Everything you need to know about B2B Growth Hacking
B2B growth hacking is more of a mindset than a procedure. It is the way you look at your marketing process and implement strategies to get more out of it. Now, if you are not so familiar with growth hacking, it is bound to seem a little overwhelming for you. You will have to learn to make your peace with it and chalk out a clear process for doing so.
Before we get into how to crack the magic code for growth hacking, let’s first understand what exactly is B2B growth hacking.
What is B2B Growth Hacking?
B2B growth hacking is a term used to define marketing strategies that are solely focused on the growth of a company. This method is mostly used by start-ups or firms that are looking to achieve a significant amount of growth in a relatively less period of time.
To achieve the breakthrough, you need to do something different, and hence the main characteristic of growth hacking is experimentation. You use a variety of tools and ideas to expand your reach and convert as many leads as you can.
Even though growth hacking is more of an experimental nature, you must establish a proper process to apply your techniques else they will all fall flat. If you are confused about how to go about growth hacking, consider the following steps.
Step-by-Step process of B2B Growth Hacking
Step 1: Begin with the right framework
Growth hacking does not happen in a single step; you need to apply tactics throughout the buyer’s journey. And to manage that, you need a plan – a framework to base your strategy. Having a strong framework for growth hacking will keep you grounded, consistent, and going.
One of the most popular growth hacking frameworks used is the AARRR plan, which stands for Acquisition, Activation, Retention, Revenue, and Referrals. The idea of the plan is that if you focus equally on all aspects of your framework because if you only keep acquiring consumers, your churn rate will also be quite high.
Use out-of-the-box ideas to attract attention and acquire leads. Activate them through content and interactions, making them understand your product. Sell to them and retain them through follow-ups. Earn revenue and ask for referrals. That is the shortest version of the AARRR model, but make sure you create the right framework for your strategy.
Step 2: Invest in right digital marketing tools
Having a team that works together to achieve the goal is all good, but you cannot achieve remarkable growth hacking bare-handed. You absolutely need to use digital marketing tools to make your effort worth it.
When you are looking at growth hacking, you need to consider its scalability, conduct research into the market, and push your funnel to a greater speed. This is where your tools will help you. Usually, tools are expensive to buy, and if you are just starting out, it can be difficult to adjust in your tight budgets.
But there is a whole array of growth hacking tools you can use, both free and with premium subscriptions, and you can choose the one that suits your goal and finance.
The word of caution here is that even if you are using digital tools, do not forget to charge up your other portals, like user onboarding and referral campaigning. They can provide a significant boost to your growth hacking strategy.
Step 3: Get the management onboard
Growth hacking is a fairly new concept in the B2B business and is much more of a risky experiment than it looks like. It means that there is skepticism involved and your budget might go to unproductive activities if things do not turn out the way as planned.
When you are starting with growth hacking, your main aim is to analyze your campaigns and filter the ones with the best results. Once you know what is working, well, squeeze everything out of it. But before you find your golden duck, you will be faced with campaigns that are not very successful, which is why having the management on board with your plans is a must.
Pitch to them the benefit of growth hacking and how you are trying to achieve it. Once you have a green signal from the management, the worry of having to answer will disappear and you can focus all your energy on finding the optimized campaign.
Step 4: Make your organization data-friendly
Like mentioned earlier, you need to figure out which campaign is running most effectively and bringing in the best results. For this, you need to have a measurement infrastructure in place.
Before you start analyzing, you want to decide what basis you will take to decide whether the campaign was successful or not. It is synonymous with the goal you are looking to achieve – leads, conversions, engagement, etc. The bottom line is that you have to define criteria to use while you are marking your marketing qualified leads (MQL) and sales leads.
Further, you also need to think about your marketing attribution. To determine the type of attribution model you use, you need to know the way your leads or consumers interact and behave. Inculcate data capturing in your day-to-day process at the organization and learn to make your programs based on it.
Step 5: Craft plans based on data
After you have chosen the right kind of infrastructure to collect the data, you must put it to good use to get the maximum out of your campaigns. The sales cycle in the B2B business has only increased over the years as consumers are now more independent researchers and do not rely on salespeople to start their journey.
If you really want to implement growth hacking into your campaigns and be prepared for a number of experiments regarding your marketing, you have to trust the data. Once you have collected the figures, you need to be able to look beyond that and understand the in-depth meaning of the numbers.
Identify the trends and patterns prevalent, and then base your plans on them. If you work according to what the research tells you, there are fewer chances of it blowing upright in the beginning.
Relationship between B2B growth hacking and Marketing Funnel
Growth hacking essentially is just your psyche set on accelerating the growth of your marketing strategy across the funnel or the sales process. You cannot keep your attention on consumer acquisition alone, you need to also craft strategies for retaining them, using them for referrals, and keeping your revenue coming in.
Marketing funnels usually have three proportions, the top of the funnel, the middle, and the bottom of the funnel. This all works out as a process where your prospects are converted into customers. The top is concerned with the acquisition, the middle with activating and retaining leads, whereas the bottom of the funnel signifies the closure of the deal with revenue and referrals as by-products – if the funnel is to be explained through the AARRR model of growth hacking.
Now, if you do not optimize the last two parts of the funnel, you will be incurring a loss with regard to the money you spent acquiring them and then losing them in the funnel. That is why it is important to base your plan to function all across the funnel instead of a single portion. Usually, the bottom of the funnel is managed by sales, whereas the acquisition is handled by marketing. This springs up talks about team alignment.
If you work the funnel top to bottom, you are at lesser risk of losing out on leads and consequently revenue.
To sum up, growth hacking is a rapid process of experimentation throughout the stages of your funnel to expand your business. It is crucial to have an omnichannel strategy to develop all the steps that are a part of the funnel, and the right kind of infrastructure to help with a data-driven strategy.
While you are experimenting with growth hacking, don’t forget to get buy-in from your management and choose the right kind of tools for the implementation. Gradually, you will be able to formulate your plans, test them and lock your master growth-hacking plan!
However, if you feel all of the information above is getting too much for you to the stomach, seek advice from expert B2B sales and marketing consulting firms. Their experience will guide you through the entire process also ensuring success along the way!
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