Page 27 - Strategic Marketing Complete

MARKETING ISSUES

Growth hacking simplif ed

Growth hacking is a The “pirate” or AARRR metrics are a return on investment. Here’s an
phrase we’re going to good start: example: in online shopping,
70% of consumers abandon
hear a lot more about Acquisition: Are the right people their carts. Surveys have shown
getting to know you by name?
in 2018 and beyond, Test your audiences. If your that hefty shipping fees are
the main deterrent for online
writes Michael walker, bounce rates are too high, it’s shoppers. When last did you
time to try a different audience
Head of performance – you haven’t found your tribe. crunch the numbers and test
how free shipping might shift
Marketing for Gumtree Activation: Give them a great your stock and influence your
South africa. experience when they join. average order value? Do you
Rather than patting yourself on
know whether customers would
the back if 1 000 customers visit be willing to pay for a service
rowth hacking is essentially your site, evaluate what they are
a catch-all for data-driven doing once they’ve landed on that has traditionally been free?
marketing; the process of your site or downloaded your Have you tested it?
analysing, testing and retesting app. The retention rates for apps
ideas, to achieve the best results. are particularly atrocious – 80% build products and experiences
Successful growth hackers are not of audiences will use an app for that people actually want
reinventing the wheel, they are three days and never return. You rather than what you think they
merely sticklers for best practice have to get their attention early want. To reach huge adoption
– bringing together various on to survive. numbers, your product must get a
departments to achieve a common thumbs-up from early adopters.
goal, and evaluating the bigger Retention: Facebook found
picture to develop a product that that if customers don’t add Products either captivate the first
consumers actually want. seven friends within 10 days 15% or they die. Don’t spend six
Most companies apply at least some of joining the platform, they months building a product in

80% of audiences will use an app for

three days and never return. you have to get their
attention early on to survive

of the principles, but for it to be truly wouldn’t retain the customer. isolation and then present it to the
effective, you need to follow all the Find out what metrics will keep a market. Start testing, trialling and
steps: customer coming back for more retesting from the minute you’ve got
and make them your North Star. your concept in mind.
plan for growth hacking Referral: Hotmail might have
What doesn’t get planned, fallen out of vogue, but in 2011 Take it to the next level
doesn’t get executed. Appoint they had over 360-million If you are already implementing
a “Growth Master” among your subscribers and grew by some of these principles, you’re well
staff. This can be an analyst, a hundreds of thousands per on your way to success. Take it to the
marketer, a developer or a project month in the early days of the next level: formalise your strategy,
manager – anyone who can internet. Their most effective appoint growth hack leads and
assume responsibility for setting growth tactic? They added a determine your North Star metrics
up meetings and think tanks on signature to all outgoing emails for success. You will not only emerge
a regular basis, and pull the plan that read “PS I love you! Get with a more aligned team, but also
together. your free Hotmail account with much greater insight into your
here”. It soon saw the fledgling customers.
Test, test, test company reach mass adoption.
It’s important to foster a culture Are you testing referral tactics?
of testing. Plan for tests at every
stage of your consumer journey. Revenue: Don’t assume that
the above steps guarantee a

Strategic Marketing - p25