Traditional marketing strategies are neither effective nor efficient in a market full of rivals. Because of this, sometimes you have to do things different than the past and others. In this article at Niorise, we are going to give you a few easy and quick steps and we will share you some insights and experiences about how to reach your customers at low cost. We will offer some general rules first and then go into depth. Let’s start:
It all begins when you sell something people really need.
Find a Viral Growth Method
Closing the loop with high retention
Turning one-time transactions sticky or having returning customers
Now let’s have a more in depth look to each of these general rules.
It must start with the right product in order to succeed in the process.
For the process to be successful it has to start with right product. Professionals realize it the first or second time that doesn’t happen. They consider it to be a tweakable product. Hardly any company starts with the best solution that justifies the procedure of creating a product which has one key feature of the finished product (not a final product with all the features) to market it as soon as possible, test the fit, collect feedback and iterate. This cycle is repeated as often as it requires.
This clearly offers a good test for when a product has obtained product market fit. When you’ve developed a viral feature in your product, and you don’t get viral growth, then the fault is presumably with the product. Get some feedback and optimize until all the cylinders start firing your growth machine.
Instagram is an example of this. It began as a location-based social network that didn’t get a lot of attention. But the founders have noticed that other users are going to the photos and filter section of the application. So they turned and focused on what actually worked, polished it, and sold it to Facebook for $1 billion.
Find a Viral Growth Method
In traditional marketing, the product is built up and handed over to the marketing team when it’s done. Then the marketing department have to work on what they’re provided, it is all about twisting the client’s view of the product.
A growth hacker, on the other hand, does not see marketing as something one would do, but rather something one develops into the product as whole. This is a fully different mindset that brings science to marketing.
Traditional marketing needs large budgets in terms of money, and most of the time its cost-benefit is not evident. Meanwhile growth hacking focuses on small, clever triggers that produce a self-perpetuating marketing machine frequently referred to as going viral.
A vital rule for doing so is that your emphasis should be on what you can test, monitor, and scale with lowest possible budgets. Hotmail is a good example. Originally, the founding team launched traditional ideas for business growth, like advertising on billboards and radio commercials, but they were too pricey and had a dubious return. In the end, and after months of pushing up the idea, the famous “PS I Love You. Get your free email at Hotmail” was incorporated at the bottom of each email sent by the users and imagine what happened, they achieved viral growth.
What does it all means?
Two main keys to growth hacking are:
- Develop a great product that is truly resonant with your market
- And second, resist the urge to go big, because it’s expensive, and that is what traditional marketers believe. Alternatively, identify a set of customers all of which you can reach them cost effectively. You want the first financial users to help you grow free of charge. It all comes down to bringing science into marketing and producing results on a very restricted or non-existent budget.