Growth Hacking for B2B Companies
Best Practices in B2B Growth Hacking If you can build this into your product like a consumer app, business models that weren’t ever possible, become growth machines. VCs would start to throw money at you like you’re some kind of Marc Benioff and Mark Zuckerberg mix. You’re able to go into a market where no salesperson has gone before, and potentially, as seen by Atlassian, use this approach all that way to 100M+ in revenue. The below are some best growth hacking practices taken from a crosssection of the some of the best B2B startups out there.
1. Inbound Marketing The principle behind inbound marketing is to give the people who would be your potential customers free stuff to figure out WHO they are. Think about it. If you don’t have a product that can be used by 10% or even 1% of the population, finding who who you should spend your limited time and resources on is a huge challenge. Don’t just blog. Write targeted content for your audience and to help reach out to influencers. Offer a freemium version of your product that your customer is going to be interested in.
2. Self-service Self-service is allowing your users to sign up and even start using your product without any help.
Sounds similar to a consumer product, right? And the goals here are similar. Focus on decreasing friction during the sign up process and create an onboarding process that teaches your customer. If you’re in sales at Atlassian, Box or Yammer, it’s a much easier pitch to a tell Fortune 500 company that 5% of their employees are already use you.
3. Emphasis on UI/UX If you’ve used Google analytics, you know how tough the product is to wrangle and get out actionable information. A strong focus on UI/UX helps you all along the lean marketing funnel, from acquisition all the way to revenue. These days, almost every potential business stakeholder is also a consumer. They’ve already been trained to engage with online and mobile products. On top of this, pioneers like SalesForce and Box have made external storage an option for small, all the way to large enterprise companies.
4. Network effect The network effect allows users to do the work for you in finding and retaining new users. The key question here is what can your product do to incentivize someone to invite others into your product and improve its value? Lenndo uses social graph APIs like Facebook and LinkedIn as well as the address books Gmail, Yahoo and Hotmail to invite new users which creates the one to many referral mechanism which makes their product viral.
5. Create An Authentic Community Building an authentic community gets users who can talk enthusiastically about your product and act as your sales people. This doesn’t necessarily have to just be online. Companies like SendGrid, 10gen and Twilio make an effort to have community evangelists representing the brand on the ground as well as the web.
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