Here it is, our new online video series offering advice for startups looking to maintain growth in the coming months. The series dubbed ‘The Elevator Pitch’ features our CEO, Kate offering top tips inside a lift as it travels between floors. Over the next 10 weeks, we’ll be launching one video a week, exploring topics ranging from 5 AB Test Traps to Avoid to 5 Must-Read Books For Startup Founders. So keep your eyes peeled!
Below each episode you can find the video transcript. If you interested in growth hacking advice or support for your business, feel free to get in touch!
What actually is the difference between digital marketing and growth hacking?!
Is it the approach? The tools? Or is it all bullshit?
Digital Marketers objective is to focus on Acquisition and Activation of users.
Growth Hackers focus on the whole sales/product funnel.
Digital marketers are typically supported by teams of designers, analysts, developers etc.
Growth Hackers often have many technical strings to their bow and get shit done.
Digital Marketers look for ROI from their budget.
Growth Hackers look for “hockey stick growth” from their budget.
Client churn. It’s the thorn in the side of so many startups.
Either customers spend less money over time or they stop using services completely.
Why does this happen?
- You haven’t found your product/market fit
- There’s poor return on investment for your customers
- Your product is not evolving in the way your customers need
- Your going after the wrong customers
- You’re providing a clunky customer experience
More and more businesses are turning to growth hacking for a focused, data-backed approach to marketing.
Think you’re ready to make a strategic switch? Here’s the questions you should be asking:
- Are you able to adapt your marketing approach fast enough
- Is multivariant testing optimising your conversion funnel?
- Would automation save you a ton of time and effort?
- Are you clear which channels to prioritise to scale?
- Are your strategic decisions informed by enough data?
Successful startup 101 – Obsess over your KPIs and constantly experiment to reach them.
But what are the most meaningful metrics to benchmark your growth?
- Your market relevance and strength of product/market fit
- Your sales cycles and conversion rates
- You financial burn rate or runway
- Your customer acquisition cost
- Your customer love score
A leaky funnel can be just as damaging as an empty one.
These 5 leaks are common startup killers we see way too often:
- The value proposition doesn’t resonate
- The audience targeting is wrong
- The website has a Weak Call-To-Action
- Leads aren’t being nurtured down the funnel
- There’s friction during the website or app signup process