Everyone wants growth in their area, business, life, and the things they love the most, and hacking is always used in bad terms like someone hacked my computer, someone hacked my bank account etc, so till the time you all thinking that hacking is bad, but really it is bad because it hacked the business from the existing marketing and give to you, exactly this is the growth hacking, you are going the hack the growth instead of achieving, so this is a faster way of success without harming anyone in their knowledge, the best example, for now, is Jio Phone, it hacked the growth of all the network services providers.
The term “growth hacking” is really not very new, it is very old and was coined in 2010 by Mr. Sean Ellis, the founder, and CEO of Growth Hackers, and in his words, the goal of growth hacking strategies is generally to acquire as many users or customers as possible while spending as little time, efforts and money as possible.
Who are the Growth Hackers?
The growth hackers are those who use innovative creativity with their low-cost strategies to help startups, new or established businesses to acquire and retain their customers. A few scholars sometimes say that growth hackers are the best growth marketers because the term hacker is always used in a bad way, but growth hackers are not simply marketers. Anyone involved in a product or service, including product managers and engineers, can be a growth hacker and in this way, the hacker is giving us the meaning of expert.
Growth hackers must be obsessive, curious, and analytical
Growth hackers focus solely on strategies related to growing the business.
They hypothesize, prioritize, and test innovative growth strategies.
They analyze and test to see what’s working.
The ideal growth hacker or expert knows how to set growths according to priorities like, identify channels for customer acquisition, measure success, and scale growth.
How Growth Hacking strategy Works
This is one of the biggest questions that how exactly does growth hacking work? For each company or business, it’s about figuring out why you want growth and looking for ways to make that happen on purpose.
Many startups or small scale businesses use Dave McClure’s “pirate funnel” as a recipe for growth. These are a super combination of acquisition, activation, retention, referral, and revenue and in short AARRR. Others include raising awareness as a key part of growth hacking. Either way, the point is to get traffic and visitors, turn visitors into users, and retain those users as happy customers.
Activities we do under Growth Hacking Strategies Most growth hacking strategies fall into three main areas:
Content marketing
Product Marketing
Advertising
Depending on the tactics used, content marketing can be a low-cost way to get the word out about your product. Typical content marketing activities include:
Starting a blog and creating valuable, shareable content
Guest blogging
Creating social media content
Writing ebooks and white papers
Podcasting
Running webinars
Running contests and giveaways
Getting bloggers to review your product
Joining relevant forums, groups, and subreddits
Influencer marketing
Using email marketing to build a stronger connection with users
Improving content visibility with SEO
Getting listed in relevant marketplaces and sites, such as Product Hunt
Product marketing includes techniques for making your product more appealing and building the user base. They include:
Leveraging the fear of missing out (FOMO) by using an invite-only signup system Gamifying the user onboarding process to make it more enjoyable, and offering rewards Offering incentives for referrals that benefit both the referrer and the new user Affiliate marketing, which will also use content marketing growth tactics Growth hackers or experts can also use social advertising and pay per click (PPC) advertising to Promote your Business, contact us today to know more about growth planning for your business.
Revenue is a shared vision that empowers every business in the global marketplace. How many of you are doing business without the aspiration of monetary gains? How many of you aspirng to start their business without any dependencies of closing sale deeds and generating revenue? That’s the only truth of doing business.
Now, moving forward, do you know what helps you grow your business? Do you know what gives you revenue? Of course, a customer. That’s why the common saying “Customer is the King” holds great significance. So, the tactics to growth and success are simple; firstly acquire new customers and secondly focus on customer retention while increasing their lifetime value (CLV).
What is Customer Lifetime Value (CLV)
Whether you talk about the past, present, or future of business, it purely rests on the customer, his preferences, and his behavior. A business must know its customer in and out while gauging the actual value a customer can bring to picture. This is all about customer lifetime value. In simple words, it is a business metric that displays the net business profit you gain by one customer over time.
For example, if a customer makes an expenditure of $2,000 on your company, the net customer value for that specific annum is $5,000. However, if you can retain the customer for 10 years and every year, the customer makes a similar expenditure, then the Customer Lifetime Value (CLV) equals $20,000. This defines the contribution of a customer to the business revenue. One by one if you keep adding customers and retaining them, each customer will keep adding to your business growth and success.
