Marketing.

I summarize it in a very simple formula: it is about achieving the greatest number of results, in the shortest possible time, with the resources that we have at our disposal.

Starting from that, I want you to ask yourself this question: “what is the best thing you can do today with the resources you have at hand?”

I also want to share with you the four questions that every entrepreneur should ask themselves before executing Growth Marketing strategies in 2023: 

  • What should you keep pushing?
  • What should you stop doing?
  • What is the new thing that you should promote? Keep in mind that companies that do not invest in marketing and innovation will disappear. This is common sense!
  • Why have they chosen you?

You should do a small survey and send it to your customers to find out why they have chosen you.

You can also use these instruments to generate conversation on your social networks.

Those answers will give you a starting point and help you identify new opportunities to drive growth in your business on a recurring basis.

Related content: What is Growth Marketing

7 Growth Marketing strategies for 2023

I am very excited to share seven Growth Marketing strategies that will boost your results in 2023:

1. Focus on your customers

If we really want to take the growth of our ventures to the next level, we must be obsessed with our customers.

But this does not only imply innovating with our products or services to solve their new pain points, (understanding that the habits of our consumers also evolve over time).

The obsession with our clients also implies putting into practice two great concepts:

  • Deal Maker:

What is the reason that motivates your customers to invest in your products or services? That is what the concept of the “deal maker” refers to.

This is my recommendation: every time someone makes a purchase, follow up on that transaction.

You need to know the reason why they are buying from you and then use that data to improve your products or services, or launch new offers that fit the current requirements of your audience.

  • Deal Breaker:

Why aren’t they buying from you? You can have this information at hand thanks to the concept of the deal breaker. 

It is essential that you follow up on people who have shown interest in your products or services, but who have not yet been encouraged to make the purchase.

The deal breaker is very valuable within Growth Marketing strategies, because new opportunities can arise from it with your offer.

Get obsessed with feedback

The obsession in Growth Marketing is very good because it does not make you lose sleep, nor does it alarm you, but it leads you to action.

Every time you make a new launch or run promotional and sales campaigns, make sure you get feedback from your audience.

I have been implementing this strategy in our companies for some time, and even in my own Instagram account, and the results have been fantastic.

Because? All of that data has allowed me to validate our marketing efforts and make continuous improvements.

But that is not all. Many times we identify new business and growth opportunities by asking our clients simple and direct questions. These are some of them: 

  • What did you think of our offer?
  • Why haven’t they made their purchase?
  • Why have they bought our products or services?

Data driven businesses will be a trend in 2023 and will also be strongly aligned with this type of Growth Marketing strategy.

Remember this: in growth marketing, the combination of small changes can lead to a huge explosion of results.

Get obsessed with personalized sales

All entrepreneurs long for our businesses to grow. But if we really want to reach that goal next year, we need to focus on personalized sales.

2023 will be the year of hyper-personalization and to achieve the best results we must rely on artificial intelligence (AI).

Personalized searches with AI will be the order of the day and will play a determining role in the growth of our ventures in 2023.

Next year we are going to leverage Algolia, (a powerful search engine with AI), to turn our clients’ searches into intelligent searches.

For this reason, in three months you will see many changes in the front and sales side of our Convert More School. 

Thanks to new technologies and AI we can:

  • Acquire new customers at a lower cost.
  • Save time.
  • Automate processes, tasks and workflows.
  • Simplify customer service.
  • Close more sales.
  • Increase billing.
See also  10 Best Banks for Business Loan in India

Quizzes and personalized sales

Personalized sales can also be enhanced with the use of quizzes.

In fact, these are already part of the Growth Marketing language and here I explain why:

Suppose I invite you to a webinar and then I ask you how much you earn, what you do and what industry you work in.

What would you think of that? Surely you would question the reason for all those requirements.

But, what if I ask you to complete an entrepreneurship test to determine what stage you are in, in order to share three strategies that help you achieve better results?

I guarantee that you will be very willing to complete this test, because in return I will offer you valuable, relevant and high-impact information for your venture.

All of that translates into growth. That is why we cannot underestimate personalized sales in 2023 if we want to take advantage of this type of Growth Marketing strategies.

2. Focus on the “organic”

I am tired of hearing that our businesses or ventures cannot grow without large advertising investments.

I confess something to you: I capture leads every day through my Instagram account for free and organically.

But this does not mean that I do not believe in paid ads. Today, the person who tells you that spending on ads is unnecessary simply doesn’t know how to do it.

If you invest in advertising you will have better chances of closing sales. It’s as simple as that.

We actually need to execute an omnichannel strategy to grow our businesses faster in 2023.

Make sure you generate organic content that allows you to capture free leads every day.

Look at this data: the Reel that I published on my Instagram account about our Growth Marketing documentary had 1,240 likes and 1,600 comments.

In the end, we captured 1,000 potential customers with that video, without investing a penny.

I share another information. During Black Friday we did a live and almost 300 people connected to it organically.

