‘Rapid experimentation to grow efficiently’; meet the core of growth-hacking. No reason it fits incredibly well with The Collider’s venture building efforts. With little resources, Colliders need fast insights and early metrics to offer key data for investors. To help them in this sprint, we’ve welcomed Toni Arco, CEO at Social&Loyal and CRM master, to discuss all bits and pieces of the Growth Hacking methodology.
Growth Hacking stands in the sweet spot between creative marketing, software engineering and data analytics. Based on a lean marketing methodology, Growth Hacking aims to optimise acquisition and leads retention and identify the most efficient ways to make a business grow. To tear this down, Toni Arco explains the 5 key fundamental stages in this process:
Acquisition. How do users find you? Are you making it easy for your target to spot you? Make sure to be visible enough and have clear CTAs in any communications or landing page to achieve your set goals.
Activation. Do users have a great first experience? Which are your mechanisms to have them engaged? Think about what you have to offer that pulls their interest and makes it a memorable first contact or journey.
Retention. Do users come back? How repeatedly do they use your service or how often do they get back to your attention calls? If you do not manage to make them return, there is a low necessity or the message isn’t grabbing enough.
Referral. Do users tell others? Is the word-of-mouth a major return asset? Referrals are the most powerful way of growth you can imagine. If you own people’s hearts and make their life’s easier they will easily do the advertising job for you.
Revenue. How do you make money? What is your monetisation strategy? Whether it is B2B or B2C, you need a very clear income formula that is scalable and helps you keep focus.
To achieve good results in your leads quest, there are numerous tools that will make your life easier. To begin with, you can use email finders like Dux-Soup, Findthatlead or Hunter to build your prospects bucket list. Of course, bare in mind that a very minimal part of your cold emails will end up in a reply and that less than those will turn into a collaboration. To smooth up the tedious process of cold emailing and following up, you can take advantage of services like YAMM o Woodpecker that send thousands of emails in a blink of an eye; then again, be careful with burning interesting contacts through repeated messaging. After all, automation speeds processes but it risks losing the personal touch. Among the many other zaps and applets you can benefit from, “If This Then That” turns out incredibly practical to create chains of simple conditional statements. Try it here.
As Arco explains, there is “no magic” to Growth Hacking, but only proof and constant experimentation. Resilience is the one quality that you need to endure rejection and strive for those positive metrics from your experiments. If you stick to the data and optimise continuously your approaches, you’re likely to enter a virtuous cycle of return on investment. Happy experimenting!