My Growth Marketing Degree Path with CLX — Week II
Don’t stop learning… let’s start!
The second week of training at CXL Insitute.
I finally manage to complete the Email Marketing course with 95% of the correct questions! It was a difficult program to pass, however, I managed to successfully complete it in one week. After passing this program, continue with the Growth Marketing program, doing the course “Growth mindset: Growth vs traditional marketing” with John McBride.
The program taught how to create a growth process for the marketing team in three stages. The first one, developing a high-level strategy; defining the growth process, doing “customer journey”, to finally define the channels that will be used for the growth strategy.
Secondly, the “Core Planning” which is responsible for defining the objectives and metrics by which the progress of the strategy will be evaluated. This point is key, in the sense that you must define metrics for each of the stages of the customer life cycle so that you have metrics that support the final success, and a single main metric that is in line with the business objective. Actionable variables can be defined depending on the marketing channel being used to achieve the strategy so that they can be improved over time through a performance strategy. However, the definition of the main metric must always be oriented in the same order to the business objective.
An example of this would be a company that emerges recently and needs to make itself known in a specific market, for this it surely needs to increase its presence in the market and generate traction to generate the first sales. Then, within the actionable metrics, we would have “engagement” or knowledge in the market. Other metrics can be traffic on the website and later contact forms completed. All these three metrics can be control or actionable metrics, which can increase with the actions that are made from the strategy of Growth. Finally, the objective or main metric would be to increase the total of new business for the company.
By increasing the budget or the effectiveness of marketing actions, it will generate an increase in the volume of traffic to the page, which leads to an increase in the number of forms completed and therefore greater knowledge in the market. All this will generate more prospects for the sales team, who after working these leads, will generate a higher volume of business.
Thirdly, there is the stage of execution of the strategy; a template of objectives must be developed where the goals to be achieved in the process are defined, secondly, to build the necessary experiments to achieve the agreed goals and finally, to automate and scale up the successful processes after the experiment.
The high-level strategy is defined through the AARRR or funnels pirate process. Afterward, the ways or channels through which potential customers can get to know the company are defined. Then, the channels used to acquire new customers and those used to activate existing or potential customers are defined.
After this, a framework is generated for each of the digital channels, defining which will be the metrics that allow increasing the performance of each channel to achieve the company’s objective.
The best way to define the metrics that are going to be improved along the “customer journey” is to recreate the customer’s path, from an unknown customer to sales achievement. Through this exercise, it is possible to see which are the main metrics that will be evaluated in each of the customer’s steps. It is recommended to do this process several times since the customer’s path varies depending on the definition of the product or the company. Additionally, it is possible to start with the definition of an ideal customer or “Golden Customer”.
Another recommendation is to create a “Customer Journey” based on the analysis of channels in which the behavior of the visitor to the website is not affected. By analyzing the organic or direct traffic to the website, we will seek to understand the recurrent behavior of the average customer.
The process of defining the growth marketing model then starts with the definition of the growth model. In this sense, a key goal is specified that is possible to achieve through the digital channel. This has to be a metric that speaks specifically to the business model; for example, “a number of users that paid” or “revenue perusers”.
Secondly, growth planning by Qs is defined. It starts by defining the elements to be improved on the website, which generate a greater impact on the achievement of results. Then the annual goals are defined, then by quarter or semester and finally monthly. Metrics must be defined as achievable within the different moments in which these methods are followed. We must begin by prioritizing constant experimentation to achieve the goals or objectives set for each of the channels, without distinguishing the type of population for which the experiment is being conducted.
This, to later make a more detailed segmentation of the audience, either by acquisition channel, geographic location, etc..
The next step is to make brainstorm with the team, where they have ideas from different perspectives, which can increase the probability of achieving the company’s objectives. It is important that this process is always focused on the improvement of a single goal, to avoid having many ideas, which may have multiple impacts and at the end of the day you can not measure their results.
The next step is to prioritize the tasks in the execution plan. To do this, it is recommended to build a framework of prioritization of tasks known as ICE. This model measures three variables mainly; Impact, Trust and Effort. Once the three variables are defined, the result is the prioritization of the experiments to be executed, taking into account which ones will have a greater impact on the business and will not generate a very high cost for the company (in employee time and effort), compared to other experiments.
Finally, I’m starting to do the User-Centric Approach program, in which I’ll be learning more about UX and UI, learning how to approach customers from the customer person’s point of view. I am really looking forward to continuing to learn from the program.
I will be posting next week, with the new programs I learn.