That means that I attracted almost 300 qualified leads interested in the offers we had created from the Convert More School. 

Get obsessed with capturing organic leads. That is the future of Growth Marketing!

It really is wonderful because it allows us to identify new business opportunities, and above all, because it is already within the reach of any venture (regardless of its size).

3. Use of artificial intelligence (AI) software

I have already told you about artificial intelligence and I have also explained how it will boost Growth Marketing next year.

Mind you, we developed an AI software, called CopyAssistant, which has exceeded all our expectations.

AI is not going to put people out of work. We need human beings to command these technologies; people who edit, interpret and manage the data.

We must rely on AI software to:

  • Save time.
  • Automate processes and tasks.
  • Increase billing.

We need software that helps us think and that stimulates our innovation and creativity processes.

CopyAssistant is a sample of this. It actually helps you avoid facing the dreaded blank canvas. That’s what AI is all about: making our lives easier!

4. The post-purchase customer journey

This will be one of the main Growth Marketing strategies that we will implement in our Convert More Group and in many other projects.

There are companies that neglect the Customer Journey after the purchase. This is fatal because they retard their growth and generate losses.

We jumped into action on Black Friday and Christmas and created retention and loyalty campaigns because we are obsessed with the post-purchase customer journey.

The more clearly we have the Customer Journey, the higher the degree of satisfaction of our customers will be.

Look at this actual case:

What will we do in 2023 after a customer closes a purchase with us? We will focus on offering you:

  • Upsell 1

Do not settle for closing a single sale. You always have to sell something else to our customers (that’s what the first personalized sale is about).

If you do not upsell you will be leaving a lot of money on the table and this cannot happen. 

  • Welcome

We are going to provide a hyper-personalized experience to each of our clients.

First we will understand what your needs are and then we will analyze the possibility of welcoming you one by one.

You can work your welcomes through a page, a group call or an email. There are many mechanisms these days!

  • Support and monitoring

All your clients need to receive support and follow-up. You can do it through: chats, tickets, support or automated emails. 

  • Retention with loyalty plan

For example, you could make this offer to your clients: “Bring a colleague and I’ll offer you 20% commission.” 

  • ambassador plan

The purpose of this plan is to offer more incentives to your clients so that they become the main ambassadors of your brand, business or venture.

  • Upsell 2:

Ask yourself what else you could sell to your customers. We can equate this upsell with a “graduation or completion sale”.

See also  Best Cheap Cloud Hosting

And the best thing is that it works both in the sale of physical products and in the sale of services.

For example, if you offer ball gowns and you have already sold all your pieces to a client, think about what you could sell next.

We have defined a post-purchase customer journey for each of the products and services we offer. Imagine how important this is when it comes to raising our conversions!

5. Hypersegmentation

Hyper-segmentation will gain more strength in 2023. In fact, it will be one of the most valuable Growth Marketing strategies to drive our businesses successfully.

But what is all this about? Hypersegmenting means stopping putting all our customers in the same basket.

We must start selling our products or services to different audiences.

Next year we have to go further and conquer new niches or market segments, to boost the growth of our businesses, and of course, to increase our sales.

If you offer consulting services for entrepreneurs, you could diversify your avatars and get more conversions. That is, you could offer this service to:

  • New entrepreneurs.
  • Potential entrepreneurs (those who are considering starting a business soon).
  • Experienced Entrepreneurs.
  • Entrepreneurs (segmented by profession, for example: those who are lawyers, engineers, doctors, etc.)
  • Entrepreneurs as a couple, alliance or partnership.

I share this hack with you: create a general message about your offer and then use it to extrapolate alternative messages that help you capture leads in new segments.

6. Methodologies and frameworks

In 2023 we don’t have to focus on scaling our business. Actually, we must concentrate on its growth.

Entrepreneurs have two options to minimize efforts and maximize conversions in the shortest possible time and without compromising the quality of what we offer:

  • Leverage on existing methodologies. This allows us to be less erratic and also saves us time.
  • Create our own methodologies and then adapt them to our clients, resources, teams and businesses.

If we combine both alternatives, our businesses could grow at the speed of light.

I need you to understand that Growth Marketing does not mean bending efforts.

It really encompasses tactics that require a lot of strategic thinking and little effort.

Next year we are going to continue to develop methodologies and frameworks of our own authorship and then we are going to replicate them over and over again.

CMAS methodology

Although I don’t want to wait for next year to share our CMAS Methodology with you.

The world needs more people to take action. Dreams are amazing, but we must act and make them come true.

Why are people complaining about marketing frequently? Because 80% of their time is dedicated to actions that do not generate results, or that clients do not need or value.

This can’t keep happening. We cannot accommodate conformist marketing.

Because? I’ll tell you bluntly. Growth Marketing is focused on taking advantage of new opportunities that drive businesses to achieve their expected results. 

Growth Marketing Tactical Plan

I would also like to talk to you a bit about our Growth Marketing Tactical Plan.

