B2B growth hacking isn’t a magic formula; it’s a methodology and a perspective that helps businesses expand.
One of the most universally recognized “secrets” of small business startups is growth hacking. Hence the need for a better phrase, growth hacking is all about using strategies to boost growth most efficiently and rapidly as possible.
While there isn’t a one growth hacking strategy that works for every company, it does provide a foundation for growing and retaining an active user base.
Growth hackers will direct their attention to developing and executing growth tactics that will propel the business to new heights and expose it to the public, the media, and possible investors.
Growth Hacking in B2B Industry
B2B growth hacking is defined as a process of frequent experimentation across the sales funnel to rapidly expand a business. In a nutshell, it’s a catch-all phrase for growth-oriented strategies. This strategy is most commonly adopted by start-ups or fresh teams who want to grow exponentially in a short time.
The goal of B2B growth hacking has been to attract as many users or customers as possible on a limited budget. This is why so many start-ups use this method. New businesses do not have limitless funds, and they must expand rapidly to survive.
It’s straightforward to implement tactics that have a good track record in B2B marketplaces. However, if you want to enter into such a market, you must do something different.
What Parameters Drive Growth Hacking
Growth hackers emphasize gaining fresh clients and scaling their enterprises over anything else to drastically increase their company. They create, implement, and test their ideas to see if they succeed.
So, what parameters should growth hackers pay close attention to?
Many people track their funnel’s “pirate” statistics to see how they’re doing.
Each parameter correlates to a stage in the growth hacking funnel, allowing for easy tracking and monitoring.
- Acquisition: Getting new clients and getting to know them by name is what acquisition is all about. They keep track of visitors, bounce rates, and time spent on the page, among other things.
- Activation: The process of encouraging customers to use your product and giving them a positive initial experience is known as activation. Among other things, they maintain track of registrations, feature usage, and registrations.
- Retention: Customer retention relates to keeping clients returning for more. They keep track of multiple visits to the site, email open rates, and email click-through rates, among other things.
- Revenue: The definition of revenue is generating income. They monitor the number of paying users, the ratio of free to paid users, the number of initial transactions, upsell possibilities, monthly bounce rates, and other information.
- Referral: Encourage clients to refer new customers to you through referrals. They keep track of customer satisfaction, social media shares, and other metrics.
In the next blog, we will learn about growth hacking strategies for B2B businesses, and how they differ from the B2C industry.
