It is extremely difficult to acquire customers and keep them. In terms of marketing expenses, customer acquisition and customer retention are the most important, yet, they are the most difficult and often the most expensive. But a company is not the most trusted source of information for a customer. Other people’s experiences are more trusted and as a marketeer you need to make sure you use this resource. Customers tend to have more trust in recommendations than in advertisements. To launch the innovation, firms increasingly apply growth hacking marketing.
Growth hacking is about coming up with innovative new ways to grow your business quickly and at minimal cost. Aaron Ginn, co-founder of the Lincoln Network, says “the end goal of every growth hacker is to build a self-perpetuating marketing machine that reaches millions by itself”. Ultimately, you need to create a good product/market fit, find the right people to create a buzz, engineer virality and use behavioural metrics.