Move over baby boomers, there are new kids on the block. In today’s startup game, traditional marketing tactics are anathema to founders. They come from the social media generation, who are changing the face of marketing forever.
Earlier marketing was all about who your customers are and where they are but now, there’s one more leg added to it — how to reach these customers and retain them in the product value chain.
I’m not saying there are great ways of marketing that will turn a bad product into a unicorn but these are small growth hacks (creative ways of making your message reach) to create growth spurts in traffic, conversions, engagement and retention.
Today, marketing is said to be redefined as a place where marketers, customers, and potential customers exchange experiences, reactions, emotions, and buzz. And a lot of the time this happens very publicly.
Every startup needs to get customers through 5 key stages, Acquisition, Activation, Retention, Referral and Revenue. AARRR!
Master of 500 Hats originally coined that term which is now immortalized on Slideshare. Forget one-time customer relationship, make it a long-term partnership and build an empire of the user base, it is the new mantra not just for startups but even for established companies.
Another challenge for new age companies is that the marketing budgets are often cut to bare bones, with the excess dumped into product development, engineering and customer support functions.
On that note, let’s explore a few growth studies. Below listed some of the most brilliant and actionable growth marketing tactics I’ve come by:
OLA replaced cabs with boats in flood-ravaged Chennai
Ola has reached a point when they have acceptance from the customers and ‘trust’ in the form of product market fit. Ola enjoys good user adoption in terms of engagement and retention and for Chennai it evolved and made a few amends to fix a situation to engage and retain more user base. They are now coming with Ola Share to back the odd-even trial in Delhi a day away now. That’s a growth hack.
Tinder swiped the chicken-egg problem with ‘hyper local saturation campaigns’
Xiaomi sold 1 million devices within 6 months of entry in India with no money spent on marketing
The case of Tata Motors in 1984
Final thoughts
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