You can measure the CLV by:
Identifying where the customer is creating the value
Mapping the customer journey with the business growth records
Measuring revenue generated by a customer at every touchpoint
These metrics can help you create an overall record of the expenses a customer made on your company. From the actual value, reduce the cost of acquiring and serving a customer. The outcome is the final measure of the CLV.
How to Increase Customer Lifetime Value
Research and technologies have come up with many proven ways to increase CLV. Some of the most common measures include improved customer engagement, understanding customer pain points, providing relevant solutions, customized solutions, upgrades, and loyalty programs. However, among the long list of such initiatives made by companies across the globe, loyalty programs are working at its highest scale of productivity and positivity.
What are Loyalty Programs
Getting to understand what are loyalty programs, the first and foremost definition is the thoughtful measure to improve customer engagement and loyalty. The program includes offers and schemes like additional discounts on products, advanced access to a new range of products, free merchandise, birthday discount coupons, and complimentary services with specific products. These incentives often encourage customer retention while driving the customer to return for purchases on and often.
It is a simple marketing model that allows customers to earn and collect points on all their purchases. Further, the customers use the accumulated points to redeem for reward or discount. This, in turn, drives repeat customer purchase.
With more and more points, customers ought to return for new purchases and more points while adding more value and profit to a business. Popular research done by Bain & Company also states that when a brand works on increasing customer retention even by 5%, it holds the capability to boost business profit by more than 95%. This research makes it evident that even with a 5% effort if you can get maximum ROI, then why not put in extra efforts and measures to reach the highest ROI.
Cloud computing is the process of using a network of remote servers available over the internet to store, manage, process, and secure important data. The process has come a long way in the field of technology and is now revolutionizing the industrial sectors while helping companies and individuals free themselves from buying and maintaining physical data centers. This has made it evident that everyone is now relying on cloud computing for their operations. However, the major concern is which cloud service provider to choose with the market getting mature and flooding with numerous such service providers.
Talking about the current scenario, the battle for cloud computing is most prominent between three dominant cloud service providers, Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP).
Here’s a look at how these thee cloud leaders stack up in the market and handle their operations in the global marketplace.
Cloud Computing with AWS – 33% Share in the Worldwide Cloud Infrastructure Market
Amazon Web Services (AWS) is one of the oldest and the most comprehensive cloud platform with an intelligent infrastructure integrated with more than 175 fully functional features. This, in turn, is supporting the service provider help millions of customers to climb the way to success with lower cost of business operations, faster innovation, and improved agility.
Pricing
Pay-as-you-go: Helps you adapt to the changing needs of your business.
Save when you reserve: Helps you invest in reserved capacity for certain AWS services.
Pay less by using more: Helps you get discounts based on the volume of services you use.
Products
Amazon Web Services offers a huge spectrum of cloud-based products including:
Application Integration
AR & VR
AWS Cost Management
Blockchain
Business Applications
Customer Engagement
Quantum Technologies
Security, Identity, & Compliance
Features
The powerful features of Amazon Cloud Directory include:
Managing multiple hierarchies of powerful data and defining attributes for relationship.
Ensuring flexible schema management to avoid any kind of data duplication.
Offers a fully-managed infrastructure to eliminate expensive and time-consuming operations.
Makes the process easy with built-in search capabilities and data encryption features.
Global Cloud Infrastructure
The AWS Global Cloud Infrastructure comprises of 77 Availability Zones within 24 geographic regions across 245 countries and territories. Moreover, it has announced plans for additional 9 Availability Zones and 3 AWS Regions in Indonesia, Japan, and Spain.
Cloud Computing with Microsoft Azure – 18% Share in the Worldwide Cloud Infrastructure Market
Microsoft Azure is a safe, secure, extensive, and an ever-expanding cloud service that is constantly helping brands and organizations overcome various business challenges. It makes it convenient to use the desired tools and frameworks to build, manage, and deploy various business applications on a cloud network.
Pricing
Pay-as-you-go: Helps improve responsiveness with price changing with the needs of the business.
Cost Savings: Helps you realize cost-savings as you migrate application workloads.
