6 Proven Growth Hacking Strategies for Startups That Generate Success.
Maya Odeh Growth Marketing & User acquisition Leader
What is Growth marketing and why its important for every business ?
Growth marketing its about looking at all your customer lifecycle funnel and not just part of it, it’s about acquiring new customers and keep them for long term and to turn one customer into two and three customers so we can reduce our CAC and increase the CLV .
- Growth Marketing is Looking at Your Customer’s Lifecycle Funnel not just part of it.
To grow your business you need a marketing strategy that has teeth. Marketing must lead to the right kind of customer; you can’t just offer a product or service and hope for the best. With relationships, in general, at an all time low, companies are turning to data-driven marketing techniques to get a leg up on competitors. With data and insights, a company can identify the right customers for any given product or service and take the required actions to encourage them to make the purchase. Growth marketing methodology is all about understanding the customer’s needs and experience which unfolds over time through the customer’s lifecycle, this then enables you to make the necessary plans in positioning your business for further growth. It’s about identifying opportunities, assessing risks, determining cost-output relationships, leveraging relationships with key decision-makers and working strategically to place your business in the right place at the right time.
It’s about learning from your customer, acquiring feedback from them, and using that feedback to determine what changes need to be implemented to drive growth. Much like how you should approach a relationship (good or bad) with a partner, the same pattern of behavior applies here: if you’re consistently getting feedback that your customer wants more or needs something different, then you should probably try changing your approach or putting more effort into implementing ways to meet their requirements.
- Referral Program
Referral marketing generates high-quality leads at a lower cost. CAC is known as the amount of money required to acquire a new customer. Referral marketing costs are set, as opposed to digital platforms that charge you depending on the amount of impressions, clicks, or conversions.
Paid ads raise brand awareness, while the most basic referral service reduces CAC costs, and increase Conversion Rate which is an ongoing mission for any large or small company, and maximizes ROI, allowing companies to step forward faster. This is illustrated by a simple mechanism: satisfied customers bring in new customers. So the cost of these new customers is usually low.
You can offer bonus or promotion for customer who refer a friend or such as one week free trial , 10% bonus , free package space. anything that would motivate them refer a friend depends on your product and what service you offer.
Retention is key to a successful growth hacking strategy because it gives you a concrete example of what customers experience and how their experience changes as you grow. Specifically, retention shows how your product or service retains customers as well as giving you insight into their improvements over time. the higher the retention score, the easier it is to gain new customers. keep your retention rate high by :
- Make it easy for users to set up regular payments with little to no onboarding required. Include a form of automatic payment that can be set up by the end-user if they choose.
- Offer regular bonuses or rewards for precise achievements such as signing up for a newsletter or downloading an app. These can start small and be increased over time as retention strengthens.
- Brand Partnership
Business partnerships and collaborations are one amongst the best growth hacking techniques as they create a lot of noise. Many brands have realized the fact that co-marketing and product partnership is an effective growth marketing strategy.
It will not only create a great social media buzz but will also send relevant organic traffic to your website. It is an opportunity for news coverage and will enhance the visibility of your products and services globally.
your partners will that have the same audience and common interest as yours but not you competitor.
acquisition marketing funnel is the entire sales and marketing process that acquiring potential customers, offers opportunities that can assist in converting them into long term customers. The acquisition funnel includes all the necessary steps to get your website noticed, identified and successfully acquired by the target audience. These include paid search advertising, paid social media advertising, inbound marketing strategies especially for email and inbound social media, site-wide technical changes and changes to your website itself, or to the way it hosts content.
- Reduce Churn
Every business owner wants to reduce their churn or the number of new users who leave the site. But what can you really do? The best way to reduce churn is by improving your customer experience. Whether that means improving your online store, making it easier for new customers to sign up, or building better relationships with your current clients, you should always investigate the possibility of new opportunities to improve how your customers interact with your business.
There are a lot of growth hacks out there. Some work, some don’t. Some help you get a product out there faster, some take longer. But the fact remains that there are ways to dramatically increase revenue whether you’re working alone or with a team. Revenue optimization is about identifying which stages in the growth process generate the most value. It means having patience with a process that sometimes takes months or even years but once you get it right, your earning potential has the opportunity to sky-rocket. Most hacks take years to mature, so don’t start focusing on them too early. Here are some of the growth hack strategies to generate revenue:
1. Creating an “on-ramp” for potential customers through creating an on-ramp for new customers is one of the most effective ways to get more sales. The on-ramp provides information about your product and process, making it easier for someone to sign up and start using your product. By creating an on-ramp, you’re signaling to potential customers that they can get immediate value from your product — without having to wait days or weeks for an in-depth review.
- Highlighting important elements and offering detailed guidance
- Provide communication so they know they can get support from you.
- A customized thank-you message or handwritten note may be part of the on-ramp process to strengthen customer relationships, increase retention, and incite word-of-mouth campaigns.
2. Simplify and streamline the checkout process- Improving the checkout process will assist you in reducing cart abandonment and increasing overall sales in your store without making any other drastic improvements or running expensive promotions to attract new customers. Here is a list of some of the top reasons for cart abandonment, and the common friction points that can be reduced or eliminated:
- Being required to open an account
- Long, complicated forms
- Inadequate knowledge (shipping information, customer support information, etc.)
- Concerns over site protection
- Shipping fees
- Concerns on pricing
- The site’s and checkout navigation is complicated
3. To generate buzz and traffic, consider strategic giveaways. A giveaway is an excellent way to draw attention to your brand, attract traffic, and gain an influx of relevant subscribers to market to and convert into customers. However, only if you treat the giveaway correctly. Items, such as Apple products, appear to attract a large crowd, however many members of the audience may already have the most up-to-date technology. Choose a reward that will spark their interest. Give away something specific to your target audience, and they will be more likely to return to buy from you.
Conclusion; Growth marketing is about Looking at Your Customer’s Lifecycle Funnel and not just on the acquisition cycle , its about making from one acquired customer two customers and keep nurturing them and retaining them..