In today’s fast and competitive business world, outdated marketing plans can’t get businesses too far – you need a state-of-the-art marketing and sales strategy to keep up with the market. In other words, you need advanced growth hacking techniques to beat the competition.
“Growth hacking” is a term Sean Ellis made up in 2010. It’s a marketing approach that leverages multiple product development and marketing techniques and approaches to reveal hidden growth opportunities.
Growth hacking doesn’t mean a universal one-size-fits-all approach that will win you all customers instantly without effort, but it does provide an easily-digestible four-lever framework for improving your marketing and sales. Whether you are an online or traditional business, you can growth-hack it to acquire and retain more customers.
Read on to learn the most powerful growth hacking levers like call tracking.
Lever 1: The Power of Product-Market Fit
The growth hacking journey begins with your product matching specific market needs. If there’s no match, how can you know what needs and wants should you satisfy? How can you know your customers? Without deep knowledge of your niche and a unique value proposition, your marketing and sales will likely fall flat.
- You must deeply understand your target market to develop effective growth hacking strategies that will boost your business performance. By focusing on customers, you can make products that meet needs and exceed expectations. Satisfied customers always come back, growing their lifetime value and your bottom line.
Surveys and direct customer feedback are practical ways to assess product-market fit. By involving customers in your product development cycle, you can ensure your products are all the rage all the time, helping boost your business profits.
For example, if you are selling flood insurance in Texas – the most flood-prone state – and also in Maine, one of the least disaster-prone states in the US, it’s clear that you will have different buyer personas for these states. This is why you need to reveal how Texas perceive flood insurance (most likely, as one of the most-wanted policies within their insurance package) and how Mainers see it (most likely, as optional coverage).
Building strong customer relationships and open communication lines can provide a deeper understanding of emerging market trends and shifting customer needs, allowing you to tweak your offers and keep the product-market fit strong and appealing. Moreover, focusing on product operations is essential for meeting customer demands and adapting to market changes.
Growth hacking techniques are surefire tools to increase profits on the spot and in the long run. Understanding and satisfying customer needs will boost your business revenues and strengthen customer relationships.
Successful growth hacking e-commerce brands like Dropbox are vivid examples of how to grow and increase your business profits.
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Lever 2: Identifying and Utilizing Effective Channels
So, you’ve got a great product that fits market needs. What’s next?
You have several growth hacking options within different marketing channels. From social media platforms to content marketing through insightful blogs and articles to email marketing, you must double down on the most appealing marketing channels. On the other hand, you may want to eliminate strategies that don’t bring you enough customers while eating away at your marketing budget.
- To reach your callers effectively, you can leverage call tracking, a wonderful instrument for dissecting the caller’s journey insights. Whether you’ve drawn your callers from digital or traditional traffic channels, call tracking software will unmistakably attribute the call and unlock tons of valuable information on the caller.
Call tracking insights are a valuable growth hacking tool, giving you a full understanding of your audience and auto-directing them to a matching live operator.
Here’s how a typical caller journey looks within a growth-hacked business:
- A caller dials a unique phone tracking number strategically placed on your traffic source. This call tracking number interconnects the traffic channel, campaign, and caller so you can follow the caller’s journey while collecting valuable data on them.
- The caller is routed to an IVR system or (directly) a relevant live or live operator. Upon a call – and based on the caller info collected so far – the caller is driven on the conversion path, whether an IVR system or a live operator.
- Your IVR or live operator converts the caller. If your IVR can’t handle the call independently, a matching sales agent steps in to finish the job. Having access to caller data in real time, the agent is much more likely to seal the deal.
That said, no matter how elaborate your call tracking system is, you can’t win the fight with call tracking alone. Besides collecting data like location and demographics, you need effective live communication: well-trained sales and customer support reps.
Without a doubt, pairing a resonating product with the right marketing channel and elaborate routing can help you create a foundation for growth and bigger profits.
