5 Tips To Maximize Customer Acquisition Via Growth Hacking

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"Growth hacking" has become a buzz-word in recent times. But how can marketers maximize customer acquisition, and what are some examples of early growth hacking tactics employed by now radically successful companies? Based on Neal Taparia's article on Forbes, this set of slides combines growth hacking lessons from Sean Ellis, relevant statistics, real life examples, and quotes, to form a visually stunning experience. Enjoy!

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5 Tips To Maximize Customer Acquisition Via Growth Hacking

  1. 1. 5 TIPS TO MAXIMIZE CUSTOMER ACQUISITION VIA GROWTH HACKING
  2. 2. Chatrooms Social Media Paid Ads 1 TRY EVERYTHING. FIGHT FOR TRACTION.
  3. 3. 1 TRY EVERYTHING. FIGHT FOR TRACTION. Chatrooms Social Media Paid Ads You can't get traction without hustling. “Airbnb now seems like an unstoppable juggernaut, but early on it was so fragile that about 30 days of going out and engaging in person with users made the dierence between success and failure.” Paul Graham Co-Founder, Y Combinator Source: http://paulgraham.com/ds.html
  4. 4. SHOPIFY SOCIAL COMMERCE STUDY Which Social Media Platforms Lead To Sales? Facebook dominates Shopify’s overall social media trac (2013). 63% of Shopify visits from social media came from Facebook. But Reddit grew the most in terms of Shopify purchases (2013): 152% 79% 122% 129% Orders from Reddit grew 152%!
  5. 5. SHOPIFY SOCIAL COMMERCE STUDY Which Social Media Platforms Lead To Sales? Facebook dominates Shopify’s overall social media trac (2013). Remember, these are general statistics. Your target audience may dier! Source: http://www.shopify.com/infographics/social-commerce 63% of Shopify visits from social media came from Facebook. But Reddit grew the most in terms of Shopify purchases (2013): 152% 79% 122% 129% Orders from Reddit grew 152%!
  6. 6. SEEDING THE TIP JAR Co-founder of Flickr!
  7. 7. SEEDING THE TIP JAR In the early days, co-founders Stewart Butterfield and Caterina Fake frequently commented on users’ photos to keep the community engaged. Their team spent nearly 24 man-hours a day leaving comments. Source: http://kottke.org/06/11/hosting-a-party Co-founder of Flickr!
  8. 8. SEEDING THE TIP JAR
  9. 9. SEEDING THE TIP JAR To promote their product (a bibliography tool), the team behind EasyBib invaded educator resource blogs, AOL chatrooms, sent emails to publications. Their eorts landed them on the front page of the Chicago Tribune’s business section.
  10. 10. HELP YOUR PRODUCT MARKET ITSELF Everyone's gonna be talking about this killer left hook! 2
  11. 11. HELP YOUR PRODUCT MARKET ITSELF Everyone's gonna be talking about this killer left hook! 2 Hotmail’s Get your free email at Hotmail footer helped them get 20,000+ signups a day. “We would notice the first user from a university town or from India, and then the number of subscribers from that region would rapidly proliferate. From an epidemiological perspective, it was as if Zeus sneezed over the planet.” Steve Jurvetson VC investor in Hotmail Source: http://techcrunch.com/2009/10/18/ps-i-love-you-get-your-free-email-at-hotmail/
  12. 12. DROPBOX CASE STUDY Dropbox's Signups Increased Permanently by 60% After Incorporating Referrals 2.8 million referral invites were sent out just 30 days after the campaign launched. Source: http://www.slideshare.net/gueste94e4c/ dropbox-startup-lessons-learned-3836587 Conversions 1x 1.6x Before After Dropbox CEO Drew Houston cited Sean Ellis's surveys, split tests and landing page optimizations as “big wins” in encouraging word-of-mouth. 30 Days Referrals 2.8 million!
  13. 13. BAKING REFERRALS INTO PRODUCTS
  14. 14. BAKING REFERRALS INTO PRODUCTS Lunatik’s mobile app encourages you to share its products with your friends. If your friend enters her email into the app and makes a purchase, she gets a discount while you get a cash reward. Source: https://www.lunatik.com/rewards
  15. 15. BAKING REFERRALS INTO PRODUCTS
  16. 16. BAKING REFERRALS INTO PRODUCTS Copy, a filesharing service provider, encourages referrals with Fair Storage: a file shared between 3 friends only takes up a third of its size on each account. Source: https://www.copy.com/about/pr
  17. 17. 3 TALK TO YOUR CUSTOMERS Thanks for your feedback, buddy! #1 FAN
