3 Handy Tips Start-ups Need to Know about Growth Marketing
THE HANGAR Booster Programme Highlights: Growth Marketing
Contributed by Rebecca Tan Li Qi
The term growth hacking or marketing (used interchangeably) has been catching fire and the obvious reason is that everyone wants to earn revenue quickly.
“[However], there is no such thing as growth hacks”, says Thibaut Briere, founder of Growth Marketing Studio. This week at THE HANGAR Booster Programme, he provided a glimpse into what growth hacking/marketing really is and shared 3 useful tips.
Growth marketing is an unconventional type of growth that uses structured experiments to attract, engage and retain customers based on the insights gained from relentless experimentation.
First, why are there no growth hacks?
Many of the growth hack stories we see online are not true. Even if they are true, many people only share their success stories and leave out the hundreds of other times when they had failed.
The goal of growth marketing is good growth — sustainable growth that drives business. This requires discipline as well as a structured experimentation process in place.
So, what are the 3 useful tips for growth marketing?
- Prioritise your growth experiments; try using the ICE framework
This framework, as summarised below, is especially handy when choosing between several marketing ideas since it is fast and not overly complex.
2. Measure a specific aspect of your business; try using the Pirate Metrics (or AARRR Framework)
Once a marketing idea has been decided, you can use the Pirate Metrics to focus on particular aspects of your business you are concerned about (note: especially useful for early-stage start-ups!). These metrics can also help you gauge the effectiveness of your marketing efforts and eliminate (or improve) those that are not working.
Essentially, the AARRR framework aims to measure the critical points of your customers’ journey to improve their user experience.
3. Measure your Conversion Rate Optimisation (CRO)
CRO is a process of focusing on understanding what drives, stops and persuades your customers so that you can increase the percentage of people who take your desired action after seeing your marketing materials.
Remember: Don’t assume; test everything to find the specific marketing channels that work for your start-up.
Finally, Thibaut adds — “[The process of growth marketing] will feel messy but you’ll improve.”
So, what are you waiting for? Try growth marketing using the tips above and let us know if they work for you.
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Stay tuned to this space for more updates on the current run of THE HANGAR Booster Programme (June intake)!
Want to take your start-up to the next level but missed the application for this run? Reach out to us at enterprise@nus.edu.sg to find out more about our next run in October 2021!
