Growth hacking refers to processes and experiments that help scale a company's revenue through innovative, creative, and low-cost marketing strategies.
At its core, growth hacking allows technical marketers -
- Analyze marketing dynamics, customer demographics, and current marketing initiatives to identify winning strategies.
- Help the marketing team set SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) goals to improve the results.
- Integrate data from multiple platforms and help the marketing team create data-driven strategies and perform experiments (A/B testing) to test the hypotheses. Continue optimizing tech strategies until they achieve revenue goals.
In short, the growth-hacking framework comprises an actionable strategic plan that empowers technical marketers to leverage data-powered insights and achieve revenue goals to gain a competitive edge.
This post will share the ultimate growth hacking playbook to help technical marketers crush revenue goals in the complex new-age marketing scenario.
Top Challenges with Technical Marketing
According to McKinsey, most senior marketers acknowledge that marketing has to modernize. However, they lack clarity and focus on a few capabilities and initiatives. This leads to frustration and failure to achieve revenue goals.
Here are the top areas where technical marketers often face challenges -
- Product Data Analysis: A SaaS organization's business model is built around their products. So, the inability to understand product-related data, such as the number of customers using a specific feature, service, and more, can create a dent in accurate analysis and impact decision-making.
- Customer Data Analysis: Fetching and analyzing an array of data on customer demographics, the channels they are most active on, and their needs is challenging. The inability to do so can restrict technical marketers from helping marketing teams build strategies resonating with the target market.
- Usage of Advanced Tools: Technical marketers that lack in-depth knowledge of using advanced data analytics and marketing intelligence platforms, such as predictive analytics tools, can face challenges in identifying new growth opportunities. Deriving these insights is pivotal to creating performance measurement marketing ROI dashboards.
So, technical marketers must have the skills and knowledge to understand and derive insights from data. This can help them assist the marketing team in creating actionable, revenue-boosting strategies.
Foundational Components of Growth-Hacking Framework for Technical Marketers
Now that we've discussed the top challenges of technical marketing, let's understand the foundational components to create a solid technical marketing strategy.
#1: Customer Insights: Marketing teams need in-depth insights, such as demographics, customer needs, buying behavior, and more, to create an ideal customer profile (ICP). This helps them determine qualified prospects, accelerate product development, and align work processes.
So, technical marketers should stitch customer data from various channels and crunch it to derive insights and help marketing teams build winning strategies. Set up advanced analytics platforms to uncover the customer's interests and needs.
#2: Marketing Channels: The SaaS digital ecosystem comprises several marketing channels. However, not all channels are profitable. In such cases, tech marketers can support the marketing team in filtering out the most valuable channels that maximize campaign ROI.
For instance, they leverage marketing analytics tools to track historical marketing data and identify the top-performing channels. Share these insights with the marketing team to set up and monitor KPIs, and measure campaign performance.
#3: A Well-Optimized Website: Leverage website-related insights to help the marketing team optimize the website for search engines. Ensure it depicts the value proposition and brand message effectively. This is crucial to attracting relevant traffic and leads.
Tracking website data like traffic, clickthroughs, sessions, unique visitors, bounce rates, and more can help marketers build a conversion-ready website. They can ensure the following to attract traffic and improve lead conversion rate.
- The content follows Google's E-A-T (Expertise, Authoritativeness, and Trustworthiness) guidelines.
- The landing pages have relevant and eye-grabbing visual elements, such as imagery, videos, and more.
- The page loads fast and is mobile-friendly. Count on tools like Mobile-Friendly Test, a web-based platform in Google Search Console, to ensure a great user experience on mobile devices.
#4: Accurate and Relevant Metrics: Track the right and valuable KPIs aligning with their revenue goals. This can help assess your campaign performance on distinct channels, enabling you to build powerful budget spending strategies.
For instance, track and create reports on output metrics like customer lifetime value (LTV), website conversions, and more.
The input metrics you can control include but are not limited to - the total number of cold calls, the number of qualified leads, page loading speed, and more.
Defining these metrics can help create a data-driven growth-hacking framework to track the effectiveness of marketing efforts.