Products
Azure offers a vast pool of cloud-based products including:
AI + Machine Learning
Analytics
Compute
Mixed Reality
Databases
Developer Tools
Hybrid
Internet of Things
Management and Governance
Windows Virtual Desktop
Features
The stunning features Microsoft cloud computing service offers include:
A thoughtful and functional set of features with improved capabilities.
An integrated Machine Learning Studio that works on algorithms as well.
Offers capability to support all languages and framework with continuous innovation.
Seamless operation for hybrid cloud with easy integration of all working environments.
Global Cloud Infrastructure
Azure Global Cloud Infrastructure is believed to have the largest network with160+ physical data centers arranged into 60+ Azure regions. Moreover, 170+ points of presence along with 1, 30,000 miles of fiber optic delivering faster connectivity at 100 Gbps makes the infrastructure more efficient and powerful.
Cloud Computing with Google – 9% Share in the Worldwide Cloud Infrastructure Market
Google Cloud Platform is a computing service offered by Google. It uses the same internal infrastructure that Google uses for a range of its user-specific services like Gmail, YouTube, and Google Search.
Pricing
No upfront costs: There are no commitments for any competitive pricing structure.
Customer-Friendly: Opaque and customer-friendly pricing model with discounts and incentives.
Pay on the go: Pay for cloud computing services as and when needed.
No termination fees: stop paying if service is turned off.
Products
GCP offers a comprehensive range of cloud-based products that include:
Cloud Functions
Big Query
Compute Engine
Data Analytics
AI and Machine Learning
API Management
Containers
Features
Features that attract Google cloud customers include:
Helps you modernize your business workloads on a state-of-art infrastructure.
Easy migration of application workloads with prepackaged cloud infrastructure solutions.
There is a multilayered security feature for enhanced data security.
Intelligent analytics to uncover various data insights and come up with scalable solutions.
Easy operations of applications in multi-cloud and hybrid environments.
Global Cloud Infrastructure
GCP with a reliable, secure, and efficient infrastructure works across 24 regions and 73 availability zones across 144 network locations available in 200+ countries and territories. The infrastructure is soon to add more regions including Doha, Melbourne, Delhi, Paris, and more.
Final Thoughts
There is no doubt that AWS has lived a long and healthy life in the field of computing services. However, this does not put the other service providers on the back seat. Each one of the cloud computing service provider has its own set of strengths and weaknesses. The comparison is just to help you make an informed decision while choosing the computing services for your business. The final choice is yours. Make a wise choice!
The World is going digital with each passing day and technology is becoming exponentially more important to simplify life on our digital planet. We are producing 2.5 quintillion bytes of data each day by 3.7 billion humans accessing internet. We have produced 90% of the data in the world over last two years and this pace is accelerating by each passing day.
This huge volume of data leads to user fatigue every time users are searching or accessing a useful information. Users often input via keyboard a website URL, a Code or text, messages, contact details etc. as a digital planet citizen in private or corporate life. Keyboard input often leads to following challenges for users –
Typing errors (more often with key boards getting shorter with display size of mobile devices)
Mental fatigue (remembering and typing)
Longer cycle times of input and transaction completion
Above challenges are further aggravated by Impatience and immediate response expectation habits of our digital generations checking their phones 150 times a day (every 5 minutes during day).
Do we have a better technological solution to avoid user attempts via keyboard?
Yes, you would have seen black & white colour barcode on newspapers, websites, magazines etc. QR code or Quick Response code is answer to all user problems for enabling just in time access to any URL, contact card,
This evolution started in year 1948, when Bernard Silver and Norman Joseph created first barcode (or unidirectional barcode) to cut human data entry errors and relieve the workers from pain of data entry. By late 1970s, Barcode were necessary part of inventory tracking especially in retail and automobile manufacturing. Unidirectional barcodes could store information up to 20 characters depending on length of barcode. This approach was further formalised via Universal Product Code (UPC) in 1980s. UPC offered benefit of managing common products easily to retailers. There were some limitations with unidirectional barcode technology like reading of barcode at a particular angle, maximum character storage limit, character type limit (alphanumeric only), requirement of a minimum space on label and vulnerability to dirt.
In 1987, David Allais developed first 2 D barcode (Code 49), a predecessor to popular PDF417. Soon market was flooded with proprietary 2 D codes as these codes were compact and store more data in multiple data formats.
