The core of marketing has always been about driving awareness, demand and sales. However, in order to achieve those fundamental goals, marketers need to adapt to fast changing trends in the market and consumer behavior. One of the ways to make marketing more efficient is to use growth hacking. The phenomenon is based on continuous experimentation, specifically through combining IT and traditional marketing skillsets. In particular, a growth hacker would still search for answers on how to build a customer base, improve product and make sales thrive, but at the same time, the toolkit will include A/B tests, landing pages, viral factors, and achieving greater results through working with data. Objectives stay the same, but the approach is more IT and digitally driven, testable and scalable. Andrew Chen, a writer, entrepreneur and a startup adviser referred to growth hacking as the 'new VP marketing', which has firmly integrated into Silicon Valley's culture. Here are 4 growth hacking techniques to improve your marketing campaigns.
Smart marketers don’t just communicate with the customers, they engage them. These days, digital platforms are based on the sense of social collaboration and participation on all levels. In order to build a customer base and drive interest in a brand, marketers should be able to create a community around it. The community can exist in the form of a forum or social media page focused on raising brand awareness by launching conversations that suit your customers' interests and promote your product or service.
People like free things and marketers can benefit tremendously from referral programs. The idea is straightforward, a company offers benefits if a customer recommends a product or service to a friend. One of the most successful examples is Dropbox, that managed to increase signups by 60% in 2010, by offering users some additional storage space on the platform if they recommend it to a friend. From 100,000 users registered in 2008, numbers reached over 4 million users in 15 months. PayPal also used the referral hack, by paying people to use the service. The bonus system helped to generate to up to 10% of new users daily. The method required a big investment, but in the end, the ROI in marketing yielded much better results than traditional marketing channels. Once PayPal reached a critical mass of new adopters, the company dropped it but continued with the merchant bonuses. And again, once they reached their target numbers and enjoyed a good return on investment, they dropped this too.
Content is more likely to reach audiences if it's accompanied by visuals. 65% of the global population are visual learners, according to the Social Science Research Network, so visual tools like infographics can help to increase readership and deliver a brand's message. Infographics are also more likely to be shared and are easier to embed across all digital platforms. The right style and structure of such content, though, is important for its success. Infographics won't perform well if they are not supported by striking facts, market research can help to look for trends and hot topics. The structure shouldn't be overcomplicated and should consist of key facts and figures from carefully acquired data.
Worship Your Data
Even though marketers deal with data daily, not everyone understands its nature and influence. Data is there to help to build a customer base and accurately measure the usage of products and services. As a marketer, you must understand key performance indicators such as viral coefficients, multivariate testing, CACs and LTVs to measure data effectively. In cases with startups, where the outcomes of marketing campaigns may be life-changing, learning about essential indicators is more effective than relying on intuition. Data is extremely reliable if interpreted correctly.