Customer Lifetime Value: calculate & increase
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Growth hacking is a marketing method where you use data and small experiments to try to grow your business quickly. It's all about attracting new customers and retaining existing ones in a smart and creative way, without a big budget.
So with growth hacking, you basically just try things out in your marketing or product. You then see what works well and if something catches on, you scale it up as quickly as possible.
Growth hacking may sound like something complicated, but it's actually quite simple. After determining your goal, you generally follow these steps:
There are all kinds of growth hacks. Consider:
7 growth hacking tips and techniques you can apply today
Of course, you want to get started right away. We get it. But again, good preparation is half the battle. And a good preparation for growth hacking is to map out your target audience and the added value of your product or service.
So figure out who your target audience is. What their wants and needs are. What their problems and challenges are and how your product or service solves them. That will help you get your main message clear.
Afterwards, you can get started nicely with these growth hacking tips and techniques:
1. Do micro experiments
Start with small tests in your marketing or on your product and service pages to quickly see what works.
Choose one element to test. For example, your headline or the text on a button. Create two variants for an A/B test and measure the results. Stop the variant that performs poorly and use the variant that performs better everywhere else.
Simple and effective.
Tip: A/B testing is easy with these 4 A/B testing tools.
2. Create a lead magnet
With a lead magnet, you offer something of value for free in exchange for contact information from potential customers.
Think tools, tests and quick scans. But it can also be a checklist, e-book or mini training.
First of all, think about what is relevant to your target audience. Something that really benefits them. Something that helps them further.
Next, create a simple landing page with brief explanations and a sign-up form. Promote your lead magnet through socials, ads or your newsletter and you'll have a full inbox in no time.
3. Create a referral loop
A referral loop (or growth loop) is a process where existing customers bring in new customers. And where those new customers in turn bring in new customers. And those in turn.
And it goes on and on.
An endless stream of new customers is.
So see if you can come up with a clear incentive for your customers. Think discount, a free product or some other bonus. The best thing to do here is to come up with something that will benefit both customers.
Create a simple sharing system, automate rewards and sit back and relax.
4. Segment the audiences of your ads
Do you have online ads running? Then check to see if you can target your audiences a little more specifically.
For example, by location, industry, function or whatever is relevant.
In fact, by targeting smaller and more specific audiences, you can create more relevant ads and often achieve more clicks and conversions.
And of course, you can then scale up those best-performing campaigns ...
5. Deploy retargeting
Are you already doing retargeting? No. Then consider it.
After all, retargeting often delivers quick results. This is because you are targeting people who have already interacted with your website or on your socials. People who are therefore interested.
So add a Meta or LinkedIn Pixel to your website, create a custom audience of visitors who did not convert and start a small retargeting campaign with a clear call-to-action.
Here we explain how to install that Meta Pixel with Google Tag Manager and how to set up a retargeting campaign.
6. Give your content an upgrade
Almost everyone has a few popular blogs or articles on their website.
But not everyone gets the most out of them. Not all of those readers actually become customers. Or leads.
So see if you can upgrade your popular content with a valuable bonus. With a download for a checklist, a useful template or a video that takes you even deeper.
Of course, in exchange for an email address that you can then use to send that download to ... and for your email marketing.
7. Use social proof
Social proof is a very strong psychological trigger. People like to follow other people.
Therefore, collect reviews, testimonials or customer logos and give them a prominent place on your website. You can also test the format and position if necessary.
See that people convert better as a result? Then you can get more out of it by writing multiple case studies, for example, adding video testimonials to your emails or integrating third-party reviews into your ads.
This will make all parts of your marketing better.
Do you still have questions? Or could you still use some help with setting up an A/B test or with your ads? Feel free to contact us. We are happy to help.
Written by: Gert Bos
Gert is Operational Manager at OMA. A competitive geezer who always ensures winning strategies and scoring ads. That deserves a gold plaque.