CMO Growth Framework : Sprint 5
Now we know your critical marketing metrics, we understand the customer journey and we have clear differentiation strategy. Now it’s time to drive growth by fine tuning the marketing mix. In this step we’ll focus on both organic and paid customer acquisition channels, as well as customer referral programs.
1. Stop the bleeding
First we’ll stop the cash bleeding and cut paid advertising channels driving nothing but tire kickers.
2. Re-allocate ad spend
Next, we'll re-allocate ad spend to paid channels driving MQLs and customers. We’ll also increase budget and resources in content production and organic channels such as social, content marketing, video, and SEO.
3. Test emerging & experimental channels
Explore emerging and experimental channels such as long-form video on Instagram, voice search, VR, mobile ads, and chat bots. It often pays to be the first in your category to jump on new trends.
4. Customer Referral Program
Next we'll look into a customer referral program to reward your existing customers for referring their friends and colleagues.
5. Design new marketing budgets
By now our analytics will have sufficient data to tell us what channels are driving customers at a profitable price (customer acquisition cost). We can use this data to re-design marketing budgets for both paid and organic channels.
6. Vendor evaluations
I'll conduct a critical review of all marketing vendors to ensure they're still adding value. This includes reviewing agencies, affiliates, MarTech vendors, consultants, freelancers, ad networks and media partners.
7. Content production
All customer acquisition channels require unique, informative, timely, and even entertaining content to serve each touch points across the customer journey. Content is required for organic channels such as SEO, social, video, and email as well as paid channels such as search ads, display, native advertising and video ads. I’ll teach your marketing team how to research, create, and effectively distribute content that will feed both paid and organic channels. Every piece of content will be measured with our attribution tracking system.