Do you know how to help your company grow in today's market?
To grow your business, you'll need a strong understanding of the customer life cycle and understand how to create and nurture leads into customers. Most B2B marketers know of traditional strategies such as email, events, referrals, and search engine optimization (SEO) techniques and how they can help them find new customers. But what if you need more than these tactics to grow your business?
There are other ways to generate new business; some can be done in-house! Here are five growth hacks that you can test today.
Growth hacking aims to get quick results, rapid growth, and numbers moving in the right direction. Though growth hacking can feel like a good option when you're in a pinch to get results, the wins from growth hacking efforts alone are often short-lived and driven by vanity metrics.
On the other hand, growth marketing relies on more profound research and is focused on increasing performance results over a more extended period. The aim of a growth marketing campaign is sustainable and scalable growth.
At Lean Labs, we define growth marketing by focusing on the entire buyer journey, from awareness and acquisition to converting leads to customers and ensuring they stick around for as long as possible.
Looking further down the funnel, growth marketing generates excellent customer retention and satisfaction rates.
Growth marketing connects marketing, sales, data-driven, product development, finance, and other areas enhancing how customers interact with the product.
This collaboration allows you to leverage different tools to make your processes more efficient.
To further illustrate the differences between growth hacking and growth marketing, I will discuss five growth hacks that you can use today. I'll also provide an overview of what a successful growth marketing campaign looks like.
1. Create a Viral Growth Loop
Viral loops can be an excellent way for companies to grow their business. A viral loop is when your product encourages people to share it with friends and family, increasing your company's exposure and helping you gain more customers. A Nielsen study found that ninety-two percent of people trust referrals from friends and family more than any other form of marketing.
The two main advantages of creating viral loops are:
- Cost Effectiveness: Word-of-mouth marketing doesn't cost a thing. Consumers love to talk about products and services that they love, which will give you free traffic to your business.
- Trust: Viral loops operate through trust. When friends and family members provide a recommendation to you, you trust their word more than you would trust a stranger's review online.
By creating a viral loop, you can leverage customer loyalty and word-of-mouth referrals to gain growth traction quickly and reach your target audience.
A Company Taking Charge
A tremendous viral growth loop example is Netflix's recommendation engine. This increases user activity and helps their algorithm push the content you want to see. Netflix uses the algorithm to see data such as what content you watch, the time of day you watch it, how long you care, and title information to continuously present you with content you will enjoy.
2. Use Referral Marketing Tactics (and Track Them)
Referral marketing can bring new clients and customers through the ones you have already attained.
If your customers enjoy the product/service you provide, they are naturally more likely to share how your business has impacted their lives with friends and family.
Take a look at Uber. They offer a dual referral bonus program where new riders signing up with a referral receive cash credit, as well as the person who is referring to them.
This offer encourages existing customers to share about Uber and entices new customers to utilize the business.
How can you utilize this marketing growth hack and ensure you have referrals?
Reward your current customers and clients with incentives. When you utilize incentives, you'll see the following results:
- Customers will feel appreciated and are enticed to keep sharing with others.
- Customers will become excited at a bonus just for communicating about a product/service they love.
- It creates long-term relationships with customers and establishes trust.
Referral marketing is trusted by eighty-five percent of millennial customers, making it the most trusted form of marketing. A consumer is also 50X more likely to buy a product when their close friends and family recommend it. This hack in your business will lead to long-term growth success.
3. Short Social Content that Resonates with Your Target Audience
There is no denying that short-form videos are taking over the internet. People are turning to these videos to quickly learn subjects, find entertainment, and get to know their favorite brands and companies.
The ultimate goal of your content creation should be to attract your target audience and convert them into leads and customers.
- Hit topic points in thirty to sixty seconds that showcase what your audience is looking to learn.
- Ensure you create compelling content, so target readers do not get bored quickly.
- Use keywords to rank in Google search to ensure the right audience is viewing your page.
- Hit emotional pain points that relate to your audience and show them how they can solve their problems.
- Allow your content to be shared online to increase your reach.
Just by tweaking your content and following these steps, you have the opportunity and potential to reach a broader audience and expand your growth potential.
4. Customization and Personalization
How often have you received (or sent) an email that starts with a generic greeting, then proceeds to vaguely tell you why you are an excellent fit for the program and how to sign up?
No one reads those emails.
If you want to send emails that convert, you'll need to keep several things in mind:
Use your real name; use their real name
- People are more likely to trust an email from a natural person rather than a generic company sign-off.
- Using their name also increases feelings of trust. A lead is more likely to open an email that appears personalized rather than one that looks like a mass mailer.
Mention their business in emails and hit their pain points in the business
- Find out what they need in their business and hit those pain points in your message. An excellent way to do this is by reaching out to team members in the company, looking at their socials to see gaps that they may have in their thinking and business model, or simply looking through what they have available to the public and searching for things that you could help them elevate.
- Show your lead what you provide and how you can help resolve their issues in their business.
Use platforms such as LinkedIn to gather data about potential clients
- Utilize social platforms to research your prospective customers' companies. Use that information to create messages that cater to their needs and reach them personally.
An example of a brand that goes above and beyond when it comes to personalization is Trip Advisor.
Trip Advisor can track your online behavior to see what you have been searching for on their website, whether you have taken any trips through them, and whether there are deals on the locations you search for. This practice allows them to create personalized messages for upcoming trip deals and new sites you may love and show you reviews for those places.
You have so many tools at your reach to ensure that you stay in the old email habits of the past. Make it personal, hit their pain points and needs, and talk to them as if you were talking to a friend.
5. Work With a Hybrid Growth Team To Fill Gaps and Develop Growth Strategies
Growing your business alone can be challenging. A hybrid growth team can scale your business and give you an impressive ROI.
What can a hybrid growth marketing team do for you?
- Hiring a team of talented professionals to work with you will fill gaps, provide another set of eyes, develop growth strategies, and teach you how to scale your business. This is beneficial when trying to scale your business and provides an excellent training opportunity for your team members when you learn from professionals.
- This partnership allows you to lean on the expertise of marketing professionals while learning the ropes simultaneously.
Reasons why a lot of companies are turning to experts to solve this issue
- Faster growth results
- Expert knowledge for long-term results
- You will not have to spend time/budget on tactics that may not work for you
Working with an outsourced growth team will give you a couple of marketers who are ready to fill the gaps that you have and are willing to do all of the hard work!
Scaling Your Business The Right Way
"Growth hacks" are a great way to jump-start your business growth, but you should use growth hacking with caution. Growth hacking results can be inconsistent and unsustainable in the long term. Working with a hybrid growth team and building a growth marketing strategy is ideal for consistent and long-term growth.
Working with Lean Labs will give you access to the only outsourced growth team made exclusively to deliver profitable customer acquisition and scale growth for your SaaS company using a custom fit process.
To see our go-to-market strategies and how we would work with you to plan, build, and scale growth, book a free meeting to go over our Growth Marketing Strategy Kit.