3 Growth Marketing Techniques to Grow Your Business

Growth marketing is often summed up in the simple acquisition of new customers. However, sticking to that would be reductive. Indeed, there are other ways to develop income, which are often much more effective. Here are 3 techniques to grow your business.

Indeed, acquiring a new user always costs a certain amount of money.
of silver. Whether in advertising expenses, lead generation or human time, there is no completely free channel.

On the other hand, let's imagine that working on the service registration page increases the conversion rate by 30%. For a fixed cost (and
often modest), we can expect an increase in income in the same proportions.

It is therefore important to always see the user journey as a conversion funnel that is just waiting to be optimized.

Each stage is an opportunity for growth. You always have to know how to look at the whole funnel to ask yourself which step requires the most work.

If only 10% of people finish registering, there is surely something to do around activation; if most registrants leave a service after two weeks, maybe retention is not good; etc.

Hacks can be classified into three main growth marketing techniques: hacks on existing networks, hacks on the product, and hacks on its community. These will allow you to grow your business significantly.

1. Growth Marketing Technique No. 1: Hacking an Existing Network To grow

It all starts with finding your target.

Who are the people you are targeting? When are they likely to buy your product? Who and when are the two questions to ask yourself to deduce where to find your target.

It is absolutely crucial to know where your favorite places are.
users.

Once identified, you then need to find a way to divert a substantial portion of the traffic from this location to your own product.

A lot of businesses have grown on a pre-existing base at some point in time. For example, Zynga used Facebook on behalf of players to send notifications to friends and post to their profiles. About Me has thrived via Twitter bios, Paypal has grown on eBay, etc.

Most of the time, these hacks intelligently exploit the possibilities of each network, but sometimes all of this is done in a less legal way. This was particularly the case with AirBnb when it automatically posted its ads on Craigslist.

Hacking external networks is therefore a good way to develop your business quickly. Over time, this type of approach can turn into a more traditional strategy such as buying advertising space or establishing partnerships.

Not depending on a single network, a foundation of growth marketing

However, the growth hacker mindset does not die with growth. If this or that acquisition channel is essential for your company, do not hesitate to build a dedicated team, internally, to find new optimizations.

Be that as it may, long-term growth should not depend on a single network. Indeed, the network that serves as a reservoir of users may change its rules and decide to cut the hack you were using.

This usually happens quickly when the hack is illegal but can also happen if the service is being used lawfully. For example, Facebook has gradually restricted the sending of notifications by third-party applications, thus slowly killing Zynga's growth channel.

Finally, The channel can quickly become saturated. In general, the acquisition cost on a given channel is high at the beginning. It goes down as you better master the codes, then ends up going up when the channel becomes saturated. When this is the case, you must immediately put yourself in mind to find other pools of users to maintain the weekly growth rate.

2. Growth marketing technique No. 2 : Hack your product

When you start to benefit from a significant number of users of your service or product, the question then arises of optimizing the use of your product by your customers.

Indeed, as we have seen, hacking an external network is always expensive, both in terms of time and money. If this is a necessary step, you should then get the most out of each new user.

That is why, optimizing your product is another very important source of growth. Once you have successfully acquired a visitor, you still need to convert them and turn them into a customer.

As such, the AARRR analysis framework is a valuable aid. We can thus visualize the customer journey as a funnel and calculate a conversion rate from one stage to the next:

These optimizations have the advantage of being only fixed costs (product development) and not variable costs.

Thus, by increasing the conversion rates within the product, the
The cost of acquiring an income-generating customer is decreasing and the gross margin is increasing.

As soon as the first users are there, it is therefore relevant to focus on improving the product. And also, of never stop going back to the different stages of the funnel.

In order to determine what to do and to verify that the work done is bearing fruit, you still need the right data.

It is therefore essential to make each decision based on the data collected, to formulate hypotheses, then to verify them after a rigorous test. This cycle must be repeated all the more frequently as there are “holes” in the conversion funnel.

3. Growth marketing technique #3 : Hack your community

Once users are acquired and engaged, the work is far from over.

In order to always maximize what each user can bring in, it is important to transform them into an ambassador for your product.

The idea behind this growth marketing technique is to use user satisfaction so that they tell their friends about the product and that they, in turn, become users.

This source of growth is especially important if you are building a network. In this case, you probably won't be able to afford to pay for every user. You will therefore have to rely on the recommendation to develop your community, and therefore your business.

A typical example of this setup is LinkedIn. Very quickly, the social network pushes you to invite your “connections”. They will register in turn, then invite their own acquaintances and so on. Likewise, Facebook only considers an active user when they already have a significant number of friends.

Encouraging sharing, an important point in growth marketing

The opportunity to build such a system is obviously very dependent on the type of business you are creating. Some business models are more suitable for this than others. Indeed, a social network is much more dependent on recommendations than an e-commerce site.

However, by waiting for the right moment, it is always possible to encourage sharing. After the purchase, after a happy experience with the product... there are many opportunities to turn your customers into ambassadors of your business!

Sometimes, this system rewards sponsorship financially (this is particularly the case with Uber and Dropbox, to name the best known).

To find out more, read our article: choose your recommendation system. Sacha Azoulay, CEO and co-founder of Growth Room, offers you a summary of all the possible options for recommendations and sharing.

Whatever your strategy, you must keep in mind that again, there is a growth driver that can be exploited very early in the life of your business.

If you need support to develop your business, do not hesitate to contact us at welcome@growthroom.co