Growth Hacking: Best Sales and Marketing Strategies to Scale Up Your Business
In today’s fast-paced and competitive business world, companies that aren’t constantly attracting new prospects through ingenious strategies can no longer survive. Brands that are serious about their growth need to be both proactive and competitive in their marketing and sales efforts.
That’s where growth hacking comes in.
The term “growth hacking” was coined by Sean Ellis in 2010 to refer to a set of creative and unique tactics that businesses can use to drive more sales. The concept has evolved ever since to adopt any new marketing strategies or unique sales processes that can help companies enhance their growth.
In this guide, we’ll go over the fundamentals of growth hacking answering the following questions:
- What is growth hacking?
- Why is growth hacking essential for your company’s success?
- What are the biggest growth challenges facing companies today? And how to identify them?
- Which growth hacking tactics are most effective for enhancing your sales and marketing efforts?
Let’s get started.
What Is Growth Hacking?
Growth hacking is a set of innovative marketing and sales techniques that companies use to accelerate their growth at a low cost. It combines a variety of clever tactics and data-driven strategies that are derived from experimentation and continuous optimization.
What makes growth hacking exceptional is that it goes beyond the traditional ways of growing a business. Instead of following the same path as everyone in the industry, businesses that leverage growth hacking find their own ways to raise brand awareness and attract top-quality prospects.
The cherry on the cake is that this is a budget-friendly approach that can work even for startups and small businesses. That’s why top brands around the world are always on the look for the next best growth hacking sales and marketing techniques to use for their next campaigns.
What Makes Growth Hacking So Important for B2B Companies?
The reason why most businesses nowadays struggle to gain traction and achieve sustainable growth is that they’re using traditional growth tactics. When sales and marketing fail to keep up with today’s fast-paced, highly competitive markets, companies will have a hard time standing out and reaching their target audiences.
That’s what makes growth hacking sales and marketing the ultimate solution!
Growth hacking is the perfect strategy for gaining an advantage over your competitors and hacking your way to online success. If you incorporate this approach into your business plan, you’ll put your company in a solid position to close better deals and maximize revenue.
Here are four reasons why growth hacking is vital for your company’s success:
- Cost-efficiency: growth hacking is a low-cost approach to growing your customer base and increasing brand recognition. Better yet, it enables you to reach more target buyers without sacrificing lead quality.
- Faster growth: through unique sales strategies and innovative marketing tactics, business leaders can scale their companies at a much faster rate and accelerate customer acquisition.
- Competitive advantage: the majority of companies today are still stuck using traditional marketing and sales tactics. Growth hacking sales is what will help you edge out the competition and put you ahead of the curve.
- Consistent improvement: growth marketing techniques rely heavily on data and performance measurement. By setting solid goals and tracking them with the right metrics, you’ll be able to continually improve your marketing and sales game.
How to Use Growth Hacking Strategies to Scale Up Your Business
The first step in implementing a successful growth hacking strategy is to pinpoint your most significant challenges. It’s essential to identify what’s restricting your growth before you can gather meaningful data and use it to optimize your sales and marketing plans.
For the majority of B2B companies today, the biggest obstacles are:
- Understanding target prospects and knowing how to communicate with them
- Setting the right key performance indicators (KPIs) and using them to monitor marketing and sales efficiency
- Building a consistent brand image across different marketing platforms and outreach channels
- Keeping up with constant market developments and technological trends
- Lowering marketing expenses and customer-acquisition costs
- Speeding up the sales cycles to win better deals at a faster rate
- Standing out from the competition and making memorable impressions on prospective customers
You must take a closer look at how your company is performing at the moment. Once you understand the challenges you’re dealing with, you’ll have the right growth hacking objectives in mind. That, in turn, is going to help you implement the best marketing strategies and sales tactics to solve those problems.
