After getting a business off the ground, an owner’s next priority is securing growth. Growth hacking involves quickfire experimentation across a marketing funnel aimed at rapid growth. Using a small budget, a company can target as many potential customers as possible.
Breaking into a market is challenging, and it will not happen without hard work. To apply B2B growth hacking tactics, a business needs a growth mindset and a predetermined process to follow.
Get management on board
Before launching a B2B growth hacking strategy, you need management buy-in. This may involve a presentation explaining B2B growth hacking and how you intend to proceed.
As it is an experimental process, not every effort will work. Management might be a bit sticky about that, perceiving it as money spent with zero return on investment. Prepare them for this eventuality by using case studies to prove that it is inevitable. Concentrate on the positive, your goal of increasing sales and revenue by targeting new markets.
There is no one-size-fits-all approach to growth hacking, but most companies follow the AARRR framework. This is a brief explanation of each concept and ideas for implementing it.
This component of a growth hacking framework focuses on how users find your company. It involves getting increased traffic to your website. Before implementing any ideas, complete a situational analysis using Google Analytics to find current primary traffic sources. Use three marketing strategies:
Viral marketing means using the internet and social media to promote your business, brand, and products. The idea is to spread the word, hence the reference to it being viral. Also known as engagement marketing, sticky marketing aims to ensure that users interact with content.
Facebook is the ideal platform to achieve this goal. Paid B2B growth involves commercials and advertisements online that develop brand association and loyalty. Try Google Ads as a point of departure.
Having got potential customers’ attention, get them to understand your product and want to buy it. Email nurturing campaigns introduce your company to a potential client, revealing a little more about the brand or product each time.
However, do not bombard people with emails as this makes you look like a spammer. Include video tutorials and how-to blog posts on your website to explain what your product does and why it should be valuable to potential clients.
Once customers buy something from your business, track whether they keep coming back. Use Google Analytics to check user retention rates and investigate why clients might not be returning.
Keep their focus on your company by offering discounts, vouchers, or subscription upgrades. Customers return when they feel they get value for money.
Creating revenue is a primary business goal, and the return on investment for growth hacking tactics will keep management on board with the process. Check your pricing model to ensure its competitiveness. Affiliate marketing is a popular revenue generator, allowing other companies or suppliers to promote their services on your blog.
By now, you have acquired, activated, and retained customers, thereby generating revenue. The next step is to get them to refer your business to others. Satisfied customers will give you good reviews, which act as a recommendation for companies that check them when deciding to engage with you. Word-of-mouth referrals are still one of the strongest marketing tools available, and it is free.