- On August 27, 2019
It’s no secret that marketing budgets are continuously shrinking. Data from Gartner suggests that the steady year-on-year marketing budget increases stalled for the first time in 2017, which has since lead to lower marketing budgets in 2019 and beyond.
Yet companies still expect growth and results despite the lower budgets. What then, can marketers do?
Cue growth hacking. (Don’t worry – it isn’t as illegal as the name implies.)
What is Growth Hacking?
In 2010, former Dropbox CMO Sean Ellis was recruiting marketers for his start-up. He interviewed several traditional marketers, but found that none quite fit the bill. He decided to promote the then-start-up by taking advantage of organic techniques.
To enable growth as quickly as possible, Ellis decided to offer users significantly more data storage if they referred a friend. Dropbox also allowed people to import gmail contacts and share content directly to social media platforms – allowing for seamless sharing capabilities. After this, ‘Dropbox’ quickly became a household name.
Growth Hacking is essentially thinking outside the box and doing whatever is needed to share your company or product. It is usually forced by financial cuts or used by start-ups with a very limited budget.
To quote Sean Ellis, “A growth hacker is a person whose true north is growth”
B2B Growth Hacking
Whilst there are more examples of growth hacking in the B2C market, there is no reason it can’t be integrated successfully into the B2B market.
Every B2B company is wildly different, with a unique set of goals and challenges. It would be beneficial for your company to self-analyse in order to figure out strategies that will work for you.
Here are a few ideas to get you motivated:
- Consider adopting a ‘Freemium’ model
This works especially well for B2B start-ups. Give your base products away for free, allow the users to test your product, then give them the confidence to upgrade to something more premium. This is a great way to quickly get your foot in the door in markets crammed full of monthly subscriptions and upfront costs.
- Go Viral
As cringe-worthy as the term is, ‘going viral’ is probably the best growth-hack out there. Every marketing professional knows that word of mouth is the best way to increase awareness (and sales), so creating content that goes viral is the ultimate way to increase global awareness for little to no money.
- Master LinkedIn
LinkedIn – the ultimate B2B platform. You can use LinkedIn to quickly generate leads and new business. By taking the time to master LinkedIn, you can effectively reach an entire world of professionals for a relatively low cost.
- Learn the fine art of Storytelling
We’re hardwired to enjoy good stories. Therefore, learning how to tell them effectively will be a boon to any marketing strategy. Tell your stories well, and watch engagement skyrocket.
If you’re working with a strict budget, mastering growth hacking is essential for any company – B2B and B2C alike.
Gorilla EMEA offers a wide range of reliable marketing solutions for companies of any shape or size. Contact us to learn how we can use growth hacking techniques, combined with solid digital marketing strategies, to boost your business. Get in touch for more info.