B2B Growth Hacking
CONTENTS
- What is growth hacking?
- What do growth hackers do differently?
- Why is growth hacking so successful?
- Growth hacking also interesting in B2B marketing
- Possible challenges in B2B growth hacking
- Growth hacking in 6 steps: How does it work?
- Putting together the right team
- Using the right data
- Growth hacks in practice: 13 B2B hacks for more success
- Implementing B2B growth hacking with HubSpot
- 6 Tipps für das effektive Growth Hacking mit HubSpot
- HubSpot Health Check
In a world where competitive pressure is becoming ever more intense, the rules of marketing have changed. Even B2B companies are no longer just looking for ways to keep up with the competition - they are striving to get ahead of it. And that's exactly what growth hacking is for: it offers a holistic, agile and adaptable approach that can propel your business forward immensely.
With this approach, you can also achieve success with a small budget and limited resources you can achieve a lot. Previously mainly relevant for start-ups and small companies, the disruptive movement has now also reached medium-sized companies.
If you're in marketing, you've probably heard the term growth hacking at some point. But do you know exactly what it means?
In fact, its meaning is already hidden in the name. Because it combines growth and hacking:
Exponential growth is the ultimate goal in growth hacking. The aim is to gain as many users as possible for a product or service in as short a time as possible. However, user engagement must remain at a high level.
Hacking in the sense of growth hacking has nothing to do with any underground computer activities. Rather, it is about freeing yourself from traditional marketing concepts and techniques and adopting the mindset of a hacker: creative, flexible, experimental and always on the lookout for new ways and loopholes to achieve maximum success.
At its core, growth hacking is a marketing approach based on experimental, quick-to-implement and often data-driven strategies. The aim is to accelerate business growth. The focus is not necessarily on the perfection of the measures, but on the speed of implementation and the learning curve that results from the insights gained.
Growth mindset: the psychology behind it
Growth hacking is therefore not just a collection of marketing techniques or strategies. The actual key point is a central way of thinking - the so-called growth mindset. This mindset manifests itself in a culture that prioritizes continuous learning, experimentation and adaptation.
The growth mindset is based on the belief that skills and abilities can be developed through effort, good teaching methods and perseverance. Every failure is seen as an opportunity for improvement and not as an end or failure. The emphasis is on progressive and iterative improvement.
In a growth-oriented company, employees are encouraged to propose new ideas and experiments without fear of failure. This is crucial because growth often results from the desire to challenge established norms and leave room for innovation.
Establishing such a mindset is not only the responsibility of employees, but also at management level. Managers play a central role in creating a culture of openness and flexibility that encourages the experimental nature of growth hacking.
While a growth mindset cannot be implemented overnight, with the right approach, such a mindset can be gradually embedded throughout the organization. Open communication, continuous learning, valuing creativity and a culture of adaptivity are the keys to establishing a growth mindset.
The psychology behind growth hacking is a fundamental aspect of success. Only with an honest confrontation with mistakes, a willingness to adapt and an insatiable drive for further development can a company develop its full capacity and ensure sustainable growth.
What do growth hackers do differently?
Growth hacking has a different perspective on marketing that combines creativity, technical know-how and analytical thinking. In contrast to traditional marketers, growth hackers also have a different approach to marketing.
Probably the biggest difference between growth hackers and traditional marketers is the way they think about marketing. While traditional marketers often have fixed ideas about what works and what doesn't, growth hackers are constantly on the move. They test hypotheses, measure and analyze the results and adjust their strategies accordingly. Always with the goal: maximum growth!
Because a growth hacker focuses exclusively on this. Every hack, every strategy and every experiment revolves around the question of how they can promote the company's growth. As a result, growth hackers are prepared to take risks and explore new, untrodden paths.
This is where growth hackers and traditional marketers differ:
Growth hacking is strongly data-oriented. Every step and every success (or failure) is measured and analyzed. Decisions are based on real-time and historical data, not on intuition or assumptions.
Many growth hackers have a technical background and can therefore also use technical solutions or tools to generate growth. They can therefore use technical skills directly in marketing.
The user experience is always the focus of Growth Hackers. They do everything they can to offer users added value and make them happy. Because they know that satisfied customers are the best advocates. Want to know how to increase customer satisfaction? Then read our articles on the topic of the customer journey.
GROWTH HACKING IS SUCCESSFUL FOR SEVERAL REASONS:
Growth hacking methods aim for virality in order to reach a broad user base and increase brand awareness. Such strategies can create a snowball effect: A small, initial audience grows exponentially once users start sharing the product or service with others.
Growth hacking is cost-effective. Because many growth hacks rely on creative and innovative solutions rather than expensive marketing campaigns, they open up opportunities for start-ups and small and medium-sized companies that may have limited resources.
The focus of growth hacking is heavily on data usage. Every step, every action is analyzed for its success. It's about understanding what works and what can be improved. This constant adjustment and optimization is a key element to the success of growth hacking.
Probably most importantly, however, growth hacking strategies should focus on theuser experience and seek to improve it. We all know that a positive user experience leads to customer loyalty and referrals, which are crucial for the growth of a business.