We leverage on it strongly because it allows us to audit and take advantage of new growth opportunities for our companies and ventures.

7. High-margin business

Prioritizing high-margin businesses will be one of the most promising Growth Marketing strategies of 2023.

As a serial entrepreneur I have learned something very valuable: we must focus on margins and not high-ticket solutions. 

Analyze what margin your five best-selling products or services offer you and then act.

Is it 15, 20, 50, 100 or 200%? You need to put the magnifying glass on these percentages to know if you are really making or losing money with your ventures.

Many times I am asked what is the margin that entrepreneurs who offer services should manage.

If you are one of them, the minimum margin you should work on is 20%. Others tell me, “Vilma, I offer consultancies, but I don’t know how to handle the margin issue.”

I’ll be very honest. The consultants’ margin needs to be 100% or more, because from there we need to make continuous reinvestments in education and training.

Small changes and big results

Many times we only have to make small changes to achieve great results.

For example, you could clean up, simplify, or remove certain services to automatically boost your earnings.

Apple is the best example of this ! He only had to reduce the size of the iPhone box and stop selling the power adapter along with this equipment to lower the company’s costs.

We fully focus on high-margin business and also on cost reduction. And this has marked a before and after in our endeavors!

Before, we offered five sessions to our new clients (one onboarding , another strategic, and three follow-up sessions).

Until I realized that this only delayed the results and entailed great costs.

That is why we decided to simplify this first approach with our clients and we started having only three sessions.

See also  50 Low Cost Business Ideas with High Profit in India

But that was not the best of the case. I actually found that with just three sessions we could get better results and without having to increase our prices!

I recently made a call that would save a client $40,000. I have it very clear: one of my jobs as a consultant is to optimize my clients’ budgets and help them reduce their costs.

Next year we have to focus on this cost reduction methodology so that our businesses offer us ever higher margins.

What else should you do to make your business grow?

Now I want to share with you other actions that we will implement next year to boost our businesses and ventures.

I’m sure they will also help you a lot:

1.Diversify your business

Entrepreneurs are solely responsible for diversifying our businesses.

No one else will do this job for us, so let’s drop the excuses and get to work.

Microsoft and Google are the masters of diversification. I challenge you to make a quick list in your mind of all the products you know of from both companies.

Surely you thought of Google Cloud, YouTube, Google Search or Google Network. And what about Microsoft? This company does not stop diversifying.

In the past few years, he has launched everything from Cloud Services, to Search Ads , to clever Gaming solutions .

Now let’s see a more grounded example. They always ask me this question: “Vilma, how do I apply diversification in my small business”?

My answer is always the same: analyze our E2 Business Methodology (Stable and Scalable).

We do not stop diversifying our services and this has had a very favorable impact on our billing.

The power of diversification

What have we done? We are not satisfied with launching, promoting and selling digital products (such as courses or certifications). We have also released:

  • Unlimited services or check-in and check-out. 
  • Consultancies.
  • Speaking and in-house training.
  • Editorial. In 2020 we generated six figures by selling our book ” The Compass of Digital Business”. 
  • Events and experiences: we organize face-to-face, online and also hybrid events. 
  • Alliances. Co-creations are going to revolutionize digital marketing strategies in 2023 and you cannot miss them.
Diversify without complications

Diversifying your business doesn’t have to cause you headaches.

If you don’t know where to start, I recommend asking yourself these questions:

  • What do your customers need right now?
  • What other products or services could you sell them?
  • What can you sell with the greatest impact and value?
  • What can you offer less impact and value?
  • With whom could you strengthen alliances and obtain profits without so much effort?

Once you clear up those questions, you should focus on the type of diversification that best suits your venture.

You can do vertical diversifications. These are ideal for offering products or services with greater impact and value to your customers.

But you could also diversify horizontally if what you are looking for is to boost your sales with complementary products or services (your own or from a third party).

2. Increase Average Order Value

The AOV indicates the average value of the shopping cart of the customers of our physical or online store.

To get your customers to spend more and more money on your products or services, you must know the AOV of your business.

You must also leverage high impact techniques to increase it. Right now I am going to share some of them:

  • Make exclusive offers for customers.
  • Pre-sell products.
  • Offer first purchase coupons.
  • Trust subscriptions.
  • Make collaborations with other brands.
  • Develop loyalty programs.
  • Offer rewards for minimum purchase.
  • Boost limited offers of your products or services.

Focus on growing your business in 2023

The Growth Marketing strategies that you execute in 2023 will help you increase the AOV of your e-commerce or physical store. There is no doubt about that!

But no effort will make sense if you don’t make sure you offer products or services that are relevant to your audience.

Growth Marketing alone will not work miracles. You must do your job and put yourself into action so that your businesses or ventures can benefit from all these tactics and strategies.

I want you to keep this reflection and keep it very much in mind during the next 12 months: “ When you serve others, you are not an entrepreneur. You are a generator of impact and wealth.” 

 

 

Leave a Reply