Quest for quicker and error free assembly lines motivated Masahiro Hara from Denso Wave (a sister concern of Toyota) to develop first QR code as we know today. Denso wave made its patented QR code research and specifications public so that anyone was free to use it. This democratic decision helped in public use of QR code at a mass level. Initial use cases of QR code were automobile, pharmaceutical and retail industry as a replacement of prevalent unidirectional codes for inventory tracking due to advantages like higher storage capacity (7,089 numerical characters or 2,953 alphanumeric characters), compact size and space requirement, convenience of scanning (at any angle) and better readability despite wearing and damage ( up to 30% damage).
Businesses across the globe have started leveraging QR code technology to efficiently manage product (and service) life cycle beyond the supply chain till repeat purchase and end of product life.
Some of interesting use cases into customer loyalty and rewards program offer following benefits to business by utilizing and integrating versatile QR technology with business apps –
Capture performance of media promotions and campaigns based on actual sales
Capture customer information and preferences for products and services
Effectively segment customer based on preferences and design product and promotions
Enhance customer loyalty for business brand over competitors
Maximize customer visits and average spend per visit
Capture customer feedback about products and services
QR code technology enhances traditional approaches by better, authentic and real fact based data capturing in terms of data points like location, sales / service delivery centre, product information, customer information and multiple other points of business interest resulting in better rewards for customer and businesses.
Business team can further utilize customer and usage data can be further analyzed using IT applications for monitoring program performance against business KPIs in real time. Useful insights like unique customer identification, coupon redemption, product lifting performance, campaign performance, and average discount metrics. This business critical information can be very simply collected without any significant investments in additional hardware, complicated POS integrations but offers good customer and product insights to business team. This definitely helps in building better recall and relationship between consumers and marketers.
Some of the prominent business cases have been run across globe by global giants like DANONE in SPAIN by linking customer earnings up to $ 50 per month as discount coupons via scanning of QR code printed on products using customer mobile phone. McDonalds and Dominos have also launched innovative campaigns with IT solution partners to surprise customers by utilizing customer geo-locations.
Technical products have also leveraged QR code features of extensive data capturing for registration and warranty verification related processes. OEMs have started adding a QR code image to product and receipts and end user can easily register a product by scanning QR code image from his smart phone without going through extensive information (model number, serial number, manufacturing dates etc.) at product registration forms. QR code technology based approach has helped in improving data accuracy, compliance of product registration and reduces product support cost. Same QR code is scanned by service engineers at the time of product service and warranty support to end customers for capturing product related data. This data is used by engineering team to analyze product failure and support related calls for further improving products and end user experience.
Business across the globe has demonstrated confidence in QR code technology, acceptance and partner ecosystem. Organizations are engaging with right QR code technology partners for capturing data beyond inventory and addressing business challenges and reaping better benefits in asset tracking, social media, marketing & promotion, warranty services areas.
It’s a race every business is joining and early adopters have started reaping benefits due to low overhead cost, quick turnaround and direct impact on top and bottom line of business.
“It takes months to find a customer, years to build loyalty and seconds to lose it.”
Customer plays a central role as real source of money for any profitable business while organizations just manage the resources for customer in the process of making profits. Since customer is so much central and important for any profitable business, there is always a competition between businesses to acquire new customers.
Customers are loyal to a brand hence it is very important to understand and define a brand before understanding customer loyalty. Users and customers often use multiple words to describe different dimensions of brand i.e. experience, quality, cost and consistency. It is equally important for business team to focus on these brand dimensions as much it is for building brand loyalty.
What is Customer Loyalty?
Customer loyalty is the result of consistent positive emotional experience of customers via physical attributes or perceived value. Majority of scientific definition of customer loyalty fail to establish that loyalty is an emotional connect with customers. Customer loyalty acts as an insurance against competitive forces and yields regular dividends to business.
Growth is always on the ambitious business radar and every business is aiming for the same pie for achieving business growth in a global, integrated, developed market.Customers have also become more demanding and business continuously keep exploring for opportunities to retain and keep them happy with every experience of product/ service. Business achieves growth in terms of customer count by adding new customers, activating old inactive customers or acquisition of competitor’s customers (new customers for business).
