5 Simple Growth Hacking Techniques to Become A Successful Digital MarketerNitin Karkara
THE CHALLENGE OF GROWTH STAGNATION
“ 87% of the companies had run into one or more periods where growth dramatically slowed down, and that on average, companies lose 74% of market capitalization… in the decade surrounding a growth stall.”
“All signs point to an increased risk of stalls in the near future”
THE WHY BEHIND GROWTH STALLS
- Managing the internal processes to “update existing products or services and creating new ones.”
- “The failure to fully exploit growth opportunities in the existing core business”
A person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth. – Sean Ellis, 2010.
WHAT IS GROWTH HACKING?
Exploiting information or users to generate impressive and often mind-boggling gains in traffic, revenue, or users.
IN 2012 ANDREW CHEN PUBLISHED THE BLOG POST: “GROWTH HACKER IS THE NEW VP MARKETING”
GROWTH HACKING ESSENTIALS
- Data – Driven, Lean Marketing.
- Low-Cost, innovative approaches.
- Not decided by instinct or gut reaction.
USING REMARKETING AND CREATING SHAREABLE MOMENTS
Before you start setting other opportunities for growth we suggest to put the Re-marketing TAGS on your website. You will have the opportunity to show advertisements to people who have visited your site.
HOW REMARKETING WORKS?
- You add a specific tracking tag on to your website.
- Visitors receive a cookie.
- Cookie adds visitors to a remarketing list.
- You can leverage this list as a targeting option.
HOW TO CREATE SHAREABLE MOMENTS?
- Did a brand do something that impressed you?
- Did you experience an unexpected moment?
- Did an online product go above and beyond in solving your needs?
FACEBOOK CASE STUDY
- Dominate your target market.
- 20% of students had to sign up before college would go live.
- Search email contacts at signup.
- Recommend friends on demo data & school.
- Add a photo (invested).
- “How to use” feature education once live.
- First time back “Suggested Friends” in a layout of the newsfeed.
- Provided “SHAREABLE MOMENTS” as a feature with your friends.
LEVERAGE YOUR CUSTOMERS AND TURN THEM INTO BELIEVERS AND INFLUENCERS
How to create Customers to Believers?
- Improve their experience
- Engage with them via Emails
- Listen to their needs
- Listen constantly
- Show up on Social Networks
- Answer the Phone
Ways to Identify the Influencers?
- At a high level look into who your most active and loyal customers are?
- Check out there social media are? penetration and their advocacy through tools like Sysomos, Meltwater etc.
- Offer them an exclusive opportunity to Beta-test new feature
- Sample a new product
- Provide Feedback on the product. Customers who respond to these questions are the people who can be your real influencers.
APPLE IPHONE CASE STUDY
- There is no other company like APPLE which managed to create maximum number of BELIEVERS AND INFLUENCERS to love their brand.
- People love to talk about APPLE and there is no other brand so successful in improving the consumer experience and listen to what they need.
- Took a huge risk.
- Brand new mobile hardware.
- The new distribution model for software.
- “Sent from my iPhone” at the end of each message.
- Helped them sell 316 million iOS devices.
- Made consumer hardware a fashion statement.
PERFORM A/B TESTING
What is A/B Testing?
In web analytics, A/B testing (bucket tests or split-run testing) is a randomized experiment with two variants, A and B.
It includes an application of statistical hypothesis testing or “two- sample hypothesis testing” as used in the field of statistics. A/B testing is a way to compare two versions of a single variable, typically by testing a subject’s response to variant A against
variant B, and determining which of the two variants is more effective.
Example of A/B testing on a website. By randomly serving visitors two versions of a website that differ only in the design of a single button element, the relative efficacy of the two designs can be measured.
CREATE A PLAN TO INCENTIVIZE THE USERS AND PLAN FOR EXCLUSIVITY
Build your own INCENTIVIZING plan to grow and invite your customers and prospective users to use your product.
How to Incentivize the Customers?
- Leveraging the social circle of the user
- Suggest trading value for access to their pre-existing network
- Suggest that sharing their personal network will improve their experience Example: Twitter, Facebook and
- Use product mechanics to unlock a particular feature
- A deal, based on the amount of users who opted in. Example: GroupOn
- Introduce a monetary component for a referral. Example: PayPal
DROPBOX CASE STUDY
- Sign Up Driven Homepage
- Easy Signup Process (Desktop or Browser)
- Referrals (500MB Increase in Storage) – Incentivising the user with free storage
- Social Follow (125MB Increase in Storage)
- Super Simple Sharing (Only a link needed)
- Gamification (Drop guest, complete puzzles for free storage)
- Multiple Devices (Availability Everywhere)
“APART FROM GIVING INCENTIVES, CREATING EXCLUSIVITY FOR THE PRODUCT OR SERVICE ALSO CREATES A GREAT AMOUNT OF MOTIVATIONAL AND WORD OF MOUTH INCENTIVE FOR THE USER”
Why Exclusivity works?
- Exclusivity creates scarcity.
- And when there is a scarcity is automatically becomes more valuable.
- Many online brands officially create this exclusive perception.
GMAIL CASE STUDY
- When GMAIL was launched in the market, it was only available to the users who have been given the invitation to access.
- The users with the invitation were than made to invite a small number of other users to join the application.
- This created a huge buzz as people started to feel more important and lucky to get the access that was scarce and not easily available.
- At one point in time, it became so popular that the invites started selling on EBAY for $100 each.
CREATE YOUR GROWTH HACKING TEAM AND BRAINSTORM ON THE IDEAS TO TAKE ACTION
Bring people from different departments (technical, analytical, creative, and marketing) The concept of a Unicorn Marketer is how you can lead such a team or even be your own team in case of lack of resources.
- The Creative role in Growth Hacking can be done by all members of the team
- It can be as small as changing the color of a CTA button or as big as creating a referral program
- This action would be based on the insights you gained from your experiments.
- It can either inspire new ideas to test or tell whether you should implement that change you made long-term.