What is growth hacking marketing & how it can help marketers
74% of marketers set marketing goals, but only 3% achieve them. Sean Ellis, the first marketer at Dropbox and now founder and CEO of GrowthHackers.com coined the term “growth hacking” years ago to define a new growth strategy for marketers. Sean worked with Dropbox’s CEO after the private beta ended.
By following a growth mindset, they enabled Dropbox to become the fastest SaaS business to ever reach a $1B revenue run rate. Inspired by this growth approach, many startups and marketers began to follow the same strategy.
The main objective of growth hacking is to boost customer acquisition whilst minimising the cost.
However, it’s not only about a low budget. A growth mindset supports that any goal is hackable, thus achievable. In that sense, growth hacking and marketing share similar principles.
In this blog, we’ll show how implementing a growth hacking marketing strategy can accelerate your marketing efforts and leverage your business.
What are the best growth-hacking marketing tactics for each funnel?
Growth marketing is about analyzing your entire customer lifecycle, A/B testing various elements, unlocking insights and then using those insights to increase engagement and acquisition further.
In other words, growth marketing wants you to attract customers, engage with them, retain them and turn them into your loyal customers or even your brand advocates.
Awareness → Lead Acquisition → Conversion → Engagement → Revenue → Referral
To achieve this, first, analyze each stage of your customer lifecycle, and set goals for each. To set your goals, we recommend using metrics such as:
Enhance your online presence on social media, implement an influencer marketing strategy, do viral campaigns, partner with other companies or brands, focus on SEO.
Deliver an exclusive customer experience, provide a seamless checkout process, implement a conversational marketing approach to provide customer support and engage with customers, offer discounts.
Engage with your customers through social media and email marketing, reward them for being loyal, encourage customers to return to your page by offering them exclusive deals and discounts, create a loyalty program.
Use influencer marketing, generate UGC by encouraging customers to leave a review or share a photo, use referral or loyalty programs to motivate your customers to refer a friend.
Important note: The growth funnel might not be always linear, sometimes a customer can see your ad on social media and then test your product for free before finally converting into a paying user. That’s why you always need to analyze your data, optimize your channels, document your new tactics, and share them with the relevant teams.
Growth-hacking marketing activities and plans you might want to use in 2022
Repurposing your content and promoting it on different channels
Using Google Analytics check your top-performing blogs and repurpose them for your newsletters, social media posts, chatbots or even guest posts.
You can also share your top-performing content with relevant groups. Find private Facebook and LinkedIn groups that are associated with your business goals or your industry, then start sharing your content there. Make sure you’re not too salesy – keep in mind that you’re a member of that group, not a marketeer.
Content shared by employees receives 8 times more engagement than content shared by brand channels. Create a Slack channel to inform your colleagues about the content you’ve been creating and ask them to share it on their social channels. If you’re a B2B brand then LinkedIn would be the best platform to share the content on your personal account, however, if you’re a B2C brand then we recommend using Instagram or Facebook to share the content.
Referred customers are 4 times more likely to refer more customers to your brand whilst referred customers are also 18% more loyal to your brand. By implementing a referral strategy, you can increase your customer acquisition, thus, your growth.
Furthermore, you can create a loyalty or referral program to drive further referrals. This can also help you to get better insights.
According to Salesforce, UGC increases conversions by 10% when included in an online purchase path. Identify your most loyal customers and send them an email to encourage them to share a photo or leave a review by offering them an exclusive discount. You can also create an event dedicated to your loyal customers, and provide them with special gifts so that they can share on social.
Businesses are making $5.20 for every $1 spent on influencer marketing. Whether you’re collaborating with micro-influncers or macro-influencers, you can always generate more traffic and engagement thanks to influencers. Thanks to influencer marketing, you can also increase your reach and engage directly with your target audience.
Keep growing, keep increasing your revenue
Long story short, here’s what you need to do:
Evaluate each of customer stage
Optimise your business and marketing channels
A/B test, optimise, and iterate
Experiment with new ways to hit your goals
Work in cross-functional teams to promote your products or content
Use the power of word-of-mouth
As an additional resource, we also want to share Drift’s podcast dedicated to growth.