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Supercharge Your Sales Through Growth Hacking

The Growth Track is into its third month of the program. The start-ups and their mentors are now focusing on Growth Hacking and sales optimization.
Posted on January 17, 2020

What is growth hacking and how can it help your business or start-up? Putting it simply, it is the process of experimenting across the marketing funnel to improve sales. During the early days of a business, it is important to test different sales approaches in order to find the best mix of channels and messaging to drive the highest conversion. But how do you start and what might you need to consider?

We sat down with Joep Arends, the Accelerator Hub Lead at the Think Forward Initiative to understand his 5 key points to consider when starting out with Growth Hacking.

1. Know your customer

Customer data is everything. Start with analyzing your existing customer data and extract relevant insights before going further. Try to combine your own customer data with publicly available data sources to extract more insights. Make a simple analysis of your company’s customers to better know them and their behavior. Conduct interviews to get more qualitative insights and the reasons why people show specific behavior. And make sure not to only look at the things that are easy to see: age, education level, income, where they live, but also the intangible characteristics: motivations, fears and personality types. Knowing all this will allow you to deploy your future growth hacking strategies more efficiently.

2. Select marketing channels carefully

Second, make sure to select the relevant media mix that can help you reach your future clients from an advertising perspective. While LinkedIn, Facebook, Instagram, and Google Ads may come to mind first, they are not the only options out there. It is very important to have a clear understanding of the media use of your customers. Try and get an understanding of what their online and offline media footprint is and then choose your advertising mix accordingly. See if you can piggyback on channels that already have a lot of traffic!

3. Define your Growth Hacking strategies

You might want to start-off with strategies that require a minimum amount of implementation time and moderate investments, e.g. SEO optimization or Facebook/Instagram ads targeting. After getting a good grasp on the first strategies to reach the customer, you might decide to try a more complex setup. E.g. using a machine learning model to post Facebook ads at different times/days to different target audiences to identify the most (cost) effective ads. Another way to win over new customers is to use referrals from existing users. A strategy successfully used by many FinTech companies, including N26 and Revolut.

4. Commit to experimentation

Finally, do not limit your growth hacking efforts to one strategy. Growth hacking involves constant experimentation with different channels, messages and target audiences. The key when starting out with growth hacking is learning what works best by trying out a range of different channels and tactics and targeting different potential customer segments. Over time, this will enable you to configure an approach that is uniquely tailored to your company and users.

5. From acquisition and activation to retention, referral and revenue

Make sure to aim all your efforts at improving your ‘north star metric’. It doesn’t stop by activating users. The key is to get them undertake the activities that create the most value. Both for them and you as a start-up. Continuously experiment and measure to, once you have them in, have users do what matters most, what creates most value and ensure that they will be coming back.. and they bring a couple of friends!

The Growth Track is a five-month program that works with start-ups who are impacting the lives of people in the areas of smart spending, good saving, generating income and financial decision making. It supports start-ups’ growth needs and helps them to scale faster.