Growth Hacking: Ways & tricks to get traction for your startup
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The document discusses growth hacking as a strategic approach to rapidly gain traction for startups by utilizing cost-effective marketing techniques. It outlines a growth hacking funnel (AARRR) comprising stages of awareness, activation, retention, referral, and revenue, and emphasizes the importance of defining relevant marketing channels for customer engagement and optimizing efforts through continuous analysis. Key takeaways include the need for a defined marketing process, regular performance evaluations, and the use of analytics tools to inform growth strategies.
Growth Hacking: Ways & tricks to get traction for your startup
- 1. Growth Hacking: Ways & tricks to get traction for your startup wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 2. What is growth hacking? • The term itself is not a new concept • Growth hacking is a smart marketing hack which will exclusively work for your startup and take it from 0 users to a decent level of traction • You can use different tools/ways of marketing in a cost effective way to hack your startup’s growth wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 3. Growth Hacking Funnel (AARRR) These stages work for almost all startups • Awareness/Acquisition : Getting maximum potential users to see your product with least monetary spend on marketing • Activation : Getting users to sign up for your product/service after they have become aware about you • Retention : Making users to continue their engagement with your product or service • Referral : Users talking to other potential users and telling them about your product/service • Revenue : Building a pipeline for constant revenue generation and scaling the business wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 4. A little on growth engines • Viral Engine of Growth – You need volume, low ticket size or it’s free for users. – Number of new users acquired for each of the existing users – Invite friends by social media sites or Uber • Sticky Engine of Growth – Subscriptions, regular fee. – An existing customer is as important or even more than a new one. – Discount on next purchase etc. • Paid Engine of Growth – If you have a high ticket size. – If average acquisition cost < Total life time value, don’t mind re-investing the profits . • Using multiple combinations – But focus on one. wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 5. How popular startups/companies growth hacked their way? • Drop Box : Started a referral program giving free storage to all users who referred their friends to use Drop Box • AirBnB : Bed and breakfast company which started posting their accommodations on craigslist and started getting huge traction. • QuickSprout.com : Established marketer Neil Patel writes here and shares his knowledge about digital marketing. He builds his credibility and brands himself through his blog. One of his posts got him 17 leads wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 6. How to use the popular growth hack case studies? • Facebook: Growth hacking via customer enablement – Create opportunities for them – It could as simple as referrals or go beyond further. • Quora: Growth hacking by experimenting on user behavior – Study your users behavior end-to-end. – Reverse engineer your happiest users and narrow down the focus. • Paypal: Piggybacking others' success could be a growth hack – Collaborate, collaborate, collaborate with startups, events, communities. E.g. Pixr8 • Hotmail: Integration into customers' life – Mark your presence in their life, e.g. restaurants check-in, FB mentions, Fun&Food village. – Wingify helped customer celebrate their success wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 7. Tools of the trade (detailed) • Search engine optimization • Search engine marketing • Content marketing : The next big thing for sustainability • Email marketing • Offline marketing and word of mouth • Private advertising wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 8. Enough of gyaan. Show me the real deal. How to hack growth? Before starting on this, I want you to break the following beliefs if you have them • A start-up is a complete chaos and we can make any change at any point of time based on our “gut” feeling • If you include management in a start-up, it will get boring • Now I have my product. Let’s do SEO, SMM, Email, Offline, advertising and go crazy with all sorts of marketing. Doesn’t matter if it is relevant to me or not • Growth Hacking is magic and I will win in the first go wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 9. Step 1- Understand who is your customer and which marketing channel is most relevant to reach them After you figure out who is your customer are and where they are, you need to figure out the most RELEVANT channels to reach them. The next thing that needs to be implemented is allocating the right marketing channel to different stages of the growth hacking funnel • Awareness : Is social media more important than SEO at the start? • Activation : How to optimize landing pages to get more signup? Will A/B testing work? • Retention: How about email-marketing to stay in touch with your audience? • Referral : Will launching a contest invite more people to use product or service? • Revenue : How to amplify ROI and build new cost-effective solutions? wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 10. Some companies who used step 1 to find relevant marketing channels • Bewakoof.com : Realized that their major audience is college people and fresher's in jobs who want to wear jokes and fun stuff on their clothes. Used humor content and sarcasm posts to address people through Facebook mainly. Established themselves as a fun company that people want to interact with and wear their clothes • Kids educational app (client) : Used content marketing and put up a blog that gives advice about parenting, educating small children. Social media directed towards helping parents with small children. Huge number of interactions with online parenting communities and blogs. Established image as a leader in child education and parenting wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 11. Step 2 : Define a process for all marketing efforts • There are 100’s of ways to market your startup. Once you have discovered what is relevant to your business, you need to define a process with actionable steps • These steps when carried out consistently will create a lasting effect • Don’t complicate it. At least not in the beginning. Use simple excel sheets for a start • If you guys are a team, use a free tool called trello.com to manage project work wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 12. My process chart-Social Media Marketing wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 13. My process chart- E-commerce marketing wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 14. Step 3 : Startups need to learn everyday. Keep analyzing and optimizing your marketing • There will always be something new to add. Never stop growing • Every weekend (or Monday) sit down and evaluate the performance of your marketing • Figure out what is working and what is not and move smartly • Prioritize your efforts and give more time to marketing channels that are giving a good return for you • Maintain a tracker that records all KPI’s weekly and keep deriving insights from it wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 15. Tracker for social media marketing wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 16. Step 4 : Choosing the best analytics tools for your growth marketing (free and paid) Marketing Channel Tool Free or Paid SEO performance Moz.com and SEMRush Paid Site Analytics Google Analytics Free Detailed site analytics CrazyEgg/Quick Sprout Paid after free trial Social media Facebook insights, Analytics.twitter.com, Google plus Ripples, Iconosquare Free Social media TrueSocialMetrics.com Paid Email Marketing MailChimp and Aweber Freemium (Paid after a limit) wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 17. Key Takeaways • See your marketing in the AARRR funnel (Awareness-Activation-Retention- Referral-Revenue) and decide which channels are most relevant for you • Create a process chart which has actionable steps that can be carried out everyday • Every week, evaluate your marketing performance and see what is working and what is not. • Use the best analytics tools that you can afford • Keep trying till you get it right • “Don’t be afraid of failure, you only have to be right once” – Drew Houston, Founder DropBox wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 18. Resources to learn and study from Books 1. Lean Startup- Bible for startup owners 2. Zero to One by Peter Theil Blogs and sites (More important than books. Keep you updated) 1. GrowthHackers.com 2. Inbound.org 3. Startup-marketing.com 4. QuickSprout.com 5. Blog.KissMetrics.com 6. SocialMediaExaminer.com wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)
- 19. Shivankit Arora MarketingMasala.com shivankit@marketingmasala.com Presenter Details: wannapreneur2entrepreneur.comShivankit Arora (marketingmasala.com)