I want to "growth hack" a SaaS solution which allows companies, governments and associations to manage vacation-related and non-vacation related absence of their employees. This SaaS product allows to manage workers' absence efficiently and transparently. The product is already launched and has a small, but sizable number of subscribers. How can I make the number of subscribers explode before this beautiful product lands in the dustbin of history?
Growth hacking is a mindset and methodology. It involves data driven experimentation. You need to set up and use tools that allow you to collect relevant data, and then conduct experiments and see which ones show promising results, and follow those.
You'll need to identify your 'buying center' and its 'personas'. Then experiment with different ways of reaching them via different channels.
A generic structure of your customer acquisition funnel would be
1- online ad
2- landing page
3- email list sign up
4- free consultation
5- conversion to subscriber
Keep track of your customer acquisition costs (CAC) for each experiment, and compare them to your lifetime customer value (LTV). A rule of thumb is you'll want the LTV to be 3x your CAC.
The use of social media is also prominent in growth hacking, since it offers an ideal environment for rapid experimentation. There are many specialized techniques for using social media, since in some ways it's the inverse of typical marketing campaigns.
If you'd like to discuss growth hacking in more detail, with reference to your specific situation, send me a message with more details and I'll be glad to help you out,
all the best,
Lee
Answered 8 years ago
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