Growth hacking has already established itself as an effective strategy in the B2C sector. But it can also move your company forward in the B2B environment:
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Agility and data-oriented work: In today's dynamic markets, flexibility and agility are essential. Growth hacking encourages marketers to respond quickly to change and make continuous improvements to drive growth.
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Cost-effectiveness : Growth hacking is often more cost-effective than traditional marketing methods. Through experimental and creative tactics, companies can achieve their goal even with limited resources.
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Focus on growth: B2B marketing is not just about getting the product out there. It is about promoting the entire business relationship and thus increasing the growth of the company. Growth hacking is completely focused on growth and therefore offers an effective method for achieving these goals.
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Higher click rate: In the B2B industry, the average click rate is higher than in the B2C industry. This means that B2B companies have the potential to achieve a greater reach and attract more active users through growth hacking methods
LONGER DECISION PHASES
In B2B, the decision-making phase for potential customers and therefore the customer journey generally takes longer than in the B2C sector. This is due to the complexity of the products or services and the associated financial and strategic implications for business customers.
COMPLEX SALES CYCLES
B2B companies often have more complex sales cycles and need to involve multiple decision makers and stakeholders. Growth hacking must be adapted to these circumstances in order to address the respective target group in a targeted manner.
COMMUNICATING BUSINESS MODELS
B2B companies tend to communicate their business model and ideas in a complicated way. For growth hacking in the B2B sector, however, it is crucial to present the core message in a simple and uncomplicated way.
BUILDING LONG-TERM BUSINESS RELATIONSHIPS
In the B2B environment, it is important to build long-term business relationships. Growth hacking must aim to build trust and promote lasting partnerships.
The first step is to assess the current status of the company and define clear, measurable growth targets. This means defining the key performance indicators (KPIs) and analyzing the current status.
The team then generates a list of ideas that could help to achieve these set goals. These ideas can come from numerous sources - from product development to marketing and customer loyalty.
Not all ideas are created equal. It is therefore important to evaluate the potential of each idea and prioritize them accordingly. A common method for this is the ICE score method, in which each idea is evaluated in terms of its impact, confidence in its success and the effort required.
Once the ideas have been prioritized, you can start implementing the most promising ones and test their effectiveness. This can be done using A/B tests, customer surveys or other methods, for example.
At the end of the test phase, the results are reviewed. The performance of the tested measures is evaluated and you can determine whether the initial objectives have been achieved
Finally, you can use the insights from the growth review to adjust and optimize your strategy. Everything that worked well can be retained or expanded, while measures that did not produce the expected results can be revised or discarded.
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An effective B2B growth hacking team is made up of a mix of different skills and expertise. It makes sense to have a multidisciplinary team that brings in the necessary knowledge in marketing and sales as well as technical expertise.
These are the team members you need:
Growth Hacker /Ringleader
The Growth Hacker is the strategist of the team and has experience in both marketing and technology. He or she has the big picture in mind and is responsible for the development and implementation of growth strategies
Data analyst(s)
Data analysts are essential for evaluating and optimizing the performance of growth hacking measures. They analyze data, look for patterns and trends and derive recommendations for action.
Content Creator
Content marketing is often an important component of B2B growth hacking strategies. Content creators are therefore essential for creating the right content and building the brand.
Sales expert
A sales expert who builds and maintains relationships with customers is indispensable for B2B companies. He or she brings valuable customer perspectives and helps to optimize sales processes.
UX/UI Designer
UX/UI designers help to improve the user experience and interaction. They help to optimize the conversion funnel and increase user loyalty.
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Developers
Developers can also be part of the growth hacking team, especially in technology-oriented companies. They implement technical solutions to realize the hacks.
The optimal composition of the team can vary depending on the industry and company size, but these roles are usually a good starting point.
GROWTH HACKING DOES NOT WORK WITHOUT DATA AND KEY FIGURES.
One of the crucial components of growth hacking is therefore the correct selection and use of key performance indicators (KPIs). KPIs are quantitative measurements that are used to track performance and progress against set goals.
In the world of growth hacking, it is important to identify KPIs that actually measure business growth and not just surface metrics. To do this, you should first clearly define your business goals and then determine the KPIs that best reflect those goals.
Of course, the choice of KPIs will vary depending on the type and stage of your business. But there are some general KPIs that are usually relevant for all growth companies. These include:
1) Acquisition: how many new customers are you acquiring in a given period?
2) Activation: How many of your users carry out the desired actions (e.g. registration, purchase)?
3) Retention: How successful are you in retaining customers and persuading them to use your service again?
4) Referral: Do customers recommend your products or services to others?
5) Income (revenue): How high is your income compared to your costs?
These KPIs are closely linked and influence each other. The growth you achieve through these indicators is the sum of various actions and experiments that affect these metrics.
Effective monitoring and analysis of these KPIs enable you to make continuous improvements and optimizations. They provide you with the information you need to recognize what is working and what is not, and they allow you to respond to changes quickly and effectively.
