The latest buzzword in the corporate world is “growth hacking”, with companies looking for that magic combination to help grow their business in a fast-paced world, using innovative new marketing ideas.
Growth hacking; growing a relatively small or young business quickly, in a short space of time with a limited budget, is a relatively new concept in marketing. The ‘growth’ part refers to anything that’s considered important to an individual business; whether that’s increasing a customer base or driving more eCommerce sales through a website. Create a brand persona and use to build your tone of voice, the more you understand your core customers, the more your persona can shape a reputable brand. The ‘hack’ element comes from the innovative and experimental ‘trial and error’ approach from businesses who use all kinds of marketing approaches from account-marketing, a new CRM or a water-tight inbound strategy.
At our latest #ProductTalk, we were lucky enough to hear from the Growth Associate for Deliveroo for business, Alizee Varloud, who shared her own personal experience on what growth hacking meant to the hottest start-up in the food delivery market. The concept of Deliveroo for business is to partner with companies to provide food for employees in businesses; whether they’re working late, looking to cater for a meeting or simply treat the team to lunch. Using the recognised ‘Deliveroo’ brand as leverage for reaching into a seamingly untapped market that was waiting for a young, disruptive company to seize the opportunity.
Alizee personally describes growth as “being defined by some measure of success in a business. Growing your customer base, having more users of your services or products-whatever is most important to your business”. Here at Innovify, our own experience of client growth has been a combination of the following elements, using the right digital tools as well as being flexible with the execution:
1. Knowing Your Audience
Firstly, identify who your business is talking to? What value can you bring them? What do they want, try to understand their pain points to help your business stand out to them. Then understand how to reach them; which marketing methods are most appropriate for reaching your chosen audience. For Deliveroo for Business, the first ‘hack’ was targeting the decision-makers within the business, the people who could pick up the contract for taking up the services. It meant that the process from potential customer to signing up was a simple, more agile one.
2. Get The Right Tools to Contact People
Think longer term when it comes to reaching your audience. Putting the right tools in place such as a CRM, automation marketing tools, social publishing schedulers, data analytics, a chatbot- using as many data-collecting communication tools will only help you understand your audience better. Organising your digital tools is imperative so we would recommend using a tool stack. Alizee mentions her love for Stackshare, an open source feed of all tech tools in use and the latest news and updates for those platforms.
3. Pick a Marketing Approach
Inbound, outbound- whichever method your company chooses, focus your attention on executing it well. The inbound marketing approach generates a broad awareness of your brand first, nurtures new followers or subscribers with engaging content and then identifies high-value accounts and reaches out to hopefully convert the user. Outbound, also referred to as accounts-based marketing reverses the inbound approach and identifies the high-value individuals within companies, then nurtures them, encourages them to convert and continues to nurture the relationship after they become customers. Alizee identifies inbound marketing as the key to scaling Deliveroo for business, as it enabled access to longtail SMB’s and smaller companies who didn’t need to go through lots of people to make decisions.
4. How To Market For Growth
Finding the right balance of marketing that will suit your individual business will be down to a few things such as industry but use all available tools and try a mix of marketing methods. Create a marketing plan and decide on which channels to focus your budgets on, depending on where your audiences are. Be consistent with measuring and analyzing your marketing efforts regularly, it’s important to understand what is and isn’t working. Being flexible with your strategy is imperative to finding your sweet spot. Try being collaborative on social channels, not salesy, and don’t underestimate the power of sharing your own experiences. Use the LTV:CAC ratio, the metric that looks at the value of existing customers versus the cost of gaining a new one, for a business.
5. Put The Right Team In Place
This is essential to any growth for business; having the right team behind your efforts is a key to success. If your business is a start-up, decide where to focus your recruiting efforts, whether that’s a strong salesperson or an organised accounts manager. The foundation to successful growth for start-ups just like Deliveroo for business growing, as Alizee mentions, is having strong sales goals, a good account management approach to focus on customers and customer support to help invest in retention once you have converted customers…
6. Investing in Retention
…which leads us finally to nurturing and focusing attention on retaining those hard-earned customers to ensure they will keep coming back to use your products or services. Understand their experiences with your brand, send out NPS surveys and make sure your customers have a positive experience when interacting with the brand and incentivise them to keep using your services.
To find out more about what Alizee has to say on the matter by watching the presentation or download it here.
Whilst the growth of any start-up will be down to a few other key factors such as industry and how well marketing campaigns are executed, it is also important for new businesses to understand that scaling quickly is down to trial and error, experimenting with all channels and making sure to analyze your efforts continually to understand what is and isn’t working.
If you’re wondering how your business could benefit from growth hacking or simply need some guidance on which tools would help you achieve successful growth? Why not see how we approach growth hacking for our clients and whether your business could get in on the action.