Growth marketing is all about optimizing fast growth. The fascinating thing about it is how many different strategies and techniques can be applied to each business. There is no magic formula for growth. You can only see what works by experimenting and observing others.
There are so many inspiring examples of companies experimenting the right way. Today we are gonna talk about 5 of the most successful businesses that cleverly used Growth Marketing strategies and hacked their way to the top.
So, let’s dive into it!
Domino’s Pizza is one brand that continuously rises to the top as an example of a company that’s innovating in technology and world-class customer experiences. What does a company making and delivering pizza have to do with innovation and growth? Well, a lot actually.
Starting from 2009, the digital transformation of Domino’s began. In less than 10 years it went from being an underperforming company to an inspiring example of product development and growth marketing. Right now Domino’s is not only a pizza company, it transformed into a big e-commerce company that provides some of the best services for its customers.
The growth strategy that brought Domino’s Pizza success can be summed up in one formula: Simple product + elaborate experience. By keeping their focus on the customer journey and customer experience, Domino’s made sure that their clients’ needs are always met.
Happy customers = returning customers = long term growth.
Domino’s pizza is a very good example of how success can be achieved when you apply innovation to your core value.
BuzzFeed is the master at generating traffic from viral shares. Even though some of you might hate BuzzFeed, it is the perfect example of growth marketing done right.
Unlike Domino’s Pizza, BuzzFeed doesn’t focus on innovation or customer experience. Psychology is what they’re all about. The backbone of BuzzFeed’s growth strategy is the sum of two aspects: content and the psychology behind sharing. Basically, the “magic formula” behind their growth strategy is based on understanding what kind of content works in the digital age – and how to distribute that content.
There are numerous examples of viral content that BuzzFeed created, but nothing tops their Quizzes. What started as an experiment turned out to be a great success. In order to find out the answer to “Which snack looks most appealing to you?” or “How many British towns can you name?” you will most probably have to complete a questionnaire and share the results on social media. This will not only intrigue your friends, but it will also make them do the same – et Voilà, the quiz is now viral.
According to Marketing Week, the BuzzFeed website now draws over seven billion global views per month. Pretty impressive, right?
No article on growth strategies would be complete without Slack –the fastest growing B2B SaaS business ever. In only 4 years it became an indispensable part of almost every company’s team communication. Now, over 300 million messages are sent through this app and the users stay connected for more than 2 hours/day.
The first step towards growth was made even before the app was launched. By defining a market and identifying user pain points, making a simple product that does only a few things (but does them extremely well), and using a “freemium” model, Slack ignited the word of mouth fire.
The growth strategy of Slack can be summed up in just 2 words – corporate advocacy. Because it offered a more efficient way to manage communication within companies, Slack first targeted big companies. They persuaded them into using the system, gave them free trials, and they ended up spreading the word to others. Slack’s growth was highly based on word of mouth and recommendations.
Skyscanner has become a huge global brand by replacing (almost entirely) its traditional marketing efforts with growth hacking. Not only did they ace their growth game but they did it by using a very simple technique.
The road towards success started with a mindset change. Skyscanner overstepped its limits in the past years and started investing more and more in innovation. There are multiple growth techniques that Skyscanner uses, but the one that delivered the highest results was the use of widgets. By allowing users to easily hunt for travel bargains directly from their desktops, Skyscanner made every traveler’s life easier.
These widgets were not only available for desktops, but also for a wide range of websites. The embeddable website widgets Skyscanner is offering allows other websites to add useful extra functions for their customers. This way, Skyscanner managed to reach millions of people every day, even if they were not visitors of their website.
Last, but definitely not least, Dropbox’s referral program is one of the most famous cases of growth marketing done right. Instead of spending a lot of money on ads, they gave away free storage for each referral. It was a win-win situation – Dropbox was getting new subscribers, the existing users were getting more storage space for free.
Another growth strategy that Dropbox used is based on the same idea – you do something for us, we give you more space. Basically, for each social follow on Twitter or connect with Facebook or Twitter, Dropbox gave its users extra space for free.
Dropbox understood one of its customers’ biggest need – extra storage – and took advantage of it. What is important to take from this example is the fact that you don’t need complicated hacks to grow your business. A simple reward for a follow can deliver unexpected results.
All the above-mentioned companies have two big things in common: they understand their customers and the needs they have, and they are not afraid of innovation. Growth marketing is all about experimenting and innovating. Without them, it is impossible to grow.
These strategies are very good examples of Growth Marketing done right. Hopefully, you got inspired and now you are visualizing ways to grow your own company.