From clever marketing techniques and efficient sales strategies to creative product innovations - there are no fixed rules or guidelines for growth hacks. So feel free to let off steam. We have summarized the 13 best-known and most effective hacks for the B2B environment here:
1. use LinkedIn marketing for lead generation:
In many B2B industries, LinkedIn has established itself as an extremely effective lead generation tool. In social media, LinkedIn groups or InMail messages in particular are among the tried and tested growth hacks.
2. integration of a CRM:
By integrating a customer relationship management (CRM) system such as HubSpot, companies can automatically track every contact in favor of the sales funnel along the customer journey. This saves valuable time and resources.
3. targeted content creation:
Create relevant and interesting content that is specifically tailored to the needs and interests of your specific target audience. This can include blog posts, whitepapers, webinars and more. This method helps to build trust with potential customers and guide them through the sales process.
4. account-based marketing (ABM):
ABM involves targeting selected key accounts rather than entire markets. Individual decision-makers within the organization are addressed and marketing and sales measures are tailored specifically to them.
5 Lead scoring:
Efficient lead scoring can be helpful in optimizing the sales process. By evaluating leads according to various criteria, you or the sales team can identify the most suitable leads and prioritize them.
6. automation of processes:
By automating marketing and sales processes, you can increase your efficiency. This involves the use of tools that automate email marketing, contact management or social media management, for example.
7. social selling:
Growth can also be achieved through active networking and interaction with potential customers on social networks. In particular, business networks such as the aforementioned LinkedIn are extremely relevant for B2B companies.
8. focus on customer satisfaction and loyalty:
In the B2B world, long-term business relationships often matter. It can therefore be worthwhile for you to invest heavily in customer satisfaction and loyalty in order to achieve stable sales in the long term.
9. partnerships and cooperations:
By collaborating with other companies or influencers who have a similar target group, you can reach new customers and expand your business. Partnerships can come in many different forms, for example through joint projects, guest blogs or webinars.
10. referral programs:
Word of mouth is still one of the most effective marketing methods. You can set up referral or recommendation programs to encourage existing customers to tell their colleagues and business partners about the company.
11. case studies and testimonials:
Show the benefits of your product or service by presenting success stories. Case studies and testimonials are extremely convincing and build trust with potential customers.
12. events and networking:
Attend industry events and organize your own events. Here you can meet potential customers in person and build relationships.
13. search engine optimization:
A clever SEO strategy can help your website to be listed higher in search engine results for relevant search queries. This increases visibility and can lead to more potential customers coming to the website.
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Step 1: Define goals
The first step in growth hacking is to define specific goals. For example, do you want to increase the number of leads, achieve more and better conversions or increase customer satisfaction? Set clear and measurable goals and use these as a guide for your growth strategy.
Step 2: Segment your target group
HubSpot offers excellent tools for segmenting marketing campaigns. Use these features to segment your audience based on demographics, business size, interests and behavior. The more specific your segments are, the more effective your marketing strategies can be.
Step 3: Optimize your content
Create high-quality, target group-specific content. Use HubSpot's SEO tools to optimize your content for search engines and improve your visibility. Remember that good content is not only important for SEO, but also to build relationships with your customers and strengthen trust.
Step 4: Marketing automation
Automate your marketing processes with HubSpot's marketing automation tools. This includes email marketing, social media posting and other tasks that can be automated. This saves time and helps to increase the effectiveness of your campaigns.
Step 5: Measure and analyze
With HubSpot's built-in analytics tools, you can measure and adjust the success of your marketing campaigns. Use these tools to see what's working and what's not, and adjust your strategies accordingly.
Use progressive profiling
Progressive profiling allows you to gather more information about your leads over time without overwhelming them. With each interaction point, you can ask new questions and create a detailed profile of your lead over time.
Create personalized emails and webinars
With HubSpot, you can create personalized emails and webinars to improve the user experience and increase conversion rates.
Use the sales pipeline
HubSpot's sales pipeline helps you to track and manage your leads through the sales cycle.
Educate yourself
HubSpot has an extensive knowledge base and many training resources. Use these to get the most out of the platform.
Use the HubSpot Marketplace
Here you will find many ready-made HubSpot templates that you can use for your website, landing pages and emails.
Use the A/B testing functions
With HubSpot, you can carry out A/B tests to find out what resonates best with your customers.
HubSpot Health Check
Growth hacking is becoming increasingly important in B2B marketing and new technologies continue to offer fascinating opportunities. Data analytics, advanced automation and artificial intelligence will be even more involved in growth hacking in the future. This is because they enable an even more personalized customer approach and optimize the customer journey.
However, keep in mind that innovation does not just mean always creating something new. It is also about creatively using what already exists in order to achieve the desired goal. In this way, growth hacking remains a dynamic, continuous improvement process.
So keep an open mind, keep learning and be innovative if you want to use B2B growth hacking to your advantage.
To ensure that you are using HubSpot to its full potential, we recommend our HubSpot Health Check. As a HubSpot partner, we help you get the most out of HubSpot to achieve your goals.