6 Best Growth Hacking Marketing Tactics to Get You Started
1. Leverage AI to Gain Competitive Advantage
Artificial intelligence tops our list as one of the best growth hacking techniques that B2B businesses can use to dominate their markets. Although this is just the dawn of AI, a lot of growth hackers are taking advantage of this trend to leap over their competitors and make faster, more accurate business decisions.
You can leverage AI in almost every area of your business by automating repetitive tasks and making informed decisions. From market analysis to content creation and personalization, AI systems will take your marketing performance to the next level and allow you to reach far more potential buyers.
Here are a few remarkable ways you can use AI as a growth-hacking tool for your company:
- Guide your marketing campaigns through customer behavior analysis and journey mapping
- Accelerate your content marketing efforts using ChatGPT with the help of human writers that can refine and improve AI-generated content
- Personalize and automate your outbound campaigns via email, LinkedIn, and other social media platforms
- Use chatbots to engage website visitors by answering any questions they might have about your brand and services
- Qualify leads and segment them based on demographics, psychographics, and behavioral data
- Build lists of targeted prospects by scraping the internet for specific lead information (names, phone numbers, emails, locations)
2. Study Behavioral Economics
Behavioral economics is the study of how people make purchase decisions and what influences their behavior throughout the sales process. This discipline combines psychology with economics to help businesses increase conversions and sell more to relevant customers.
There are a lot of ways you can use behavioral economics to impact customer behavior — some of which you’re already familiar with.
The biggest brands around the world have always used psychology to drive more sales and conversions. Here are a few examples of how behavioral economics can enhance your growth hacking marketing and sales strategy:
Scarcity: create a sense of urgency that nudges potential buyers to buy from you sooner. A few ways you can do that is by developing limited-time offers, offering irresistible discounts, or launching seasonal offers.
Social proof: gain the trust of your potential customers by proving to them that you’re a strong, reliable brand that has helped many clients succeed in the past. You can do this by featuring the overall number of customers you’ve worked with testimonials and reviews to support your claims.
Loss aversion: customers aren’t always after achieving more success but also after avoiding losses and maintaining progress. You can frame the benefits of your product/service differently to show what prospects can lose if they ignore your offers.
Reciprocity: providing value upfront with no expectations in return will encourage your audience to trust you more. More importantly, it will make prospective buyers feel an obligation to return the favor and reward your positive actions. You can use this principle by promoting high-quality educational content for free.
By incorporating these principles into your growth marketing plan, you’ll attract many more prospects to your brand and push them to take the actions you want. Just make sure to always be truthful in your claims and put your customers first.
3. Integrate Analytics Into Your Strategy
Growth hacking is all about putting the most effective tactics into practice and improving on them through analytics and feedback. That’s why companies that follow a data-driven approach to develop their growth will always have more success.
Analytics can help you test various sales and marketing techniques simultaneously and then compare them. This is essential for developing an efficient strategy that helps you convert more leads, lower marketing costs, and close deals with target buyers.
Here’s a simple way to implement analytics into your growth hacking sales or marketing plan:
- Set growth objectives and KPIs: your business should have its own unique goals and metrics. This is crucial because it will be the main way for your marketing and salespeople to track and evaluate your company’s performance. For instance, you can track conversions, number of qualified leads, top acquisition channels, cost per acquisition, etc.
- Use the right techniques and tools: there are many ways to monitor your growth depending on which strategies you’re using. When it comes to monitoring web visitors, for example, Google Analytics is the go-to option due to its outstanding features and highly accurate reports.
- Keep an eye on your key metrics: monitoring your performance metrics on a regular basis is where all the progress happens. Track how your efforts are affecting growth and make sure to analyze trends in your reports whenever they occur. You may also run comparative tests between strategies, tools, marketing messages, landing pages, etc — to make more educated decisions.
- Make changes when necessary: once you identify the areas that must be improved in your strategy, it’s time to start making adjustments. Whenever needed, make small changes and keep experimenting with new tactics until you reach your highest performance.
