Another Wednesday, another #CompassLaunchpad workshop! This time, we hosted Oscar Venhuis, Digital Marketing Specialist at Hong Kong’s General Assembly in a talk about growth hacking. Another big buzz term of 2016, growth hacking is one of those words that many companies use but few understand.
Venhuis explains that growth hacking is using creative techniques to dramatically increase the conversion rate. What is a conversion rate? Quite simply, it is the percentage of prospective customers who take the specific action desired by the company, whether it’s purchasing something online or signing up for an e-newsletter.
Turning and acquiring new customers is done today through data, technology and behavioral science across customer acquisition, conversion, retention, advocacy and product development. But let’s begin by laying out the steps leading to action. First is brand awareness, or making sure that the consumer knows about the product or service to begin with. Next, the consumer needs to show an interest. Is the product or service sold something that could be utilized or applied in the potential client’s lifestyle or work? Once this is established, the next step is to create desire, for the client to crave the product. And last, the money maker or the measurable step – the action button – having the customer go through and purchase the product.
One example Venhuis gives of a strong example of growth hacking is from music streaming site and app, Spotify. The optimized home page – clear and concise on what is being sold – coupled with product integration on Facebook, increases the chances that listeners will share the service and possibly purchase the ad-free service, after being hooked on the product.
How can you apply growth hacking to your business?
The following are integral to the successful execution of a growth hack strategy:
Having an optimal landing page
This ensures that new customers can instantly understand your product or service. Contact information and means of reaching to the company must be evident.
Integrated product partnership
It’s great to partner with different companies, especially trusted ones, so that your own credibility grows. A partnership is give and take – the best ones are mutually beneficial – both parties should extend their total customer reach and attract consumers that otherwise would be difficult to target, independently.
Viral strategy
These days, company must be on social. Social media benefits a company by providing an added layer of trust, vetted by real people. Not only should posts be scheduled ahead of time on all social platforms, but an efficient customer care strategy must be in place to ensure prompt replies to any complaints or inquiries.
New User experience
User experience or UX is a way to develop a product that works seamlessly for any user. An ideal interface requires no explanation from even someone using it for the first time.
What can your company do today to stay relevant and convert users? For more tips and info, subscribe to us to get updates on our blogs and events!