They say all good marketing channels come to an end.
You used to be able to build a
multi-billion dollar company off of SEO,
and just only SEO;
you can't anymore.
You used to be able to do paid advertising from day one
and have it profitable,
but you can't, in most cases, anymore.
But what about growth hacking?
Does it work anymore?
Should you even spend anymore of your time
leveraging growth hacking?
Hey, everyone.
I'm Neil Patel,
and today I'm going to talk about
if growth hacking is dead.
(upbeat music)
Before I get started,
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That way when I release more marketing information like this
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So to the question is growth hacking dead.
Why don't you first tell me.
If you think it's dead,
leave a comment with "Yes".
If you don't,
leave a comment with "No".
I'm just curious to see what you guys think.
If you're wondering what my opinion is,
it isn't,
and the data is showing that growth hacking isn't dead.
More so, it's just changed.
What used to work,
doesn't work anymore.
For example,
Facebook grew through the referral system,
in which you would sign up for Facebook
when they first came out,
and they would leverage your address book
and invite all your contacts to also join Facebook.
That doesn't work anymore
for Facebook or anyone who's trying to
come into the social networking space.
As I mentioned,
most good channels,
they start dying down.
I mentioned this at the beginning of the video.
But they still work,
they just don't work as well as they used to.
So with growth hacking,
yes you can leverage it,
and it does still work.
You just can't leverage the old school tactics
that everyone else used to use to grow.
For example,
Dropbox grew because they said
hey invite more people for more free space.
That doesn't work as well as it used to
because it's played out.
You have to get more creative these days.
The second thing you need to know about growth hacking
is people need to love your product or service.
If they love your tool like they love Dropbox,
and then they say hey you want more free space, share.
It's much more likely to work
versus if someone uses your product,
they hate it,
and then you ask them to share your product
for more free space,
or more free features.
If you don't have the usage,
you're not going to do well.
So if you're trying to figure out
if people love your product or not,
use NPS.
Net Promoter Score will tell you
what people think of your product.
The higher the number,
the better off you are.
Try to aim for a number that's 60+,
and as you increase the value
that people find in your product,
growth hacking is much more likely to work.
The third thing you need to know about growth hacking
is you have to get more creative than ever.
I talked a bit about this,
but here's the thing.
What worked in the past won't work today.
And I'm going to share with you a growth hacking tactic
that you're not leveraging today.
When people go to your website,
they may even go to your product pages,
add it to a cart,
but they don't check out.
Or they go to your lead generation pages,
they fill out some of their information,
and they just don't complete it and submit that lead.
For those people,
I want you to create a video.
A video that explains what it would be like
if they bought your product or your service,
or if they became a lead.
What the next steps would be.
Take that video,
do a remarking campaign for YouTube and Facebook,
and showcase that video.
Target only those people.
You'll get a lot of them to come back to your site
and convert into a lead and a customer.
It works extremely well,
but very few people are doing this.
Everyone does "basic" remarking campaigns,
but when you mix it in with video,
and you do it the way I'm saying,
you'll get a ton of conversions.
The fourth thing you need to know about growth hacking is
there's always new channels that are coming out there.
For example,
if reddit is like oh we're going to release reddit ads,
yeah they already exist.
Or Quora,
they're like we're going to release Quora ads.
Quora ads have been around for a bit,
but very few people are leveraging them.
Look for new channels that aren't saturated.
When you're one of the first early adopters,
you're much more likely to do better
than if you wait until everyone's already doing it
and just jumping on the bandwagon.
And the last one for you is partnerships.
There's already someone out there with your audience.
Yes you have competitors,
but there's also other people in your space
who aren't direct competitors.
Partner up with them.
Make them an affiliate.
Offer them a CPA or an advertising deal
or a promotion deal for every single customer
that they drive you.
You can even do it where you do
partnerships between two popular sites in your space.
Here's what I mean.
I have a popular marketing site,
and someone else may have a popular marketing site.
I can say hey I sell consulting,
you sell a tool.
Anyone who signs up for my consulting services,
I can also pitch them on your tool,
and anyone who signs up for your tool,
you can pitch them on my consulting services.
You see how partnerships can work out?
That's getting creative.
By leveraging those tactics,
you're much more likely to make growth hacking work for you.
If you have any questions
on how you can do growth hacking for your business,
leave a comment below.
I'll answer it,
and I'll give you some ideas.
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Thank you for watching.