Did you know that nearly one in five companies use growth hacking to drive business growth? It’s a fact, one that many companies are not aware of. Growth hacking is a technique that sits at the intersection of marketing, sales, and technology. Rather than employing expensive and time-consuming tactics to get new customers, growth hacking is a more proactive way for businesses to get new customers organically. One of the techniques of growth hacking is to take a small segment of your customer base and test different strategies to get more. We’ve already written a great article on the definition of growth hacking.
Airbnb uses growth hacking to develop its hosting platform
Airbnb is a booking platform for short-term stays. Hosts rent out rooms in their homes to travelers looking for a comfortable place to stay. They can earn extra income and help travelers meet locals. Hosts share their income with the platform. The company estimates that hosts earn an average of $9,400 a year from their Airbnb rooms. Since Airbnb was founded in 2008, the company has grown to an estimated 66 million users and reported $2.3 billion in revenue in 2017. Airbnb uses growth hacking to grow the number of people using its platform. Airbnb hosts test new features with a small group of users to make sure they work. This strategy is called A/B testing.
In addition, Airbnb’s story is an interesting one as it makes a lasting mark on the history of growth hacking. Originally, the California-based company was created to meet a need for sleeping accommodations during a convention, and its evolution was only made possible by numerous iterations of successive tests. However, what allowed the real take-off is to have succeeded in being very present in the consumer’s field of vision. Indeed, Airbnb, after its pivot, obtained great notoriety by being constantly visible on the American classifieds site Craiglist. Here we are totally in an acquisition logic.
Dropbox, a case study in growth hacking
Dropbox, a storage service, attracts users who store their digital life in the cloud. This means that Dropbox users are likely to have to work with teams to get the most out of their technology. This is a case in point as Dropbox has used the entire spectrum of growth hacking to grow rapidly.
All of these people are working with the company to test new features for Dropbox users. The company is growing fast, but it still only has 200 million users, so there’s plenty of room for growth.
That’s why Dropbox uses growth hacking tactics. One such tactic is testing new features with a small group of users. These are called A/B tests. By testing new features with a small group of users, Dropbox can determine which ones work and which ones don’t. However, this is not the only way.
In fact, Dropbox relies heavily on referrals to grow and expand by having implemented referral offers. This referral system has developed its user base on a large scale.
Hubspot, the data to increase sales and monthly revenue
HubSpot is a marketing software company that helps businesses implement customer engagement and growth strategies. It is a powerful tool that allows businesses to increase website traffic, boost lead generation, and increase sales. It is a powerful tool that helps businesses drive sales and increase revenue. Customer engagement is another growth hacking tactic for HubSpot.
The goal is to help businesses create lasting relationships with their customers. This is done through data-driven marketing. If a company wants to grow, it needs to understand its customers. That’s why marketing automation takes customer trends, such as purchase frequency, and turns them into actionable insights.
Dell drives demand for its products
Dell is a company that sells computers, servers, and related technologies. However, you don’t hear much about this company because it sells primarily to businesses. Dell’s biggest growth hack, however, is to attract more consumers.
Dell uses growth hacking to turn its business model on its head. Rather than relying on its traditional channel partners, Dell has decided to reverse its distribution model. Channel partners are simply resellers who sell Dell products to retailers, who in turn sell to customers. Dell reversed this model by opening its own direct-to-customer online store to attract new customers. Known for its quality products and using various UX design techniques, Dell will drive additional customer acquisition in this way.
Twitch uses web development to create a better video platform
Twitch is a video platform that allows gamers to watch themselves play video games. It is similar to YouTube in that it is a video streaming service. However, Twitch is unique in that it is focused on games. Games make up the vast majority of Twitch’s content. This is why the platform has become so popular with gamers.
Twitch’s growth hacking strategy is to build a better video platform. Rather than focusing on creating the best streaming service, Twitch decided to create a better video platform. Improvements to the platform include more features, a better user experience, and a better community. The community is a central part of growth hacking because it shows how the company is improving every day. Indeed, creating a community creates a sense of belonging. This feeling will then promote the transformation of visitors into customers. This is what allows the retention of Twitch’s community members.
There is a wide range of techniques that can be adapted to all businesses and that will allow you to develop your business more quickly. Indeed, more than substantial gains are obtained by a well-executed growth hacking strategy.
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