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What is Growth Hacking? [with examples]
That Growth Hacking is a trend these days we are clear, but do you know what exactly Growth Hacking means and how you can use it to improve your marketing?
Growth Hacking is a new approach to marketing that helps you attract, engage and retain customers, through constant experimentation and a special focus on changing customer preferences and motives.
It is about creating and delivering personalized and individualized messages, aligned with the needs of your customers, thus optimizing the growth of the organization quickly through the channels that your customers use the most.
What differentiates Growth Hacking from Traditional Marketing?
Traditional marketing often relies on the same tried and tested techniques to reach your customers: Mass emails, Google Ads campaigns with the same keywords, blog articles extolling the bonanzas of our solutions. You may get some results initially, but it is also more than likely that your returns will decline soon. You are not changing your strategy to push your marketing budget further, even when the interests of your buyers change.
Growth Hacking, on the other hand, uses Growth Hacking techniques to periodically experiment with different channels and strategies, performing tests incrementally to determine how to best optimize marketing investment. Growth Hackers seek to use a variety of innovative experiments and constant analysis to grow customer base quickly and at lower costs.
Growth hacking has evolved beyond the “fast growth” tactics of growth hacking. However, that does not imply that the elements that helped your rise to success have been discarded. Growth Hacking continues to be supported today by testing, experimentation and expansion, and applies these principles to different campaigns throughout the customer journey.
As marketing technology has advanced, so has the sophistication of the growth hacking field. Growth Hacking specialists are using A / B testing and multivariate testing to develop experiments on what content is viewed and when by different user segments, and are using the results to develop highly optimized strategies for each identified user segment, up to individual level.
Growth Hacking specialists not only grow the customer base; Instead, they create an engaged audience that will help reduce churn as well as increase the value of each individual user.
Building a highly personalized marketing approach reduces acquisition costs, increases revenue, and increases the efficiency of marketing spend.
Growth Hacking also generates higher customer retention and satisfaction rates. Growth Hacking focuses on building customer relationships and fostering loyalty; it is a long-term strategy in which authenticity and commitment generate support and organically increase the value of each client for the institution.
Some examples of Growth Hacking campaigns
Growth Hacking strategies can be used effectively to support a variety of goals, including, building loyalty from our customer base, incentivizing existing customers to participate in referral programs, effective onboarding, or content marketing. Here are some examples of Growth Hacking campaigns.
Customer retention ensures that those customers we invest time and effort in acquiring them continue to buy more products and services from us. Your customers have more options than ever when it comes to deciding what to buy and who to buy it from, so you must continually earn their trust. Demonstrating to your clients that they are more than a name and an amount of euros in your CRM, can improve the perception of your brand.
Campaigns that promote offers such as exclusive access, previews, or tiered rewards validate continued loyalty to your brand. Following the historical conversion signals of your customers and reinforcing those desirable behaviors with targeted loyalty campaigns can keep your brand close to the hearts of your customers.
Marketers constantly test and optimize offers to help attract new users through your most efficient advertising source – existing customers . Consumers trust recommendations from friends and family more than any other advertising source, so a strong recommendation can serve as powerful social proof to attract new customers.
To test referral offers, consider segmenting your audience groups and offering one type of incentive to one group and another to the other group – the goal is to find the sweet spot that will maximize referral conversions. for every euro spent. Dropbox, for example, began offering a referral program in which both the current user and the referred user received 500MB of storage space for free. Another example is ING’s Friend Plan, in which both the referrer and the referred friend who opens a PAYROLL Account receive 50 euros.
Once a new customer has signed up for your product or website, you have an ideal opportunity to boost their engagement with your brand and collect more data that can help you create better experiences. Your goal is to improve the customer journey for your new users, so putting in place a multichannel onboarding sequence where they interact with meaningful content can help you a lot.
For example, your first message could be a simple “Welcome!”, followed shortly after by a message asking your user what types of products they are most interested in. Another message may ask if you prefer to receive notifications by email or mobile phone. Then, you can continue the sequence based on the preferences expressed by the user and optimize future offers that you present them to maximize their participation.
When you’re trying to attract new customers, pushing too hard for an immediate sale can backfire. It’s best to create a long-term strategy that helps them become familiar with your brand so they can take the next step at their own pace. In this case, a strategy focused on content marketing can help your brand to demonstrate and attract new customers who might want to buy from you in the immediate future.
Create specific buyer personas to understand who your prospects are and develop content designed to attract each of them. Your call to action (CTA) could be to sign up for your email newsletter or get a free offer, such as an e-book. You can engage your target audience through organic social media channels, as well as paid social ads and retargeting, using A / B testing to optimize social sharing, ads, and content headlines to maximize engagement. and generate conversions.
Today, we have all the tools and technologies necessary to do good Growth Hacking. Your focus should be on continually testing and optimizing to achieve greater engagement and a better customer experience, using strategies to attract customers based on highly personalized preferences.
Make sure that as you experiment with new strategies, you collect data as you go, so that you can build, test, and iterate to continually improve the customer journey in your organization.
And you, do you dare to make the leap to Growth Hacking?