  18. 18. 3 TALK TO YOUR CUSTOMERS Let them tell you how to position your product. Thanks for your feedback, buddy! We did a survey of our 1,000 most enthusiastic customers. I only really cared about one thing: the freeform box with a 500-word limit that asked, “Why do you shop Bonobos?” I spent a weekend reading all responses. There were three things that stuck out and those became the three pillars of our brand: fit, fun and service. #1 FAN Andy Dunn CEO Co-Founder, Bonobos Source: http://www.businessoashion.com/2013/07/founder-stories-andy-dunn -on-building-the-giorgio-armani-of-the-e-commerce-era.html
  19. 19. VALUABLE FEEDBACK LogMeIn Increased Conversions by 300% Conversions 4x Free Free or Premium 1x
  20. 20. VALUABLE FEEDBACK LogMeIn Increased Conversions by 300% Conversions LogMeIn learnt that their users weren't converting because they thought the free oer was too good 4x Free Free or Premium 1x to be true. When a premium option was added, conversions increased 300%.
  21. 21. USER ANALYSIS
  22. 22. USER ANALYSIS Food on the Table found a mom in their target market, shadowed her for 3 weeks, and used what they learnt to build the first version of their website. They reached 1 million users in early 2012! Source: http://conversionxl.com/how-to-identify-your-online-target-audience-and-sell-more/
  23. 23. 4 THINK BEYOND CONTENT Social Media Engagement Collaborations Community Building
  24. 24. 4 THINK BEYOND CONTENT Inbound marketing is more than Social Media Engagement Collaborations just content marketing. “Inbound marketing is based on earning attention rather than interrupting, while content marketing is about producing and Community Building promoting content to earn customers.” Rand Fishkin Founder, Moz Source: http://www.business2community.com/inbound-marketing/whats-dierence-inbound- marketing-content-marketing-0960376#!bBv8Ie
  25. 25. HUBSPOT SURVEY (2013) 20% of Marketers Surveyed Ignorant About Inbound Marketing “Does Your Company Engage in Inbound Marketing?” ?? Yes or No In a 2013 survey, Hubspot found that nearly 20% of surveyed marketers didn’t know if their company engages in inbound marketing. This is despite the fact that inbound marketing doubled companies’ conversion rates. Conversions 6% 12% Outbound Only Outbound + Inbound
  26. 26. HUBSPOT SURVEY (2013) 20% of Marketers Surveyed Ignorant About Inbound Marketing “Does Your Company Engage in Inbound Marketing?” ?? Yes or No In a 2013 survey, Hubspot found that nearly 20% of surveyed marketers didn’t know if their company engages in inbound marketing. This is despite the fact that inbound marketing doubled companies’ conversion rates. Conversions 6% 12% Outbound Only Outbound + Inbound Source: http://www.stateofinboundmarketing.com
  27. 27. BUILDING A COMMUNITY GrowthHackers
  28. 28. BUILDING A COMMUNITY GrowthHackers To promote Qualaroo (a website testing tool), founder Sean Ellis created GrowthHackers.com, a platform for the discussion of online marketing techniques. It has since grown into a brand of its own.
  29. 29. 5 ALWAYS, ALWAYS, ALWAYS TEST. CONVERSIONS 00..55%% 11..11%% 11..66%%
  30. 30. 5 ALWAYS, ALWAYS, ALWAYS TEST. CONVERSIONS 00..55%% 11..11%% 11..66%% Testing your ideas is a core tenant of growth hacking. “What worked for us is most likely not the same as what works for your organization. The key here is to be open minded and let the data tell you what to do, as opposed to listening to some self-proclaimed faux-guru (or in some cases, even your customer prospects) who says something has to be done a certain way!” Larry Kim Founder CTO, WordStream Source: http://www.wordstream.com/blog/ws/2012/09/25/a-b-testing#Kim
  31. 31. UGLY CAN WIN TOO Landing Pages Don’t Have to be Pretty to be Eective Conversions 1x 1.4x Version 1 (Pretty) Version 2 (Ugly)
  32. 32. UGLY CAN WIN TOO Landing Pages Don’t Have to be Pretty to be Eective Conversions In testing 2 versions of a landing page, WhichTestWon found that the less appealing one had a surprising 38% higher conversion rate, simply because key features were bolded there. Source: http://unbounce.com/a-b-testing/shocking-results/ 1x 1.4x Version 1 (Pretty) Version 2 (Ugly)
  33. 33. IT’S NOT ALWAYS SIMPLE
  34. 34. IT’S NOT ALWAYS SIMPLE Groove HQ did A/B testing on 6 of the most popular tests they could find, but got inconclusive results for all of them. Testing can deliver great results, but you must be ready for a long, slow haul. Source: http://www.groovehq.com/blog/failed-ab-tests
  35. 35. Proper application of growth hacking tactics can help you acquire customers quickly. Visit ReferralCandy.com to learn how you can use existing customers to do the same!
  36. 36. CRAF T ED BY Source: http://www.forbes.com/sites/nealtaparia/2014/07/22/5-things-i-learned-about-growth-hacking Source: -from-the-man-who-coined-the-term/

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