Growth Hacking your E-Commerce Website
E-commerce is becoming an increasingly significant segment of the business environment, and marketers’ have responded to this by starting to evolve the way they look at growth. Growth hacking is one of the developments to come out of this evolution, and is being used more and more frequently as the go-to growth tool for e-commerce businesses.
Often referred to as ‘marketing in disguise’, growth hacking is a strategy most commonly used by businesses who have a dedicated focus on growth, where every strategy, tactic, and initiative, is geared toward cultivating their customer base. To do this, growth hackers are getting inventive and exploring avenues which invite, activate, and retain customers.
Here are two different growth hacking approaches you could use for your business…
Integrations are partnerships between two or more businesses who are not necessarily in the same line of business, but who share essentially the same customer base. The idea with this growth hack is that these companies share their customer information with each other in a win-win scenario, where the obvious benefit is a much larger pool of potential customers. An example of growth hackers implementing this strategy to drive growth comes from AirBNB, who leveraged craigslist’s user base in order to access millions of potential clients looking for accommodation. To do this, AirBNB gave the option to customers listing their property on their site to also list it on craigslist. This created an inbound link to AirBNB when someone searched for accommodation on craigslist. Using integration as a growth hack is fantastic, because the product directs traffic to itself through technology, rather than relying on traditional marketing techniques such as print advertising to do the same thing.
Onboarding is also becoming a widely used tool in the growth hacker’s kit. The process is actually rather simple; utilise a range of tools to increase site traffic and conversion rates. The most common tool which is used involves persuading existing customers to allow access to a greater customer network. Growth hackers’ do this through appealing to consumers’ desire to get something for nothing, where some form of reward for signing up friends, relatives and colleagues is offered. Again, this is a win-win scenario; the existing customer gets rewarded for relatively little effort, and the business grows its customer base exponentially. An example of a business practising onboarding is Dropbox, who offer free storage upgrades to customers who enter the email addresses of potential customers. It is a very efficient tool, yet care must be taken when adopting this method to engage and then retain referred customers so that the tasks actually deliver value.
Through its huge success in the e-commerce space, growth hacking strategy is becoming a marketing force to be reckoned with and is challenging the efficacy of traditional marketing methods for these businesses. Watch this space.