Call Growth Hacking Example
| Steps | Goal |
| Targeting | Creating a product or service that fits the needs of a specific group of callers |
| Marketing channel research | Searching for the best ways to reach your target audience |
| Call tracking | Understanding which marketing channels and routing pathways work best |
| Customer journey adjustment | Using caller info to improve the customer journey |
| Call feedback | Communicating with callers to find out who they are, why they are calling, and how you can make their lives better |
Lever 3: Viral Marketing: Harnessing the Power of Word-of-Mouth
The third step in growth hacking is all about viral marketing. This is about making campaigns that people quickly share with others. Fast sharing gets your product out there and brings in customers while the topic remains relevant.
One way to get this started is to give customers incentives to share info about their products or services. When customers start to speak for the brand, it helps make it more trusted.
- Take Dropbox’s referral program. Dropbox gave free storage to both the referral and the referred, having grown exponentially within a very short time. However, campaigns like this require understanding customer behavior, creating compelling customer stories, and sharing them at the right time.
Besides the right timing and relevance, it’s important to keep testing and adjusting growth hacking plans to ensure they work. Viral marketing captures customers on the fly, but you still need to keep abreast of how the landscape is changing (for example, some niches will have more promotional opportunities on TikTok than on Instagram, a trend that wasn’t there a few years ago). This adaptability is key, especially in enterprise sales, where market dynamics can shift rapidly.
Speaking of viral marketing, it uses the power of social approval to boost conversion rates and business revenue. If done right, it can propel your business to the highest heights, from small business profits to an annual income of hundreds of thousand dollars.
The strategic application of growth hacking tools and understanding the business profits formula are vital to realizing how to increase profits for small businesses. Thus, such comprehension and the ability to make informed decisions about what to do with business profits can significantly enhance profitability and growth potential.
Lever 4: Customer Retention and Optimization
The last step in growth hacking is retaining customers and improving your marketing and sales
Techniques based on the collected customer insights. Research shows that retaining just 5% more customers can increase your profits by 25% to 95%, and it will extend your lifetime value. It’s only natural that loyal customers are willing to pay more and engage with your brand more often, generating incurring profits for you.
To plan well for retaining customers, you need to know them in the first place. Tools like call tracking, Customer Relationship Management (CRM) systems, and email marketing software can help you with this, giving useful info on customer actions.
Methods like A/B testing can help businesses see what their audience likes most. The eternal cycle of testing, learning, and improving can grow your business profits in the long run.
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Using these four levers of growth hacking can increase your business profits greatly. Each part adds something unique and important to your overall growth hacking plan, from ensuring your product fits the market to finding your best promotion channels.
Here’s the gist of growth hacking:
- Keeping clients is a key growth hacking strategy that can lead to profit growth. Customer loyalty is proportional to your sales.
- Tools like call tracking and CRM systems give valuable insights into customer behavior and likes. The better you know your customers, the more of them you convert.
- Using A/B testing lets businesses see what works best with their audience and improve their content. You must always find growth opportunities and bridge emerging gaps.
- Each part of the growth hacking plan – product-market fit, high-return channels, viral marketing, and keeping clients – adds to business growth.
- Growth hacking is a careful, data-based way to grow, and when done right, it can greatly improve how much money a business makes.
However, growth hacking isn’t a quick fix but a careful, data-driven approach to growing your business. Using all four levers of growth hacking within your business plan will take your business to the next level, whether growing your brand recognition, customer retention, or bottom line.
Growth Hackers provides cutting-edge growth hacking services helping businesses from all over the world grow. There is no fluff with Growth Hackers. We help entrepreneurs and business owners skyrocket success by using the 4 levers of growth hacking, increase their productivity, generate qualified leads, optimize their conversion rate, gather and analyze data analytics, acquire and retain users and increase sales. We go further than brand awareness and exposure. We make sure that the strategies we implement move the needle so your business grow, strive and succeed. If you too want your business to reach new heights, contact Growth Hackers today so we can discuss about your brand and create a custom growth plan for you. You’re just one click away to skyrocket your business.
