What qualitative measures are important for growth marketing?
Results from growth marketing campaigns can take a while to appear. At first, easy-to-digest metrics like ROI and number of qualified leads might not be too impressive. The initial numbers could cause growth marketers to abandon their ideas and campaigns. But quantitative metrics aren’t the only way to gauge the effectiveness of online content and other growth marketing tactics.
Qualitative data sources, such as comments on social posts and surveys, can reveal information that numbers won’t. While percentages and numbers show what’s happening with your growth marketing efforts, subjective data tells why. When used with quantitative information, qualitative metrics help marketers achieve their campaign goals. Here are some of the most meaningful metrics to use and why.
Customer and prospect sentiment
A growth marketing The campaign can include webinars, blog posts, product guides, and social media posts. Typical goals of online content are to nurture leads and build customer relationships. However, your posts and content won’t do so effectively if your audience doesn’t find them useful and engaging.
Yes, it is good to create and promote content to reach your target audience. These guides and messages can remind them why your business can solve their problems. But how customers and prospects perceive the information you post will determine whether they take the desired action. Measuring customer and prospect sentiment about your digital content can tell you if it will drive results, such as conversions.
Polls asking for feedback on webinars, live streams, and web pages can help gauge sentiment. You can also ask readers to comment on your blog and social media posts. Some survey and social media platforms provide sentiment analysis tools to streamline and automate the process. You can also send surveys to your mailing list or newsletter subscribers. Find out what content they like, what doesn’t resonate, and what information gaps you want to fill.
Thought Leadership and Influence
Growth marketing strategies attempt to build brand awareness through thought leadership and industry influence. One sign that campaign tactics are working is like-minded influencers asking about potential partnerships. This can include guest bloggers who come up with content ideas for a website or blog. It can also involve influencers requesting to feature a company’s products and services in their online publications.
Indicators that you are building thought leadership and influence can also extend beyond the web. You may receive requests to speak or lead discussions at industry conferences. Business leaders and press contacts may receive more invitations to participate in press releases, news articles and joint reports. An increase in business invitations and partnership requests shows that your brand is increasing its authority and credibility.
Brands that are more authoritative and trustworthy tend to have an easier time converting leads and selling to existing customers. Measuring thought leadership and influence can be tricky unless you’re already an industry leader or your brand is known. Unlike consumer sentiment analysis, there aren’t always automated tools to do the job. But you can look at metrics like domain authority, quality of backlinks, and caliber of potential partnerships.
Conversion Drivers for Audience Segments
In addition to increasing awareness, growth marketing strategies focus on other stages or stages of the customer funnel. These stages are Acquisition, Activation, Retention, Revenue, and Referral. At each stage of the funnel, different audience segments or buyer personas may exist. A person may consist of price-sensitive consumers with large households. Another segment could be a group of prospects motivated by status symbols.
Each audience segment has a primary conversion engine. However, this trigger can vary at different stages of the funnel. Growth marketers must uncover these conversion drivers and deploy them at the appropriate stages to attract target segments. You also need to figure out what actions you want your different buyer personas to take at these different stages.
For example, the desired action might be for more price-sensitive consumers to subscribe to bundled services. You might think the conversion driver for this segment is to save money. However, it may not be that simple or obvious. After all, a lower price or a bigger discount won’t entice you to buy something you don’t perceive as valuable.
In this case, simplified statements or billing services could be the driving force behind the conversion. This person might also see the benefit of meeting more household needs at a lower cost. Examine the behaviors and responses of different segments to different triggers to determine and measure what drives them to buy. If the buyer personas take the desired action, you’ve likely found a successful conversion driver.
Part of growth marketing is educating consumers about your brand and its offerings. Examples include explaining how products and services work and how to solve common problems. A company’s history and values and what the company does for the communities it serves are other examples.
Successful campaigns leave little room for consumers to guess what a brand or company is and what it does. Prospects and existing customers need to understand a company’s identity and products or services. For example, there is a gap if consumers do not know that an Internet service provider operates fiber networks and what makes fiber Internet superior. Also, a gap exists if people don’t understand why this ISP can serve their needs better than the competition.
Online forms, pop-up questionnaires, and customer service call logs are ways to measure consumer knowledge and understanding. Feedback from sales and service staff on customer interactions and questions are additional methods. You can group open-ended responses by topic or provide closed-ended questions that use aided recall techniques and examine accuracy.
Use qualitative measures
Measuring the success of growth marketing campaigns requires more than raw data and statistics. Qualitative measures, including consumer sentiment and knowledge, should complement quantitative measures. With proper use, subjective information can signal the effectiveness of growth marketing efforts long before more tangible returns do. More importantly, qualitative data will show what drives results that miss the mark and which ones knock it out of the park.