You must have come across the term “growth hacking” numerous times, primarily if you’re associated with a startup or surf the web very often for marketing strategies and trends. Although still relatively entirely new, both the term and the concept of growth hacking have taken the entire industry by a storm, and rightly so. However, if you are still new to the idea of growth hacking, fret not, for this is precisely what this article focuses on. Here’s the best and most comprehensive guide to growth hack marketing in 2021.
What Is Growth Hacking?
Before foraying into the details and strategies of growth hacking marketing, let’s start with something essential yet absolutely crucial, especially if you’re still new to this term- what exactly is growth marketing?
By definition, growth hacking is the process of continuous and swift experimentation and implementation of different marketing and as well as promotional strategies which chiefly focus on efficient, effective, and speedy business growth and expansion.
So, essentially, growth hacking is the practice of adopting different marketing approaches that can help businesses achieve accelerated growth with minimal overhead costs, as explained by Sean Ellis, the man who coined this very term back in 2010 and also happens to be the founder and CEO of Growth Hackers. Therefore, if you’re looking for a reliable forum to assist you with Growth hacking then you are at the right place. Trident AB offers you a wide range of effective growth marketing tactics that are guaranteed to thrive.
By utilizing their shopify A/B testing they help you find the perfect mix of components on your websites to be altered. It gives you the full authority to choose which audiences to target and the features to evaluate. Moreover, it also guides you about how many unique features can be included further.
Stages Of Growth Hacking
As with every other marketing strategy, growth hacking too has certain crucial parts to its planning procedure which growth hackers like to professionally refer to as the growth hacking funnel, which is essentially just 5 different stages of growth hacking. These stages of the growth hacking funnel also act as key metrics that help growth hacks measure the success and effectiveness of their marketing strategies. They are:
- Acquisition: Gaining new customers/clients
- Activation: Winning customers’ trust and getting them to use the product/service
- Retention: Retaining the customer and their interests and decreasing the churn-rate
- Revenue: Monetizing the customers using your strategy and generating revenue
- Referral: Getting existing customers to refer the product and the brand to other people to further increase the customer base
Most Effective Growth Hacking Strategies
With the basics out of the way, let’s now discuss a few highly efficient and powerful growth hacking strategies that can help new businesses and startups grow exponentially. The strategies discussed below fall into three different categories, mainly:
- Strategies designed to promote business and products with the help of content, industrially known as content marketing.
- Marketing strategies created to promote the product, otherwise known as product marketing
- And lastly, paid marketing strategies, also known as advertising.
Depending on which category your marketing strategy belongs to, results can vary both in terms of the time they take and the results they yield. Some popular growth hacking strategies are:
1. Using Exit Intent To Hack The Growth Of The Email List
It comes as no surprise that email marketing continues to be one of the most beneficial and high result yielding marketing forms that almost always lead to quite a good ROI. According to a study on email marketing, an initial investment of $1 can help generate up to $44 in revenues, which is precisely why email marketing remains one of the top growth hacking strategies. Businesses and startups can utilize this marketing form to benefit and witness their emailing lists skyrocket with focused exit-intent popups linked to lead magnets.
A lead magnet is an incentive or stimulus that businesses can offer their potential customers when customers share their contact information with them. These can include coupons, discounts, product samples, or access to exclusive sales, anything that will grab a lead’s attention and get them to fill in their contact info.
Once you have their contact information available, the exit intent automatically detects when the customer is about to leave your website or web page. It then flashes the lead magnet campaign on the screen just before they go to capture their attention, which has shown to work quite well with customers and is proven to grab their attention and promise a reasonable lead conversion rate.
2. Make The On-boarding Process Enjoyable
One of the most popular and effective growth hacking marketing strategies that most businesses prefer to opt for is turning the on-boarding procedure into a rewarding game, and there are several different ways to do this.
One of the highly used gamification tactics that growth hackers use for their marketing strategies is rewarding users when they use a product or service successfully. This not only piques their interest but also motivates them to stay on your website for longer. Similarly, growth hackers use the same rewarding principle to increase their existing customer bases through referrals, i.e., rewarding users when they get more people to sign-up.
To implement this growth hacking strategy, you will first need to develop an on-boarding workflow that will allow your users to know your product/ service a little more. Once they know your product/service better, they are more likely to get others to sign up, thus triggering a growth stimulus for your business.
3. Organize Competitions
Nothing gets people’s interest heightened than a good old classic competition. Organizing competitions always works as an excellent growth hacking strategy since it brings out the competitive side in people, getting them to engage more and spend more time on your web page/website.
And why is that so, you might ask? Well, that’s because competitions categorize as interactive content according to marketers. According to statistical data from a study conducted by the Content Marketing Institute, 81% of the participants from the survey agreed that interactive content grabbed their attention more easily and quickly than static content.
You can use this strategy as your growth hacking marketing tactic as a two-way advantage. Run a contest on your website and offer the winner a free account on your website, that way, you will get a new user. Moreover, winning an account for free will also encourage the winner to redirect other people’s attention to your business and product too by word of mouth. If these people visit your website, one thing’s for sure, they are very serious about your product, service, or business since they are trying to put in the effort and trying to win a free account.
To implement this strategy for your own business, you can either:
- Offer your customers and leads a free account as a contest prize on Twitter. Such sweepstake competitions tend to cause quite some stir among the audience and are very engaging. Just ensure that you comply with Twitter’s promotion rules, and the rest should be a breeze.
- Get your audience and potential customers to engage with you on Facebook by encouraging them to like, comment on, and share a relevant post or picture that you post on your account as a means to enter and qualify for a Facebook contest.
- Organize a themed contest on Instagram, and remember to create a hashtag relevant to your competition, business, and product. Encourage your followers to use that hashtag to enter the contest, thus getting you more traction and more followers and potential customers.
4. Offer Your Customers Discounts On Social Shares
As a growth hacker, you must understand the significance and impact of the numerous social media users worldwide. How can you use these internet users for your growth marketing strategies and make the most out of them?
A great way to incorporate this strategy in your own growth hacking marketing strategies is to use development hacking tools and apps such as “Social Marketing All In One” or other tools/apps that work with a similar design with your Shopify platform. Such tools and apps will enable you to request a share each time a customer adds your products/services to their carts, and in exchange, you can reward them with an immediate coupon or a discount code. Offering your customers instant rewards for sharing your posts on social media sharing will also give your brand and business the potential to go viral.
Utilizing your own brand’s social networking accounts gives you the chance to reach out to more people and increase your target audience reach as well, consequently helping you get more new leads and sales through both word of mouth and shares on social media platforms.
And with that, this guide comes to an end for now! With all these tips and tricks, strategy examples, and bits of information, we are confident that your growth hacking marketing strategies will be very successful. All you have to do now is implement them and wait and watch it do wonders.
You may also like to read – Understanding Customer Behavior Using A/B Testing Shopify
