The key to success in growth marketing is conversion rate optimization (CRO). CRO is the process of optimizing your website and marketing campaigns to increase the percentage of visitors who take the desired action. It is commonly said that growth marketers must learn how to fail- and how to fail forwards. Through rapid testing and adapting, the growth marketer’s failures can be rebranded as mere experiments – not detrimental to the long-term health of their website, but rather a stepping stone towards ultimate improvement and optimization.

The goal of any growth marketing strategy is to drive incremental business growth. While many marketers set out to hunt the elephant, you can have more to show at the end of the day by hunting the deer. That isn’t to suggest you need to be setting small goals- push yourself while setting realistic checkpoints for yourself along the way. By following a consistent process to drive incremental results, you can create a massive flywheel that keeps on spinning. 

A good basic outline for a growth-focused CRO strategy might look something like this:

1. Identify your conversion rate optimization (CRO) objectives.
2. Define your target audience.
3. Research what’s working for your competitors.
4. Create a hypothesis based on your research.
5. Test, test, and test some more.
6. Analyze the results of your tests.
7. Rinse and repeat.

The beauty of conversion rate optimization is that it’s always a work in progress. There’s always room for improvement, and growth marketers are never satisfied with the status quo. By constantly testing and tweaking, they continue to drive incremental results that add up over time to create a significant impact on their bottom line.

When mapping out a growth strategy for your website, consider the Ansoff Matrix:

• If you’re looking to grow your business by selling more of your existing products or services to your existing customer base, that’s market penetration.
• If you’re looking to grow your business by selling new products or services to your existing customer base, that’s product development.
• If you’re looking to grow your business by selling your existing products or services to new markets, that’s market expansion.
• And finally, if you’re looking to grow your business by selling new products or services to new markets, that’s product diversification.

The Ansoff Matrix is a helpful tool for thinking about growth because it forces you to think beyond your existing products and customer base. By considering new markets and new products, you open up a world of possibilities for driving incremental growth.

Of course, no growth strategy is complete without a solid plan for execution. Chart and roadmap your way to success through measurable and attainable goals, each complete with their own list of action items and deadlines. From website design to product development to customer service, data should be at the heart of all your decision-making.

The key is to start with small tests and work your way up. CRO is a marathon, not a sprint. Once you’ve found a conversion rate optimization strategy that works for you, stick with it and continue to fine-tune and optimize over time. Remember, the goal is continuous incremental growth. Slow and steady wins the race.

Remember, conversion rate optimization is not a one-time fix. It’s an ongoing process that requires dedication and a willingness to experiment. Marketers who understand CRO understand that taking risks is necessary, but data will always prevail. By following a process, trusting your instincts, and most importantly, trusting the data and results of your testing, you can be confident that your conversion rates will improve over time.