Gone are the days of relying on intuition, luck, and frivolous spending. Marketing is now data-driven and about efficiency and creativity.
Between all the recent restrictions, limitations, deprecations, and new data privacy laws that have been thrown at marketers, there have been plenty of complications that have collectively managed to lessen the enjoyable elements of growth marketing. These grievances are shared by growth teams of almost every industry, whether it’s PLGs, B2Bs, DTC, or even subscription brands. Still, despite volatile markets and limited budgets, growth teams are expected to generate good results going forward.
This expectation, which primarily stems from investors expecting big returns on investments, creates a frustratingly paradoxical situation for growth teams. After all, customer acquisition costs are rising and spending needs to be managed — all while ensuring retention rates and profitability upward trajectory. It’s a big ask, especially with a tight marketing budget.
In an ideal world, the implementation of multiple growth loops would be enough to keep the engines running with minimal effort on the back end. In reality, growth teams need to be extra diligent in the approaches they take to achieve optimal profitability for their marketing budgets.
Here are five tactics data-driven growth teams should consider to increase the impact of their campaigns.
Recent and upcoming regulations are limiting advertisers’ ability to collect and process data for internal use. That is particularly detrimental, as robust data is needed to build, match, and expand audiences in future ad campaigns
This places tremendous importance on first-party data, which is by nature GDPR-compliant, and crucial in today’s privacy environment. Based on this data, personalized experiences and ads can be delivered to customers and prospects.
