Getting On Board with the Growth Hacking Mindset
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This document discusses growth hacking strategies and techniques. It defines growth hacking as using creativity and data analysis to increase business growth through low-cost marketing experiments. Several growth hacking tactics are presented, such as targeting ads in low-cost international markets, using pop-ups and custom offers to increase activation and conversion rates, creating viral content on platforms like LinkedIn and SlideShare, and testing different pricing and bundle options to maximize revenue. The document emphasizes testing many small changes simultaneously rather than sequentially and that growth hacking is an ongoing process without single solutions.
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Getting On Board with the Growth Hacking Mindset
- 1. 1 HACKINGWHATISGROWTHAnd why do you need it… @chris_perks
- 2. THEDIFFERENCEBETWEENGROWTHHACKINGANDMARKETING the term hacking implies creativity and imagination and a relentless drive to solve a puzzle. It also suggests an attempt to manipulate, to coerce, to rig, in ways that are contrary to the spirit of willingness to fail
- 4. Your ability to consistently get your product or service into the hands of people who are willing, ready and able to pay you. That is the number one determinant of your business success
- 5. 5 SO WHERE DOES THE GROWTH COME FROM? €1000 3% 20% Each new client win is worth €1000 You have a base conversion rate of 3% We aim for a 20% uplift in results
- 6. 6 FUNWITHMATH:20%MEDIAEFFICIENCY 100,000 visitscosting €100,000 20% upliftGets you 100k visits for €80,000 3% conversiondelivers 3000 clients €20,000Saving in media spend each month Assuming all else stays the same, a 20% media efficiency delivers you 3000 clients and saves you €20,000 NET RESULT: €20,000 gain
- 7. 7 FUNWITHMATH:20%RETENTIONUPLIFT 50% of clientsLeave after only paying €500 20% upliftin retention is worth €150,000 1500 leavebefore paying the full €1000 €150,000In incremental revenue If 50% of your clients leave after only paying €500. Then 1500 clients x €500 = €750,000 total opportunity to reclaim NET RESULT: €150,000
- 8. 8 FUNWITHMATH:20%ACTIVATIONUPLIFT 100,000 visitscosting €100,000 20% upliftgets you 600 additional clients 3.6% conversionnow delivers 3600 new clients €600,000Revenue gain If the base conversion rate increases from 3% to 3.6% it delivers an additional 600 clients at the same COA NET RESULT: €600,000 gain
- 9. 9 BIGTAKEAWAY 9 The biggest gains can be had when you hack each of these areas simultaneously not sequentially. Do not wait for one to start working before working on the others.
- 10. HOWTOGETTHEGROWTHHACKINGMINDSET What are the core skills and attitudes needed?
- 11. 11 T-SHAPED Broad knowledge with specialisms THEMAKEUPOFTHEGROWTHHACKER CRITICAL THINKERS Not willing to accept the norm ASK STUPID QUESTIONS What would happen if… HIGHLY ANALYTICAL Rely heavily on data analysis ACTION ORIENTED Always taking massive action CAT KILLERS Very curious by nature
- 13. 13 THE70/20/10BUDGETINGRULEFORHACKING 70% Tried & Tested 20% Emerging Activities 10% Experimental Activities Established metrics Customers demonstrably using the channels Accepted wisdom Starting to show promise, and building benchmarks No expectation of in year ROI Decision makers concerned about these activities
- 15. 15 FREE TRAINING Google Analytics Academy
- 17. 17 HOWTOUSESPAMMERSTOHACKFACEBOOKADSDOWNTO$0.005PC 01 02 03 04 05 Facebook ads are an auction. Higher demand markets cost more Target the same interests in low demand countries Clicks pour in for pennies, due in part to the click farms Run the same ad with social proof to your high demand markets Slash ongoing costs!
- 20. 20 LINKEDIN&SLIDESHARE–BROADCASTTOTHOUSANDSIN60SEC JOIN UPLOAD TURN ON SHARE Join the 50 biggest, most active groups where your constituents are Upload your lead magnet (valuable content) to slide share Turn on lead capture and have strong value added calls to action throughout Share to all your LinkedIn groups in 60 seconds from slide share
- 22. 22 TRAFFICSHAPING–THEENDOFHIGHINTERESTLOWCONVERSIONPAGES IDENTIFY High traffic low conversion pages POP UPExit intent pop up or before ave. page time CTAWith lots of value, high impact and single core focus CAPTURE More leads from the high conversion pages
- 24. 24 Just make sure the results aren’t too impressive (unless you can take them away again) GIVE RESULTS IN ADVANCE
- 27. 27 THERESULTSWEACHIEVEFORTHEMARELESSIMPORTANTTHANTHEWAY THEYFEELABOUTUS -THEARTOFSURPRISEANDDELIGHT 26% + IN TIPS
- 30. 30 THEPOWEROFDOUBLEDIAMONDPLATINUMEDITIONS If you offer a “upgrade” or “double diamond platinum encrusted version” between 8-20% of people will buy it. If you don’t have an upgrade you're leaving money on the table.
- 31. 31 YOUMUSTCREATEREFERENCEPOINTS Web only version for $59 Print + Web versions for $125 32% BOUGHT PRINT AND WEB Web only: $59 Print only: $125 Print + Web: $125 262% increase FOR PRINT AND WEB
- 33. 33 EASY PRE-FILLPre-fill referral emails Mlto.tk 1
- 34. 34 VIRAL LISTSEasily create viral waiting lists. Maitre 2
- 35. 35 OUTSOURCINGHiring cheap in the Philippines Virtual Valley OnlineJobs.ph 3
- 36. 36 PR ALERTSPR Requests straight to your inbox Journo Requests 4
- 37. 37 VISIT & SCRAPEAuto visit social sites and scrape contact details Profile Hopper 5
- 38. 38 RE-SEND EMAILAutomatically resend email to unopened addresses Rebump 6
- 39. 39 EMPATHYNew AI built upon communicating with empathy Crystal Knows 7
- 40. There is no one, single, unifying approach to growth hacking. It’s a series of small analysis, hypotheses and tests. Once it begins it never ends and there are no silver bullets.