Companies that leverage data analytics to guide their marketing and sales efforts will always gain a competitive edge over others. Growth hacking marketing really is the best way to drive sustainable growth at the lowest possible cost.
4. Implement Marketing Automation
Marketing automation refers to the use of software to execute routine tasks and repetitive marketing duties. Automation tools are a great way for companies to streamline their growth hacking processes by minimizing human input throughout the buyer’s journey.
When it comes to growth hacking marketing, the benefits of using automation software are endless. For starters, these technologies can help businesses reach more potential customers with minimal effort and at a much faster rate.
The overall cost of sales and marketing is also cut down significantly when the most time-consuming tasks are handled by algorithms. Beyond that, automation tools will enhance your data-driven approach as they enable you to experiment with different growth tactics simultaneously.
Here’s how you can incorporate marketing automation into your growth hacking plan:
- Generate content marketing plans and create outlines for articles
- Conduct quick research using AI tools to accelerate your content writing efforts
- Schedule and publish content in various formats on different platforms
- Run automated email and cold-calling campaigns with personalized outreach messages
- Track lead behavior throughout the cycle and generate valuable insights and reports
- Score leads and segment them accordingly using CRMs or lead management systems tools
- Use chatbots and AI support tools to respond quickly and with high accuracy to prospect inquiries
5. Build Incentive Programs
Businesses today create content in different forms to battle for the attention of prospective buyers. But on the other side, prospects are having a hard time choosing between different brands because they all look the same.
One of the most effective ways to stand out from the pack is by developing incentive programs. Incentivizing leads and existing customers to take specific actions is proven to cultivate brand awareness and inspire more customer engagement.
And the way incentive programs work is simple!
You’ll encourage desired actions and behaviors in your target leads in return for an irresistible offer. For instance, if you want new prospects to subscribe to your newsletter, you must promise them a valuable offer in return — which could be an ebook, a case study, a free trial, a free consultation, etc.
Here are three ideas to get you started with your first incentive program:
Develop a loyalty program: Loyalty programs involve offering discounts, coupons, or free products and services to existing clients as a reward for their repeat business. This is a smart way to increase customer retention and maintain your sales progress over time.
Create a referral program: A referral program nudges leads and new customers to invite others from their circle to try out your products or services. In return, these buyers will get a free trial or gain access to a premium feature.
Launch a contest or a giveaway: Contests are a cost-efficient way to boost brand awareness and maximize engagement. Although this works better for B2C, B2B sales leaders can use giveaways to increase brand recognition and drive more sales.
It’s essential to understand that an incentive program can only work if you’re offering the right rewards to your audience. Whether it’s a valuable content piece, a free trial, or a discount — your incentive needs to be relevant to the needs and desires of your target prospects.
6. Repurpose Your Best Content
Content repurposing is the process of taking a piece of content that exists in a certain format and transforming it into other formats to maximize its value. To give you an example, a growth marketer could create a blog post and then turn it into an infographic, a short-form ebook, or even a social media post.
The most successful brands use this cost-efficient approach to maximize their content marketing success. Recycling content is a powerful growth hacking marketing technique that will enable your marketing and salespeople to reach more prospects with less effort.
The way content repurposing works is simple:
You’ve already done the research to create high-quality material that best educates your audience. Now all you need to do is find creative ways to recycle those ideas using other engaging formats.
Since this is a growth hacking strategy, you’re obviously not going to repurpose every piece of content you’ve created for your brand. So first, you need to identify your best-performing content in terms of engagements and audience interest.
Which blog articles, social media posts, YouTube videos, case studies, or infographics got the most attention from your target leads?
