Key Messages
How Growth Hacker Marketing Can Help You Get More Customers
Growth Hacker Marketing is the key to reaching customers quickly, effectively, and cheaply.
By utilizing Growth Hacking techniques such as re-evaluating every part of your company – not just relying on traditional marketing strategies – you can gain more customers easier than ever before.
Companies like Dropbox, Instagram, Twitter and Groupon used easy and cheap Growth-Hacking methods to reach a wide audience quickly and steadily.
Understanding that the product itself is the best way to capture new customers has helped them see success.
Some of their strategies include creating buzzes without huge public launches, targeting specific audiences instead of everyone at once, and lastly using self-marketing techniques for this very book!
With these tactics in your arsenal, you can easily reach more buyers with less effort.
Get ahead of your competition by trying out Growth Hacker Marketing now!
Growth Hacking: A Low-Budget Revolution In Internet Marketing
Growth hacking is an innovative and cost-effective way to market a product and achieve rapid growth.
Unlike traditional marketing methods, which use big budgets to help big companies secure a one-percent annual growth rate, growth hacking focuses on using low budgets to help small companies get the exposure they need.
This approach recognizes the fact that most start-ups don’t have a large budget for traditional marketing campaigns like billboards or newspaper ads, so they must get creative in order to attract a massive customer base.
We can see this at work with successful start-ups like Instagram, Dropbox and Twitter who have all used growth hacker techniques to reach millions of users.
Rather than spending time and resources on before launch campaigns to create “buzz,” these companies focus on post-launch optimizations.
They carefully measure user behavior and adjust their products accordingly in an effort to boost growth rates quickly.
Growth hacking also allows for these products not to be perfect at launch, but over time as the product is improved for better results.
How To Achieve Product Market Fit: Concentrate On What People Want & Get Feedback
Figuring out what people really want from your product is the first step of growth hacking.
Before you can make successful use of growth-hacking techniques to boost your brand, you’ll need to have a product that truly meets the needs of its intended audience.
This is known as product/market fit, and it’s crucial as it leads to customers becoming evangelists for your product and spreading the word, thus bypassing advertising costs.
To help figure out if you have product/market fit, ask yourself: Is this product useful? Does it fulfill something that people need or desire? To do this effectively you’ll need to pay close attention to your target audience and understand their wants and desires.
For example, when Instagram began, they initially provided a social network with optional photo capabilities.
When they realized users mostly just wanted the filter-enhanced photos, they focused onthis one feature which then led them to achieving their product/market fit – eventually so successfully that Facebook acquired them for $1 billion!
Authors can also use this market research approach; by blogging extensively about their topic ahead of time, they can get an idea of what topics engage readers most before developing a book based on those insights.
Testing titles and covers online among readers can also be helpful in making sure the final offering will be something people will actually enjoy reading!
How Growth Hackers Leverage Creative Tricks To Attract The Right Customers
For any start-up, targeting the right group of people is essential for its growth.
Growth hackers understand this and devise creative strategies to reach the right customers best suited to their product and service.
A prime example of this happened when Dropbox launched an invite-only feature which created an aura of exclusivity – waiting list jump from 5,000 to 75,000 people!
It’s far more effective to target early adopters such as techies and hipsters who are likely to be quick in embracing new technologies rather than targeting “everyone”.
Uber, for instance, capitalized on the South by Southwest (SXSW) 2013 which had a large number of influential techies and hipsters.
Knowing that most people may not become paying customers, they decided not to go for advertising campaigns but instead gave away free rides at SXSW and ended up gaining loyal customers who spread the word about their brand organically.
That’s why one major principle for start-ups considering growth hacking strategies should remember is “Don’t target everyone – focus on reaching just the right people.”
The Secrets Of Growth Hacking–Unlocking The Keys To Virality
The third step of growth hacking, when it comes to achieving virality, is making your product go viral.
This is something that many people think is arbitrary and magical, but the truth is that there’s a method to the madness.
Growth hackers know that if a product or idea can be made interesting and shareable enough, it’s possible for something to go viral.
To make sure that your product gets shared as much as possible, you need to look at why customers would want to share your product in the first place, how easy it is for them do so, and whether or not it’s truly worth talking about.
You should also create incentives for customers to spread the word about your product and build brand awareness through free publicity.
For instance, Groupon launched a “Refer a Friend” campaign which offered customers a reward simply for referencing their friends.
Apple has attracted viewers by producing colored (such as white) iPod headphone cables – they were so recognizable that others wanted to wear them too.
Spotify was an instant hit thanks to its integration with Facebook’s large user base – once people saw their friends using the application it quickly became popular.
Growth hackers understand the importance of creating something worth sharing and encouraging customers to do so – if done right, this kind of strategy can skyrocket success without expensive campaigns.
Understanding The Value Of Customer Retention In Growth Hacking Marketing Strategies
Growth hacking involves taking a systematic approach to building an audience and driving long-term growth.
The fourth step of this process focuses on improving your product or service in order to retain customers.
When it comes to customer retention, the key metric you need to measure is your conversion rate – that is, how many customers stick around after initially engaging with your product.
As most marketers know, it’s much easier (and cheaper!) to focus on keeping existing customers rather than try to win new ones over each time.
For example, Twitter had a low conversion rate when they first starting out.
To improve it, they hired “growth hackers” who figured out that users were more likely to become active if they manually selected accounts to follow during their first day rather than receive a default list of 20 accounts.
So then the company implemented this tweak and saw an increase in active users as the result.
Ultimately, the goal of improvement is maximizing ROI – Return On Investment, which basically means making the money you invest back in terms of profits from sales and services offered by you.
Research firm Market Metrics discovered that customer retention brings 60-70% profit margin compared to only 5-20% for new customers.
These are strategies used by author Ryan Holiday for his own book too; not just for other companies!
He utilized growth hacker techniques such as setting prices low enough to attract attention but high enough for profit making and using surveys among readers so he can adjust content accordingly in future publications etc., thus helping him boost its sales even higher.
Growth Hacking Proves Effective For Launching And Promoting Books
The author of Growth Hacker Marketing used the very same techniques he discussed in his book to promote it.
Instead of spending months and a large budget on a traditional hardcover book launch, the author wrote an article about growth hacking and shared it with business magazine Fast Company.
This prompted interest from publisher Penguin Books, who created an inexpensive ebook based on this article for readers to test.
Knowing he had an audience for the book, the author still had to make sure that the right people were aware of what he was working on.
To accomplish this, he distilled lessons from the book into articles and blog posts which were published on influential websites such as MarketWatch, The Huffington Post, and Hacker News – all free of charge.
In addition to that, he asked established growth hackers like Sean Ellis and Andrew Chen to spread word of his work to their own networks online.
The author also looked after his existing fanbase.
When publishing the initial ebook, he added a page telling readers how they could sign up for updates via a newsletter – 10% responded!
He then followed up with those loyal fans when sharing the extended hard-copy version of the book, helping it reach its potential sales goals.
All in all, these simple – yet effective – marketing strategies proved that growth-hacker marketing can be used by anyone with great success!
Wrap Up
Growth marketers are redefining marketing with their infinite array of simple, low-cost and creative techniques to help companies – whether big or small – achieve exponential growth.
When it comes to actionable advice, Growth Hacker Marketing reveals that rewarding your users for learning how to use your product is an essential step in the right direction.
By providing customers with helpful resources to learn about your product, you can maximize their experience and prevent them from abandoning your service due to frustration.
Ultimately, Growth Hacker Marketing serves as a great guide for businesses that want to lead their market by following a low-cost and effective approach of growth hacking.
