Smarter, faster, better: Today, companies must primarily focus on growth to stay ahead of the competition and keep profits in the green. For this reason, growth hacking is often at the top of the agenda for many marketing managers and entrepreneurs.
Here, we explain what growth hacking strategies involve, the techniques available and examples you should know.
What is growth hacking?
Growth hacking is a method within growth marketing that aims to achieve growth in key areas. Hacks or tactics aim to significantly increase conversions, customer acquisition and customer retention.
This approach primarily employs cost-effective tools that promise a high degree of virality.
Growth hacking: definition and tasks
Growth hacking combines “growth” and “hacking”. Although “hacking” often brings negative connotations, this strategy positively influences specific systems to achieve “quick wins” – or rapid successes.
In marketing, cost-effective resources are utilized to significantly impact the company’s visibility and sales. However, growth hacking techniques are used for digital marketing and applied across the whole organization, including sales, product management, human resources and customer service.
Since the required resources can be minimized, this marketing technique suits corporations, medium-sized companies and startups.
The method was introduced by marketing strategy expert Sean Ellis, who published a book of the same name. According to Ellis, the central tasks that a growth hacker undertakes within an organization are:
Acquisition of new customers
Activation of prospects
Retention of existing customers
Monetization through active sales
Advancing brand awareness and recommendations
Growth hacking strategy: these methods exist
An agile approach characterizes growth hacking methods and is particularly customer-oriented.
To improve the customer journey through hacks, the following prerequisites are essential:
Target group analysis – precise definition of the buyer persona
Data collection – data-driven conversion tracking and other KPIs
Product-market fit – offering added value to the target group
Recommendation systems – offering incentives for customers to make recommendations
Personnel – motivated employees drive the strategy forward
But what specific hacks are employed? The possibilities for the growth hacking process are immense. Generally, the following areas have emerged as potential tools for growth:
1. Content marketing
2. Creating a “wow” effect
3. Referral marketing
4. Social media marketing
5. A/B testing
6. Search engine optimization (SEO)
7. Triggers
8. Newsletter marketing
9. Influencer marketing
10. Email marketing
11. Podcasts
Best practice: The best growth hacking strategies in the B2B sector
To help your B2B company grow, here are some hacks you can implement within various traditional marketing channels, illustrated by the following exemplary best practices:
Blog/online magazine. A search engine-optimized blog not only offers the chance for numerous page views and conversions but can also strengthen your position as a thought leader within your industry. This method is equally suitable for B2C and B2B companies. For example, Drift’s Blog frequently covers topics like lead generation, sales chatbots and aligning marketing with sales teams.
Content assets. Whether white papers, webinars, tutorials, ebooks or case studies, the opportunities to offer customers and clients free added value and thus accompany them further along the customer journey are varied. Unbounce, for instance, uses e-books to help advance lead generation and rapid growth.
Referral program. Attractive referral programs that offer customers a benefit for actively making a recommendation are an ideal growth hacking marketing method. Airbnb recognized this and introduced a simple but effective referral program that gives the referrer and the new user travel credit. Even the well-known platform Dropbox initially gained greater reach through such a referral program and experienced effective growth.
Partner marketing. Collaborate with other companies. By pooling expertise, you generate greater interest among the target audience and benefit from the more extensive combined reach. An example of successful implementation is Red Bull, which collaborated with GoPro to create marketing campaigns and event sponsorships that increased brand awareness, elevated content and reinforced both brands as leaders in the action sports and adventure lifestyle market.
Further growth hacking examples for B2C and B2B
Scaling up quickly is a goal for both B2B and B2C companies. Here are three additional methods for rapid growth that work in both the consumer and business sectors:
Influencer/testimonials. Influencer marketing has long been seen as a rocket boost for expanding reach. Gymshark, for example, has mastered the art of influencer marketing within the fitness industry. They partner with athletes and fitness enthusiasts, from mega-influencers to micro-influencers, to promote their apparel. This strategy has played a significant role in their rapid growth.
USP. Developing and communicating the Unique Selling Proposition is a crucial growth hacking method many companies adopt but don’t push forward enough. Only those who differentiate themselves from the competition have a chance to survive. For instance, a significant difference that Apple has over other hardware providers is its closed software system. The unique user experience that results sets the company apart from its competitors – an enormous unique selling proposition.
Automation. Automation processes make work easier for companies and sometimes for active users. Calendly, for example, is a scheduling automation software that helps eliminate back-and-forth emails when finding meeting times. The software can be used by sales teams, recruiters, customer service reps, and even individuals who book appointments.
Final thoughts: Growth hacking works quickly and effectively
Every company has growth targets, but growth hacking methods are essential when quick and effective results are needed to boost. The application of these techniques is diverse.
Automations, influencer marketing, referral programs and content assets are just a few examples of growth hacking, showing how a dedicated growth team can apply specific tactics to strategically boost metrics and improve conversion rates.
These strategies demonstrate that with the right approach, businesses can significantly enhance their growth and reach by leveraging innovative tactics that align with their unique market position and customer needs.
Growth hacking provides a roadmap for rapid and sustainable business growth, whether through refining content strategies or implementing new technology solutions.
