GROWTH MARKETING
Easy Growth Hacking Strategies you can Implement for Free
A step by step guide for achieving high impacting growth without spending anything:
People have misconceptions that only high traffic companies can do growth hacking. We require lots of capital and resources for implementing growth strategies. It’s valid but only to some extent.
Growth Marketing is the process of regularly running experimenting and analyzing their impact.
Check out this article on how to run a successful experiment.
This anywhere doesn’t mention that we require loads of resources for doing it or that we need to have a high ranking website.
Growth Marketing is for that organization that never wants to stop.
Here, I am sharing a few strategies which you could quickly implement without spending a dollar or having a full dedicated growth team.
- A/B Testing
- Optimize Retention
- 5 second Test
- Optimizing wow moment
1. Constantly do A/B testing
Have low traffic on your website? Just optimize without A/B testing. A/B testing is only for large trafficking companies. It’s not at all true.
Low trafficking companies should also be doing sequential testing or A/B testing regularly for high growth.
A/B testing is nothing but showing 2 or more variants of the same strategy to the customers at the same time and then comparing which modifications drive more conversions. It helps you understand what that thing that connects with your customers is and that is based on data, not on intuition.
Go Big or Go Home!
2. Optimize Retention
Landing Page Optimization is being done by everyone but real money lies in retention.
An easy way to understand it is:
There are two companies A (blue line) and B (red line).
Company A has 5 million monthly users and has a 75% retention rate. In contrast, Company B has only 2 million monthly users but with a 95% retention rate.
Company A winning in the awareness stage in the awareness stage but just after a year. Company B will move ahead of Company A.
Hence, retention is more important than acquisition.
But retention takes forever to test but we want to test for like 3 months.
The key to this is looking for early signals.
Example: Retention Rate of Android Applications
We can see that problem starts from day 3. Hence, if we’re able to retain them for 3 days, the problem will be solved.
Let’s segment this by the top 10 applications then next 50, 100 as so on.
What you can notice is that the top companies bent that curve earlier.
3. 5 Seconds Test
When someone lands on your website, the primary goal of the new visitors is to find what you’re offering them and that too as quickly as possible.
Analytics can show you the bounce rate, but they will never tell you the reason why. 5 Seconds rule is a small yet effective way to test what is the first impression of your website.
Research done by Microsoft shows that in less than 10 seconds, people leave your website if they don’t get what they want.
Not only you have to explain what you’re selling but also why are you better than your competitor in those 5 seconds. You need to act fast or else they’ll leave your website and go to your competitors.
This website has such good architecture, good user-centric design, inspirational photography, but what do we know about it after 5 seconds? Nothing, A Fail! They’re not able to explain what they’re providing and how they’re better.
Then we’ve
Tested on a small scale of people (10) and everyone understood what they did and why they were better than their competitors.
According to my understanding, 60% of people will understand what we’re selling, and 20% will know why you’re better. Your goal is to make 90% of both of them.
To know more about the 5-second test check blog on CXL Institute.
4. Optimize your Wow Moment
What is a WOW Moment?
The time in your customers’ journey when they feel that your service/product will change their life. Either they’ll save time or save money (the two most essential things in one’s life) with the help of your product or service.
How to determine the WOW moment for your company?
- Guess: You can probably guess your wow moment. Generally, your aim is your wow moment.
- Data (soft and hard): Your wow moment is usually the sweet spot between why did your customers stay and why did they leave. You can obtain this knowledge through:
- Customer interviews or watching the recordings of heatmaps
- How people spend their time on your website
- The activity of the people who stayed did v/s what people who went did.
The latter is my favorite timepass.
Collect this template that could help you collect soft data by connecting with me at Shreyash Goel.
3. Ask a Data Scientist: If you’ve enough data ask a data scientist to do run regression analysis to predict the events which helped in retaining the customers.
I have a small task for you
Step 1: Write down your wow moment on a piece of paper
Step 2: Map down the number of steps required for the user to reach this wow moment.
Now, I want you to reduce those steps by 90%.
You should only have at max 3 steps that a user should take for reaching your WOW moment.
All of the above-shared information has a different level of impact on the customers and efforts invested by the company.
Here below is a small scoring table devised by me called GrowthScale.
Impact Scale: 5 being the highest impact and 1 being the least.
Efforts Scale: 5 being the least time and resources spent and 1 being the situation where a lot of resources are spent.
A quick summary of what all the points we went through in the above article:
- Misconceptions People have regarding growth marketing
- List of Cool Growth Strategies which can be implemented at free of cost
- A/B Testing
- Optimize Retention
- 5 second Test
- Optimizing wow moment and process of finding it
- Growth Scale
Want to know more such fresh strategies on growth marketing?
Connect with me on Linkedin Shreyansh Goel, and subscribe to my newsletter for more such remarkable plans and resources.
