CXL Growth Marketing Week 11 review

This is my 11th week’s review of the Growth Marketing mini degree course by CXL (Conversion XL). I want to start my review by focusing on the importance of Online Marketing. With the changing trends in technology, there is a huge shift in consumer behavior who shop online or look for options to buy anything online before heading out. Especially, with the COVID-19 pandemic, there is a surge in online shopping and more businesses want to move online. As someone who works in the marketplace industry, I have seen an increase in demand for creating a service marketplace and B2B businesses online. With this being said, the reason why I decided to opt for this course was because of its elaborated approach, stressing on all the important aspects of marketing starting from the foundation of growth marketing to focusing on each channel of Digital Marketing.

The Growth Marketing mini degree course is divided into seven different parts, beginning with the foundation to experiments, conversion, channel-specific growth to strategic management in the end. The course focuses on covering all the aspects of designing strategies for applying them for specific channels and then managing and modifying the current campaigns. For my first week, I finished part one of the courses- Growth Marketing Foundations.

User Retention

This course taught about how to define and identify retention points for your customer base, how to slow down or flatten churn, and how to improve retention long term. I also learnt about:

The difference between good and bad retention
Identify the keys to great retention
Implement strategies that will positively affect your churn rate
How to improve retention long term
Retention is greater than acquisition. Most companies traditionally spend more money on customer acquisition because they think it’s a quick and effective way to increase revenue. Customer retention, however, is faster, and on average, up to seven, costs up to seven times less than customer acquisition. It’s so much easier to retain customers that you already have a relationship with, and it’s an effective way to grow revenue because you don’t need to attract, educate, and convert new customers. Companies that shift their focus to customer retention find it to be more efficient. They’re marketing to customers who already have expressed an interest in the product, and they’re already engaged with your brand. It makes it easier to make the most of those experiences that they’re having with your company. In fact, retention is a more sustainable business model, and it’s key to sustainable growth. So, there was a study done by Bain & Company. They’re the inventor of the Net Promoter score. They said that increasing customer retention by 5%can lead to an increase in profits 25 to 95%.The likelihood of converting an existing customer into a repeat customer is 60 to 70%,while the probability of converting a new leads five to 20% at best. So, in this lesson we’re going to start by looking at bad retention, some good retention, and some really great retention. We’ll talk about the impact retention has on your revenue. It’s a good thing by the way, and some calculations you’re going to want to consider before diving into a retention effort. Now, we’re not talking about actual retention efforts just yet, simply looking at retention rates and laying the foundation.

Maximizing audiences for PPC campaigns

This course taught me how to improve your PPC returns by leveraging your audiences across channels and in the search network. Additionally I also learnt about:

Earn better ROAs: Define your target audiences & market more effectively with your existing PPC budget
Multiply your impact across channels: Use your newly super-powered audiences for retargeting
Get negative: Discover advanced strategies for negative audience creation & audience shaping
Write more specific ads: Learn how Joe and Michelle write better ads from their PPC audiences

Persona research can be extremely helpful when you’re trying to figure out who your ideal customers are. But not everyone has the budget or time to conduct a big study.

Luckily, Google Analytics and social insight tools put tons of data at your fingertips. In this first class, learn how to create better PPC audiences from the free data you already have access to. To sum up: here’s what I learnt:

Where to go to create new audiences in Google
What types of audiences can we create in Google
What information can we pull from social insights tools
How to leverage audience information in a given channel
It’s important to be build audiences that serve your marketing goals beyond simple targeting. Don’t think solely about who you want to target — think about you who want to exclude. Plus, your audiences form the foundation for two powerful advanced approaches: lookalike audiences and similar audience modeling. In this class, we’ll cover strategies to build laser-targeted audiences (and talk about who to leave out).

Find meaningful segmentations in retargeting lists.
Understand the different types of retargeting lists.
Leverage cookie lengths to improve performance.
Learn to leverage retargeting audiences for more than just targeting.
Plan ahead for negative audiences.
Set your account up for success with Lookalike and Similar Audiences.
Youtube Ads

I learnt how to target audiences, create the perfect video ad and set up campaigns that work. Turn YouTube into a reliable, automatic source of profitable traffic.

Find your future customers on YouTube
Use a 7-step method for creating perfect video ads
Identify and scale the best keywords for your business
Understand how to get YouTube’s A.I. working for you (and when to use it)
Diagnose and fix any campaign problems you might run into
At the core of every successful campaign is a properly vetted research process. And Tom, the instructor presents how to find customers on Youtube, identify target keywords, and how to maximize your reach with the lesson’s brainstorming challenge.

As a Digital Marketing Executive, I was acquainted with the channels, and how to optimize by reading the key metrics, but after my first week I have come across the importance of user research and why all the planning should revolve around the target audience. The Growth Marketing course in CXL is really comprehensive and focuses on every step that should be considered when planning campaigns. The fact that we get to learn from all the experienced users and how they have used all the concepts practically really helps in understanding the backend of how growth marketing helps a business. I am really looking forward to the next courses and applying the techniques I learn here to my actual work environment.

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