Growth Hacker’s Digest – Edition 14
If you’re just getting started in growth hacking, you’ll soon realize that specialized tools and code snippets are key components to your growth system.
For this week, I’ll be pointing to you resources that will help you acquire customers faster at a significantly reduced cost. Scroll down to the section on “35 Growth Hacking Tools” to learn more.
New at GrowthHackerKit
What differentiates growth hacking from traditional marketing is that the former marries technology, marketing, and accessibility.
Prior to the internet, in order for marketers to understand how effective their marketing is, they had to spend $100,000+ to 3rd party agencies to get data like Reach, Gross Rating Points, and Effective Frequency. And that’s just for TV advertising.
Despite higher data accessibility thanks to the internet, far too many modern marketers just rely on studying “how to do facebook ads” and “how to do google adwords”. While useful, this is not enough to grow your business faster. You have to be an early adopter of tools by being part of communities like Product Hunt, Online Geniuses, and Beta List.
To help you start, I recommend this blog post by Kissmetrics, which covers 35 growth hacking tools. To filter this long list to what’s most helpful, for traffic generation, I recommend tools like Pay with a Tweet and Click to Tweet. for conversion it’s Visual Website Optimizer, and for email automation it’s Klaviyo.
I would also recommend these more advanced tools: JustReachOut (PR Leads Automation), Ahrefs (Backlink Discovery, Content Discovery, Ad Copy Research), this Linkedin Hack (for email outreach), CM Connector (email outreach automation), Drip Marketing (queue these emails into an automated follow up sequence), and Import.io (for scraping data on competition).
If you’re running a SaaS company, this is a nice starter set of growth hacks that you can employ.
Against this list, what really moves the needle are these things:
- Giving away a free tool or charging it at a significantly reduced cost
- Search optimization
- Linkedin Hack for Site Viewers
- Automated Email Workflows
Offering a free yet critical tool helps because there’s usually a minor work-related use case where the user needs help. This is especially true in topics like benchmarking (done by similarweb), grading & ranking (done by hubspot), analytics (done by RJ Metrics), and preliminary content research (done by buzzsumo). It doesn’t have to be a separate tool in itself like how RJ Metrics and Hubspot do it. At minimum, it can be a limited core feature (done by Buzzsumo and SimilarWeb). Note that this is different from a free trial. A free trial delivers significant value at a constrained time. The recommended tactic (that’s done by Buzzsumo) is to offer value that is “sufficient for self” but not “sufficient for clients” that is freely available forever.
Trade shows are a ridiculously busy time for startups. But surprisingly, we operate our trade show campaigns like it’s the 1980s (show and tell & business cards). See how Telaeris used a tool to automate their lead engagement, which helped them win more business.
I’ve been to 3 startup-related conferences and if you’re anything like me, you’ve forgotten 90% of the startups you’ve talked to. This hack allows you to stay top-of-mind to your leads.
Interesting study on when and why you should limit the number of price packages for each stage in your SaaS business.
The main principle that I take away is that for SaaS, when you start, you need to start in a niche segment of SMEs. Then as you grow, add a premium price tier against size of business. And as you scale, you’ll need to adopt a pricing axis for the enterprise. As a case, both Salesforce and Hubspot adopted a multi-axis pricing model to improve CLTV (customer lifetime value). During their tests, they struggled to scale if they did not include that multi-axis pricing model.
Date: March 23, 2016