Growth hacking is a term that originates from the startup community, aiming to achieve quick results at the lowest possible cost. After that, big brands have also paid attention to growth hacking to optimize budgets and maximize revenue. How can businesses apply The Master Channel to make Growth hacking as effective as expected? Let’s find out with PangoCDP in this article!
Growth hacking is a marketing and business development method that focuses on finding and applying strategies and tactics for rapid growth, with the following main goals:
- Growth in the number of users/customers: This is the core goal of growth hacking, including attracting new customers, increasing engagement of existing users, or converting free users into paying customers.
- Increase conversion rates: Convert users into customers or from new customers into loyal customers.
- Retaining customers and increasing customer value: Every business aims to retain and increase the order value of current customers by creating positive experiences, increasing connections with customers, and increasing satisfaction to retain customers.
Taking advantage of all available data, quickly grasping technology and being flexible in creating new ways of doing things is the way to achieve the above goals. Businesses can carry out traditional campaigns on The Master Channel with the support of the PangoCDP for Growth hacking.
Analyzing customer behavior
One of the first steps in growth hacking is understanding the data surrounding customers. Businesses need to know what problems customers are having, what platforms they search for and reach brands through, and how they interact with the business’s marketing campaigns. To do this, businesses need the support of a powerful customer data platform like PangoCDP that is capable of consolidating fragmented data in disparate systems into one common system. This platform will synthesize and record “touch points”, analyzing data from different sources to provide businesses with a comprehensive view of existing customers.
Segmenting data and personalization
Once you have a 360-degree overview of customers, businesses segment them based on their characteristics, behaviors and needs into different segments for various targeting and nurturing strategies.
For example: A dairy business needs to clearly segment customers according to each stage from pregnancy to child’s growth to propose products as well as spread messages that reach the right insights of mothers. It will be very inconvenient and annoying if the baby is 1 year old but the mother continues to receive advertisements for milk products during pregnancy. Showing customers that businesses understand them with messages sent at the right time and touching on the right insights is likely to promote interaction and conversion.
Businesses now need tools to carry out personalized campaigns, targeting each separate audience.
Automation Flow 100%
Growth Hacking often has the characteristic of rapidly expanding the number of users. With a large customer base, businesses need a system capable of optimizing message sending with automatic flows to save time and operational effort.
Just set up a simple flow like this, the campaign will automatically distribute appropriate groups of content to each customer group, at the selected time, and then automatically update detailed reports.
Analyzing data and optimizing conversion rates
Another important step in growth hacking is optimizing conversion rates and maintaining growth through real-time data reporting. Businesses need to track metrics such as traffic, interactions, conversion rates, revenue, customer lifetime value, referral rates, etc. Capture these metrics quickly will help businesses have effective retarget and nurture strategies to optimize costs and maximize profits.
The Master Channel helps businesses achieve breakthrough growth by leveraging the power of data
For small and medium-sized businesses, growth goals are very important. Instead of spreading the budget across many channels, when businesses invest in The Master Channel, they focus resources on one main channel to create better experiences for customers at lower costs. The remaining channels will direct customers to “The Master Channel”.
Businesses can create many interactive scenarios with diverse expressions from surveys, gift wallets, playing games, taking attendance,… to approach and re-target at optimal costs, enhancing satisfaction, and increase retention rates for businesses. Interactive activities are based on the PangoCDP customer data platform, which helps unify customer data across all touchpoints from Online to Offline (touchpoints) into a single, secure platform (All data in one place). From there, the system provides detailed and meaningful information to help marketers deliver consistent, targeted experiences, relevant to the context and each individual customer across channels.
Connect with PangoCDP now to learn about breakthrough growth strategies thanks to the customer data platform for businesses!
Not only data exploitation strategies, but also detailed marketing campaign implementations for businesses based on data orientation and much new knowledge around The Master Channel will be presented in detail in The Main Interaction Channel – The Master Channel, Volume 1.
Six chapters of the book will guide readers through the impressive development journey of interaction methods between businesses and customers.
From the most primitive forms to multi-dimensional interactions in the smartphone era, the book will present successful stories along with leading global brands in boosting revenue by enhancing customer experience, explaining the success of The Master Channel concept when applied at two leading Vietnamese companies, Nutifood and CellphoneS.
The book is now available at Fahasa, Phuong Nam, Hai An, Ca Chep bookstores, and online at 24h bookshops and e-commerce platforms like Tiki, Shopee, and TikTok Shop. You can also quickly order the book here: https://i.o2o.vn/H767
