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Growth Hacking: how to acquire users when you have zero marketing budget

Growth is the only essential thing you need to be a startup. It has nothing to do with being a new company, tech-based, raising money or with a cool sounding name. It’s all about growth.

Growth metric varies from one company to another, however the most commonly used metric is the rate at which a product is adopted by users. So how does a startup with limited resources and zero brand equity acquire users 10x more than the incumbent? The answer is not a bigger marketing budget or a better brand, it is growth hacking.

In this workshop, we’ll explore the concept of growth hacking and how it is different from traditional marketing. We’ll use case studies and stories to provide practical how-to guides on strategy, tactics and tools you can use to acquire users even if you have zero/low marketing budget. And how to bake growth into the DNA of your product development.

It's intended for people currently running a business and have recognised customer acquisition as a pain point they need to address.

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Growth Hacking: how to acquire users when you have zero marketing budget

  1. 1. how to acquire users when you have zero marketing budget Dotun Olowoporoku Growth Hacking Masterclass
  2. 2. About me • First business as an undergrad • BSc, MSc and PhD – environmental science • Post-doctoralResearch Fellowship • Founded 2012 • Raised $1m seed investment • Managed team across 3 cities • Pivot business model to B2B hyperlocal logistics platform • Venture Partner at Potential.VC – early stage investment syndicate • Now working on Starta
  3. 3. What we’ll cover • The Basics of Growth Hacking • Growth Hacking is a mindset • Growth is a process not an event • 17 Growth Hacking tactics
  4. 4. 4
  5. 5. “There is a big shift in communication and the way people want to engage and do business with brands and businesses. The speed of change will continue." exponentialtimes calls for exponential thinking
  6. 6. 1. Commoditised Services 2. Democratised Channels 3. Blurred line product and business development What is changing
  7. 7. What growth looks like
  8. 8. What growth looks like – AirBnB’s Growth
  9. 9. “Growth hacking is a marketing technique developedby technology startups which use creativity, analytical thinking, and social metrics to sell products and gain exposure.."
  10. 10. Growth Hacker Needed Sean Ellis founder and CEO of Qualaroo.
  11. 11. • Zero brand equity • Traditional marketing leads to high burn rate • Higher risk of reaching inflection point with traditional marketing Why you should consider growth hacking
  12. 12. How Hotmail grew to 12million users PS: I love you. Get your free email at Hotmail
  13. 13. “Forget press releases or advertisements. Let’sfigure out something that’s never been done before and is specifically designed to leverage the strengths of our product." Growth hacking is a mindset, not a toolkit
  14. 14. “Growth Hacker is someone whose true north is growth”
  15. 15. “Growth Hacker understands technology very deeply”
  16. 16. “Growth Hacker constantly seeks scalable, repeatable ways to grow the business”
  17. 17. 1.Know your customers 2.Know their language 3.Know what they want 4.Know where they reside 5.Know how to reach them 5 Golden Rules of Growth Hacking
  18. 18. “Growth Hacking is a system, not a bag of tricks"
  19. 19. Define specific actionable growth metrics Growth Hacking Checklist 1 – Growth Metrics
  20. 20. • Bad example: increase customer base • Good example: get 10,000 new email subscribers • Too broad: increase daily active users • Specific: increase social media engagement by 2x Growth Hacking Checklist 1 – Growth Metrics
  21. 21. Without measuring, goals are empty Growth Hacking Checklist 2 – Analytics
  22. 22. Growth Hacking Checklist 2 – Analytics • Grow business • Increase weekly active users • Increase retention (repeat business) • Increase percentage of users booking at least 4x Set goals in hierarchies
  23. 23. Growth Hacking Checklist 2 – Analytics • Do you currently track user metrics at all? • Do you track users by cohorts or just in aggregate? • Do you track metrics around the acquisition channels • Do you track the devices where users are coming from? • Do you track the referring URL’s where users are coming from? • Do you track actions which facilitates retention and increased usage?
  24. 24. Growth Hacking Checklist 3 – Growth Lever leverage existing strength “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.”
  25. 25. Growth Hacking Checklist 4 – experiment Analysis keeps you honest - numbers don’t lie “a defined goal should be attacked from multiple angles”
  26. 26. Growth Hacking Checklist 5 – Optimise If all you know is that your business made more money in Q4 than in Q3, then you know nothing. Why was Q4 better?
  27. 27. Growth Hacking Checklist 6 – Rinse and Repeat success is more a byproduct of tenacity, and less a child of luck.
  28. 28. Neil Patel’s 3 Levels of Customer Funnel 1. get visitors: finding ways for people to see your product! 2. activate members: helping people take predefined actions in your product 3. retain users: helping people become habitual users of your product
  29. 29. Customer Funnel Level 1: getting visitors • having a blind date - acquisition, referral • act of getting anyone to visit your website or know your product for the first time. • 3 ways to get someone to visit your website or app. • Pull them in • Push them in, • Use the product to bring them in.
  30. 30. Customer Funnel Level 2: activating members • being in a relationship - activation, revenue • joining an email list • creating an account • making a purchase. • Not just visitors, now members
  31. 31. Customer Funnel Level 3: retaining users • getting married – retention • the holy grail of growth hacking. • hard to turn a visitor into a member, but even harder to turn a member into a user.
  32. 32. “It’s the 213th tactic that will probably work, not the 7th"
  33. 33. “scratch that, let’s talk about the tactics anyway"
  34. 34. 1. Be Social • Be active and awesome on social media • Follow your target audience • Engage with them “70% of buying experiences are based on how the customer feels they are being treated.”
  35. 35. 2. Use bare bone homepage
  36. 36. 3. Optimise your website speed • 1-second delay in page load time yields: – 11% fewer page views – 16% decrease in customer satisfaction – 7% loss in conversions
  37. 37. 4. Use specific landing pages for key features
  38. 38. 5. Blog, blog, blog your way to leadership • Become a thought leader by blogging and guest blogging – Listicles – Pictures – Research data – Insight – Unique knowledge
  39. 39. 6. Everyone loves infographics, use them infographics simultaneously display expertise and aesthetic taste, and spread easily on social media
  40. 40. 7. Share on high traffic forums become the go-to guy expert on Nairaland, Radar etc
  41. 41. 8. A/B test headlines and (CTA) call to actions
  42. 42. 9. Preach to your audience through newsletter
  43. 43. 10. Build mission-focused community around your product
  44. 44. 11. Pull audience congregating elsewhere
  45. 45. 12. Enable user journey to incentivise sharing
  46. 46. 13. Leverage on curiosity, competitiveness to create social contest
  47. 47. 14. Prime the pump by seeding the supply
  48. 48. 15. Create faux scarcity and exclusivity / FOMO
  49. 49. 16. Retarget people who have visited the site already
  50. 50. 17. Get affiliates to sell your product
  51. 51. “How we are driving growth at Starta"
  52. 52.
  53. 53.
  54. 54. Results…..still loading 0 20 40 60 80 100 120 140 160 180 1 2 3 4 5 6 7 8 9 10 11 12 weekly email subscribers