March 30, 2020

What is Growth Hacking – Data Driven Marketing 2018

Growth Marketing is data-driven
Full Funnel marketing, based on rapid experimentation… Hmm? Let’s break that
down bit by bit. Hey everybody in this video I
want to explain the real definition of Growth Hacking or Growth Marketing, Why it’s different to marketing and how its evolved over time First the difference
with traditional marketing. Now the main difference with traditional marketing is that whereas a marketer would only focus on driving traffic to a website or
service a growth marketer or a growth hacking team focuses on the full
customer journey. It’s a much longer journey Will the user engaged with the
website? – For example by signing up or by engaging for one or two minutes – Will the
user feel a great first user experience and understand the core value of your
product in their first experience What we call: reaching the “Wow Moment” the “Ahaa
Moment” the “I-need-this-in-my-life Moment” Will they come back and use your product
again? Become daily weekly monthly yearly active users. Will they come back and buy again. But it goes further than that What pricing strategies can we
experiment with? What can we up sell? What can we cross sell? And also can we build
virality into our product? Can we build positive virality? As you can see it’s already a lot more than just marketing What should capture attention here is
that these steps of the funnel in the middle are very product oriented. They’re
very dev intensive…onboarding customers and retaining them often involves a
heavy hand on the product and the development side. On the wireframing side.
It’s no longer just marketing And it’s not just the middle of the funnel even at the very top of the funnel a good growth marketer will try to use as
much automation as code as possible to come up with creative ways of driving
traffic. What we’re doing was we’re slowly dissolving the line between
marketing and products. Marketing and product are no longer two different things One of our favorite examples is engineered marketing tools based marketing. This is just another example of creative marketing. Choosing between the millions of combinations of medium and message Once they’ve ensured a
steady flow of customers enough to start running experiments a growth marketer or a growth teams job is to use data Both hard data and soft data – to track
customers along their customer journeys And to start experimenting on how to
improve conversions along the way Now to do this right you need quite a lot of customer empathy and behavioral psychology What can we use from the
fields of behavioural economics such as persuasion techniques or human biases to
convert more customers to our product or service? And finally once you’ve run
experiments and you find out what work… We use coding and automation to build
those successes directly into the product either by systemising it by prototyping it. Now the growth hacker can’t randomly use all of these skills to find out what’s actually going to work
you can’t randomly select from the thousands of tools and tactics on how to
improve your metrics So you need experiments, and this is another big
difference with marketing. Marketing campaigns and guts driven decisions, have
been replaced with rapid experimentations With data backed
decision-making. Leading and disruptive companies need a scalable adaptable easy to implement process on how to run experiments faster. We’ve actually
developed a whole process around this It’s called the G.R.O.W.S. process and you
can see all of the details in this other video which we’ve published on YouTube And that’s how the best are achieving
scalability and growth. Therefore why are
you still using external agencies and external consultants for your growth?
That just doesn’t cut it anymore Growth is too important to be
externalized. It’s time to hire and train people on the right digital and
psychological skills for them to be able to use the latest cutting-edge tools and
implement growth rapidly. So like we said in the beginning… Growth marketing is data-driven full funnel marketing based on rapid experimentation And it doesn’t really matter what
we call it as long as it brings growth That’s all we’re
interested in: Growth Now of course there’s a lot of nuances when I say that
our the only thing that matters is growth Is it ethical growth? What’s your
ethical bandwidth? What kind of tactics are you using There’s also nuances: what
industry are you in? How big is your company? How important is risk, compliance, branding, agencies? What does your customer journey look like? are you fully
digital or omni-channel? And also how long is your sales cycle? Is it from one
day to actually one year? Even with all of these nuances taken into account I hope I’ve given you a good explanation of what we now mean by growth hacking or growth marketing or just growth in general With all things being equal we believe that speed will win Try to implement rapid experimentation as soon as possible

Leave a Reply

Your email address will not be published. Required fields are marked *