Customer loyalty makes business easy
Marketing and sales team should assign strategic priority to retain customers since it can consume approximately 5 X more resources to acquire a new customer as compared to retaining an existing customer. This further reinforces need of an active customer loyalty program that keeps customer engaged in frequent buying and attached to brand. Different customer surveys and study results have proved repeatedly proved importance and returns of a business appropriate customer retention and loyalty program. Majority of customers prefer to buy under guidance of referral according to survey by hubspot.
According to 2018 customer engagement & loyalty statistics –
77% of consumers acknowledge relationships with specific brands for 10 or more years. (Inmoment)
61% of loyal customers go out of their way to buy from them (Inmoment)
75% of loyal customers will recommend a brand to friends and family (Inmoment)
Customer loyalty: B2B scenario
Customer loyalty in a B2B product / service environment is different since customer sales cycle and touch points are different from direct sales cycles. B2B sales often involves consultants and channel partners and end consumer may or may not directly interact with OEM. Customer loyalty programs focus on following key stages to achieve desired customer engagement, retention and experience related results –
Channel / Influencer Transactions– Sales strategy for technical products employs influencers for most of sales transactions since end consumer or customer need knowledge to under product features and applications. Some of the prominent industries in domain of mass consumers is spares and accessories for white goods, real estate and technical products. It becomes important for business to employ, engage and interact with influencers since they further advocate products/services to end consumer.
Technology offers multiple solutions in this area by –
Discovering influencers over social media and other technical forums,
Recruit and Recording information related to basic and technical background of influencers,
Bi-directional communication and connection with influencers related to product features, market feedback and roadmap
Design, communicate and monitor incentive structures for influencers and performance
2. Social Media & Behaviour –With the advent of digital world, social media has become an integrated part of our life and purchase decisions. Social medial advocacy is believed by customers and marketers as a true measure of customer loyalty and reaps exponential growth benefits for products and brands from multiple categories. Social media advocacy offers an opportunity to connect and communicate brand message with millions at a very reasonable cost. This approach is very helpful for small businesses however 24X7 vigilance and professional guidance is required to address customer / competition over social media. Social media like WhatsApp, YouTube, Facebook etc. helps in building customer connect and broadcasting messages of loyal customer.
3. Loyalty Redemption –Coupons and deals have been all time favorites of customers and influencer’s. Multiple studies and surveys have proved that customers look for deals, discounts before purchasing decision, and can alter purchase decision (quantity and brand) based on deals and discounts.
Discounts and coupons are top preference as 61% of consumers saying they use them (Expedia Network Affiliate)
50 percent of shoppers clip digital coupons while shopping in-store(Inmar)
39 percent bought a brand they otherwise would not have normally purchased because of a coupon and 18 percent switched back to another brand they have purchased previously because of a coupon(Inmar)
38 percent bought more than they would have otherwise because of a coupon(Inmar)
Loyalty redemption help monitor success and acceptability of loyalty programs across end consumers and influencer’s community. It is important to alter loyalty programs based on feedback with the help of technology partners to improve customer engagement and retention.
Digital customer loyalty: Use Case
Digital technologies have opened new opportunities for marketers to engage customers in a cost effective manner. You may choose right strategy by selecting anyone or multiple approaches from our suggestions.
Customer tiers –Customer segmentation is a low-cost way to provide delight to your customers, this tactic focuses on recognition that, not all customers are created equal. Different customers carry different motivations however for ease of strategic addressing as a critical mass business teams form customer segments based on qualification criteria. These segments help business in designing relevant campaigns, products/ services and channels for reaching out to customers to service their need.
Exclusive access- More than 51 percent customers prefer an exclusive offer based on their loyalty to a brand (Inmar).Customers desire exclusivity and exclusivity provides a sense of scarcity for some of product categories. Customers can be rewarded as exclusive products, service campaigns or benefits to motivate loyal customers.
Continuous customer engagement – It is possible to engage with customers via technology in a cost effective manner. Customer education helps to spread knowledge about product benefits / features, establish thought leadership and brand between customer and influencer network. An educated user is always a better advocate for your business.
Discounts& Points – Deals, discounts and coupons concept is borrowed from B2C but a straightforward way to engage customers and continue purchasing by influencers as well as end consumers.
