Growth hacking is on the tip of everyones tongue when it comes to marketing these days, but what exactly is it?
Growth Hacking relies heavily on analysis and giving your customer exactly what they want in order to grow your startup quickly.
Like most marketing techniques, the process can be broken into a funnel which is portrayed below in the infographic created by Marketing Masala.
Take a read through and see what techniques you need to start applying to your business!
Growth Hacking Funnel
Sean Ellis, the first marketer at Dropbox defined the term “Growth Hacking”. A growth hacking funnel, has 5 steps – AARRR. Let’s have a look at what AARRR stands for:
- Acquisition: It is the initial stage where you make your target audience aware of your product or service. It is a first contact point between your product/service and a user/customer. These users are those who have just visited your website and are now aware of your existence.
- Activation: Once a user has landed on your website, they take an action defined by you after perceiving your product/service’s value for them. It could be in the form of signing up for your free/trial services or subscribing to your blog. It’s a crucial stage as they start trusting you and share their emails with you.
- Retention: Once you have an active user, it is important to retain them so that you can turn them into your lifelong customers. Nurture them by sending emails at regular intervals or offering some premium features as a trial. Keeping your customer happy is the key to form long lasting relationships with them.
- Referral: If the user likes your product/service, you can smartly use them as a marketing channel to reach out to their peers and broaden your target audience through them. You can ask them to refer your product/service to their friends in exchange for something that they would like to use. In this way, you can increase your customer base.
- Revenue: This is the final step of the growth hacking funnel where you monetize the users. Build a constant stream of revenue to make your startup sustain. For example, you can now invest in advertising to retain the existing users, get new users and to bring back those who abandoned your product/service.
Source: Marketing Masala