Once you identify those pieces, you must think of which new formats will work best for each idea or topic. Here are a few examples of how you could repurpose different types of content:
- Turn how-to articles into educational videos and YouTube tutorials
- Transcribe podcast episodes to form engaging content for your blog
- Turn listicles into infographics or shorter social media posts
- Break down long-form ebooks into a few shorter blog posts
- Rewrite case studies or whitepapers into captivating sales emails
It’s crucial to optimize each new piece of content you produce to fit the specific platform you’re targeting. For example, you must create attention-grabbing infographics by using modern design styles and keeping your ideas concise. Also, be sure to make your blog posts more engaging by using a conversational tone and breaking down complex ideas into shorter paragraphs.
For example, SocialBee is a social media management tool that offers a variety of features to help businesses repurpose their best content. With integrations to Canva, Unsplash and GIPHY, companies can easily create visually appealing content within the platform. SocialBee’s AI post generator also enables effortless content creation. Businesses can customize their content for each social media network individually and recycle evergreen posts. With bulk importing and editing features, team collaboration options, and tracking and analysis capabilities, SocialBee is a valuable tool for businesses looking to repurpose content efficiently.
People Also Ask
What Is Growth Marketing vs Marketing?
Growth hacking and traditional sales and marketing differ on many levels. To put it in simple terms, growth hacking is an advanced version of sales and marketing as we’ve previously known them. While traditional marketers relied less on data and more on guesswork to make decisions, growth hackers are more goal-oriented and data-driven.
Traditional marketers strived to make the most out of the strategies they used until they were no longer effective. On the flip side, growth hackers are constantly working on boosting performance through newer strategies and improved tactics.
Another big difference between growth hacking marketing and traditional marketing is cost. Traditional marketing costed a lot but without much in return. Conversely, companies focused on growth hacking always aim to drive expenses down through personalized marketing and by being hyper-focused in their sales targeting.
What Is an Example of Growth Hacking?
There are endless stories of how big brands have used innovative strategies to expand their business. Here are the some of most popular examples of growth hacking:
- PayPal: In its early years, PayPal offered users a 10$ bonus for each referral who signed up and linked a credit card or bank account. This creative approach resulted in exponential growth in PayPal’s user base and allowed it to outcompete all other fin-tech services at the moment.
- Facebook: to attract more users rapidly, Facebook started as a college student-only social network. That exclusivity resulted in a massive fear of missing out (FOMO) among college students, which pushed more and more users to join the network and interact with their friends.
- DropBox: The cloud storage giant encouraged users to invite others in return for more storage space. None of their competitors at the time offered such an incentive, which explains the outstanding growth the company has seen at the time.
What Skills Do Growth Hackers Need?
Contrary to traditional sales and marketing, growth hacking requires more complex soft skills and core talents. But the good news is, traditional marketers could master growth hacking if they work deliberately to expand their skill set.
Here are three crucial skills every growth hacking sales rep or marketer should possess:
Analytical skills: Because growth hacking is all about data and experimentation, growth hackers must have an analytical mind. Being able to analyze data, understand metrics, and test hypotheses are essential skills for making informed decisions.
Creativity: As we’ve already mentioned, growth hacking is all about coming up with new, original solutions to difficult problems. Growth hackers must be natural problem-solvers who are able to think outside the box and generate innovative ideas.
Interpersonal skills: Growth hacking is a team effort that requires constant collaboration and communication between teams with different backgrounds and viewpoints. A growth hacker that can fit well within a group and lead their team when needed will always bring better results in the end.
Wrapping It Up
Growth hacking sales and marketing is a set of data-driven practices that enable you to reach more potential leads quickly. Because it’s focused on creativity and experimentation, this approach has become one of the best ways for B2B companies to thrive and transform in recent years.
There are endless advantages to gain when you adopt growth hacking into your marketing and sales systems. Not only does this approach cost less to execute, but it’ll also help you continually scale your business at a faster rate and beat all your competitors.
Businesses should use different growth hacking tactics, depending on their marketing objectives and the gaps they want to fill in their sales cycle. We’ve shared in this article some of the best tactics you can adopt to accelerate your results — which include using AI technologies, implementing marketing automation, and leveraging data analytics.