39 percent bought a product sooner than planned because of a coupon(Inmar)
Discounts and coupons are top preference as 61% of consumers saying they use them (Expedia Network Affiliate)
50 percent of shoppers clip digital coupons while shopping in-store(Inmar)
Technology provides governance and effective delivery of deals and discounts to target user groups. It is advised that excessive reliance on deals and discounts affects brand and pricing hence this strategy shall be used with due caution.
Random surprises – We have learnt that emotions play a very central role in loyalty. A brand shall also show emotions of delight, positive surprise and care to customers via random apt offers. This helps in building a deep connect and recall with customers. It requires a great deal of customer and customer preference understanding to offer such a relish. Technology helps in capturing customer preferences and suggest business team to offer brownie points to customers.
Customer loyalty is essential for long term growth of any brand in product or service area and technology offers multiple solutions for further enhancing a warm and emotional connect with customers and channel partners by loyalty reward programs. Technology has a major intervention under SMS, mobile applications, social media, loyalty campaigns and customer profiling areas. By using barcodes and QR codes, loyalty campaigns become language agnostic and user friendly. A successful program offers following outcomes to business team –
Recognition for top influencers and differential rewards for consistent performers
Auniform and smooth experience of reward redemption and thereby increased
Improvement in “Top-of-Mind” re-call value and increased offtakes from influencers
It is often important to adopt an effective channel loyalty, influencer, sales agents and incentive program for sales of B2B products / services. Business should rely on an appropriate technology platforms and loyalty management software since right choice can greatly increase efficiencies in cost, time and reach of your channel loyalty programs.This combination of strategic expertise, technical capability, loyalty platforms and operational excellence has led to the execution of highly successful loyalty programs for some of the largest, most demanding businesses
RAZORSE
Our range of digital customer loyalty solutions for small and medium business offer enough choices to customise a catalogue to the exacting needs of your channel partners.
Contact us today. We are here to work with you to conceptualize, develop and manage channel loyalty programs specific to your business needs
Know the Role of Digital Marketing in Brand Building
Brand Building is a very important part of each and every business as this is the process by which a brand or a company is known by the people. It is very important for a company to build up repute in the markets these days as this is what helps the company to have a very good future and sustain itself in the markets worldwide. You might be surprised to know that a small organisation that was started in a rented garage in a backyard of a home is now a multimillion dollar company that has offices and production units all across the globe. All this happens because of proper Brand Building that the companies do in their initial stages and gain a good market step by step.
How can a Digital Marketing Agency help you out in the process of Brand Building?
This is definitely a very important question where a person has to know how and why a Digital Marketing Agency can help you out in the process of Brand Building. So in order to understand this thing you need to know the Role of Digital Marketing in Brand Buildingas this will help you a lot in your business as well.
We are living in a digitalized world where people are dependent on the digital mediums for each and everything starting from shopping to knowing people and places using social sites. So it is always good and advisable to get in touch with customers using the medium that they are comfortable in and as we are living in a digital age so advertising and marketing a product or a brand on digital medium will definitely bring in good results.
The stages of Brand Building :
So what happens in Brand Building using the Digital Marketing methods is that first your prospect customer gets to know your product in the initial stages and then comes to know about the benefits of using your product in comparison to other products. This is the place where the difference is created when your brand is compared with other brands the Digital Marketing agencies use the best examples to prove that your products are better compared to the products that your counterparts are selling in the markets.
Then comes the cost of the product as well where the cost of the product is clearly displayed and proper reasons are given for the cost of the product. Further which endorsement of the upcoming products is also done so that the customers are regularly in touch with the company and get interested in the products that the company is selling.So this is how the whole system of Brand Building works step by step and brings in profit in terms of sales for the organisation. So now you know the Role of Digital Marketing in Brand Buildingin detail.
How are the main challenges of Brand Building using Digital Marketing Methods Solved?
The first and foremost challenge that comes when a brand is trying to build itself up using Digital Marketing methods is that the brands representatives do not get in touch with the customers face to face which is one of the easiest way to convince a customer about a brand. So what they do is endorse the product in such a way that all the questions of the customer about the brand are answered without even the company getting in touch with the customers. But still in case if the customer has a query he or she can get in touch with the organization using the contact details in the advertisement of the product on the Digital Medium.
Contact us for your ORM ( Online Reputation Management ), We are one of the best Digital Marketing Agency in India.
