You might not know what is Ship2B, so let met introduce you to them: it’s a private organization that wants to accelerate business projects that could have a high social impact.
As you can see in the illustration below, there are 4 steps. Apiumtech has an impact specifically in the first part “B-Challenge” where we help startups by giving them advice, workshops, speeches, etc. Basically we share our knowledge to help entrepreneurs grow.
So this week, Xaxi Hidalgo got the opportunity to speak to promising entrepreneurs about Lean Marketing & Growth Hacking and the importance of data in the decision making process. Our CTO is an expert in Agile methodologies and that’s why he decided to talk about Marketing but not in the traditional way, a marketing he considers to be more Agile.
The objective of growth Hacking is to grow by doing quick experiments to identify the most effective and efficient ways to get more users, which implies growing the business. A growth hacker is a mix of a marketeer and coder that focuses mainly on building and engaging the user base. It’s quite new actually and can be explained with the boom of internet. In fact products have changed completely, it evolved. A mobile app is a product. So of course the work done around it has to evolve and adapt to the changes, which is why we have Growth hackers.
LEAN MARKETING FUNNEL
Is getting more traffic the most important part? Of course not. It’s just the start. That’s why it’s extremely important to classify the different “phases” and determine the interactions of the user with the product during each ones of the phases.
1 – Acquisition
There’s a whole bunch of tactics that can be used to get more traffic to a page. You can classify them into inbound & outbound marketing. So you can increase acquisition with SEO strategies, social media, content marketing, e-mail marketing, webinars, etc. All of that goes into inbound marketing. And then, for outbound marketing (paid acquisition) the most common would be SEM & google ads.
The goal is that the visitor lands on one of your pages, a “landing page”.
2 – Activation
Once you got the users on your page, they need to stay on it, they need to like it and find the experience exiting or else, let’s just say that your bounce rate will jump to 80%! You would obviously prefer to avoid that. So here, it’s about transforming your visitor into a user. Depending on the nature of your page, you would like to get the user to login, to subscribe to your newsletter, etc. Basically to get a sort of information that would create a link of communication.
3 – Retention
Let’s say that retention can be explained by the fact that your users come back, they are interested because you are able to give them value. You basically have to transform your user into an active user; get more returning users.
Once you have active users, you would obviously want them to refer your product, to increase activation.
5 – Revenue
As it’s name says it, it’s about getting the user to take some action that will generate your company some revenue.
LEAKS IN THE FUNNEL
Growth hackers want to efficiently and effectively move the visitors down the funnel, going from one step to the next one. Keep in mind that it is normal that you lose people during each phase, but that’s why the funnel is great. It helps a lot when it comes to identifying where you are losing people. Once you know where you are losing them, you can work on understanding why and how to fix the problem because as I like to say; “there is no problem without solution”.