#5: Automation: According to reports, 68% of businesses leverage automation to achieve revenue goals. The reason? Automation tools can help technical marketers accomplish more goals seamlessly within a limited time.
For example, deploy advanced marketing analytics tools, such as prescriptive or predictive analytics dashboards, for accurate data analysis. Similarly, use tools to automate email marketing campaigns.
Growth Hacking Strategies for Technical Marketers
Here are the best growth hacking strategies for technical marketers to consider.
1. Conduct Thorough Research
Product-market fit is key to SaaS success, and this is only possible if marketers crunch data to unearth valuable customer insights. Data analytics and research are key in addressing the product-market fit question.
Marketers need to perform thorough market research and leverage data to determine the target customer, identify underlying customer needs, define product propositions, and create and test prototypes. The technical marketing team supports them with this data analytics.
Use insights from your customer relationship management (CRM) software. Gather real-time data on prospective customer pain points, queries, needs, and more. Use this information to create an ideal customer profile (ICP).
Besides, keep a tab on competitors. Analyze their marketing strategy and offerings to identify the gap. This can prove a game-changer and help you create the best marketing strategies to cater to the target market.
2. Understand the Business Use Cases
A thorough understanding of the business use cases can help marketers create relevant and accurate reports for their go-to-market (GTM) initiatives.
A GTM strategy is a comprehensive plan that helps businesses launch their new products into the market. However, to ensure a successful ROI, it’s important to have a complete background of ideal customer profiles, a marketing plan, a sales and distribution strategy, the top success parameters, and more.
3. Leverage Marketing Analytics Methods
There are three main types of marketing analytics - descriptive, predictive, and prescriptive.
Here's how to decide on the marketing analysis method to earn positive ROI.
1: Descriptive Analytics: Use this method to analyze data on past events that led to the present business revenue.
2: Predictive Analytics: Leverage this advanced marketing analytics method to predict revenue goals.
3: Prescriptive Analytics: Count on this method to discover actionable steps to achieve revenue goals.
Here's an example -
Say you are a tech marketer looking to identify and optimize existing evergreen content topics to boost traffic.
Here are the potential marketing analytics recommendations -
4. Focus on Multiple Platform Integration
A SaaS buyer interacts with brands and their content on various channels. Hence, besides advanced marketing analytics, businesses need in-depth knowledge of multiple platform integration.
This can help in providing the marketing team with customer and market-related data for building relevant customer experiences.
Platform integration knowledge with the best campaign performance monitoring tools can further help accelerate positive ROI.
5. Polish Your Data-Crunching Capability
As discussed, technical marketers should be well-versed in analyzing data and transforming it into actionable insights that solve real-world problems. Hence, besides data analysis and trend prediction, they need to polish their ability to deal with and make sense of data.
For instance, break down the complex data analysis into an easy-to-digest format so that each marketing team member (including the non-technical team players) can understand the business scenario and devise fitting strategies.
6. Count on Advanced Analytics Tools
Fetching data from multiple platforms and analyzing the vital ROI metrics is challenging.
That's where advanced marketing analytics can help. Revlitix can prove to be your ultimate growth-hacking tool when working with the huge volume of data your business generates.
From integrating crucial data on KPIs on a single dashboard to providing 360-degree visibility into campaign performance results, this growth hacking tool caters to all the needs of technical marketers.
The comprehensive revenue marketing platform stitches data from multiple sources within a few clicks. So, you do not need to invest effort and countless hours in collecting real-time marketing data.
What's more? Unlike most BI tools (descriptive analytics), Revlitix leverages predictive and prescriptive analytics. So, you get access to playbooks with actionable steps to achieve revenue goals.
"Growth hacking" can feel like a process that requires a large team of experts.
But that's not the case. You only need the right strategies and revenue marketing tools like Revlitix to scale the revenue.
Count on the strategies shared in this growth marketing playbook and ensure adding the ultimate growth hacking tool - Revlitix, to your business plan. This can help make data-driven decisions and achieve revenue goals without hassles.