Get rid of your expensive digital agency once and for all. And hire a team that doesn’t make you lose money. We will provide an all-encompassing rundown of Growth Hacking Marketing. An explanation of why growth is extraordinary, how to automate your marketing, and 10 suggestions to implement these strategies.
What is Growth Hacking Marketing, and Why Does it Matter?
Growth Hacking is more than a buzzword or just marketing with another name. Growth hacking is a small data-driven and technical group tasked with figuring out how to scale the business.
The first time the time was coined it 2010 by Sean Ellies, during his career, he worked on Dropbox as a consultant.
Also, consider most people make decisions based on their instinct or by guessing, but that is not effective anymore. In the past content marketing was the King, but now Data is the Queen.
“Growth comes from understanding your best customers and finding out how to acquire more of them,” Sean Ellis.
The Pros and Cons of Growth Hacking Marketing
With Growth Hacking you will be able to save a lot of money and have faster results, but the downside is that these techniques have success in some cases for a short time.
Pros:
- Evaluate current marketing initiatives
- Set achievable goal using automation and Artificial Intelligence
- Plan experiments to test your hypotheses
- Experiment until your results are statistically significant.
- Document your winning results, and share them with your team
Cons:
- You need to have a deeper understanding before you apply these strategies
- It is a team job, not a one-man job
- Consider the risk management
A quick guide on how it would like each part of the marketing funnel.
Iconic Growth Strategy Examples
Dropbox
Growth Strategy: Viral Loops
Dropbox launched in 2008 and introduced the world to the ease of keeping files in the cloud, rather than on a physical device.
Their strategy was viral loops, “A basic viral loop means that you share a product with your friends, and you get more of it. Paperless Post gives you extra coins to buy more eCards each time you share with friends.” Growth Devil For example:
- Dropbox offered a valuable incentive to share it with others
- Dropbox accept and share with their network
- New users sign up, see the incentive for themselves, and share with their networks
- Repeat
Slack
Growth Strategy: Word-of-Mouth
Slack is a business communication tool developed by Gliych, an online game, the app launched in August 2013. Their co-founder Steward Butterfield stated, “The growth has been completely insane and almost entirely on word of mouth. In fact, we just hired our first marketing person, but he doesn’t begin until next week.”
Growth Hacking Marketing Strategy: The “When They Zig, We Zag” Approach
The app allows users to send text messages and voice messages created and acquired by Facebook in February 2014 for more than $19 billion. During 2015 WhatsApp became the most popular messaging application and had over 2 million users worldwide as of February 2020.
How to rethink the marketing funnel
At first view, Growth Hacking Marketing looks intimidating but works, the first step is rethinking the marketing funnel.
Here is a quick guide on how to think each step of the marketing funnel
- Awareness: Consider triggering visitors to come to visit your website.
- Acquisition: Sign up, find a product, or read a piece of information. Showing your core value and persuade them to sign up.
- Activation: Experience the value of your service for the first time. You are giving users a first-hand experience. The moment they decide you are the best option for them!
- Retention: Use your service daily, weekly, or monthly. It is critical to be sure your users come back.
- Referral: Invite others to your service. You are incentivizing people to share their positive results.
- Revenue: When do people actually pay. Finding the right business model, pricing model, and upsell model.
Growth Hacking Marketing Strategies for your Business
- Repurpose blog content
- Build social sharing links directly into content
- Test your conversion points
- Connect with industry experts
- Embed social media posts in your blogpost
- Create a custom audience on Facebook
- Make multiple versions of one ad
- Recycle old blog posts
- Look for external collaboration opportunities
- Customize landing pages for different channels
Growth Hacking can be a scary term, but is a strategy to build and scale your business. With the right approach, you can implement those strategies to grow your business.
Are you going to drive them to take the action you want them to take?
There are a lot of different ways to market your business in 2020.
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