Growth Hacking Startups
Growth hacking is a relatively new tool in the marketing technologist’s bag that includes early growth strategies, creative promotions, and budget-friendly advertising programs. Successful uses include referral programs which encourage word of mouth product promotion through rewards to both the referrer and referred, cleverly targeting fans of competitors, and personalizing experiences not only to build customer loyalty but for the added benefit of upselling. Some businesses have benefited significantly from automated email campaigns which dramatically increase both qualified leads and revenues, while others create hype around their brand through exclusivity initiatives that leave ‘not-yet patrons’ eager for an invitation while the lucky chosen few smugly enjoy early access perks.
It should come as no surprise that startups are often found at the front of the growth hacking race with their cutting-edge concepts and malleable business models, but we don’t always recognise the value of the startup accelerators that sit behind some of the startup success stories. Y Combinator, for example, backed a few highly profitable startups such as Dropbox, Airbnb, and Reddit and in the decade since it was launched has provided a host of benefits including their own startup school, research into the sector, and a platform for numerous other startups to present their ideas and compete for backing.
But startup accelerators don’t simply offer a stage for financial backing; they further encourage the success of chosen growth hacking startups through their own growth marketing schemes. 500 Startups recognised early on that a program dedicated to growth marketing was required and launched their own course which targets post-seed startups needing marketing assistance as they prepare for Series A. ‘Distro Dojo’ debuted in London, UK, last year and has now made its way to Berlin, Germany. Though currently in the spotlight, 500 Startups is only one of many accelerators developing startups through financial and marketing aid; Seed-DB offers a relatively comprehensive list of similar programs.
Growth Hacking Tweaks
Covering a range of products and services from education to design, healthcare to cloud services, a number of startups are involved in marketing and advertising technology, both using and providing growth hacks for business success.
This London-based martech company is using artificial intelligence (AI) to improve email response rates and offers progressively optimised subject lines which have been found to outperform the creative attempts of human users. Providing optimised marketing language through AI, Phrasee betters marketing language for increased revenue.
Shortlisted in this year’s DMA HOT ZONE competition, Eventable is a novel application that focuses on calendars for improved marketing. With 2.5 billion calendar users worldwide, tapping into customer calendar functions has been found to provide 99% retention over six months with 86% of users more likely to take action.
Another AI-based application, Nugit helps marketers through the generation of useful reports based on the big data collected via advertising. By automating data analytics and reporting across user-friendly channels, Nugit makes it easier for marketers to refocus and improve strategies.
The list of startups offering adtech, martech and growth hacking tools is long and distinguished, providing both tailored and generic functions to suit every business category and marketing appetite. There’s no excuse not to be reaping the rewards and what better place to begin than one of today’s trailblazing startups?
By Jennifer Klostermann