If you work in marketing or have thought about how to quickly expand your reach, you’ve probably come across the idea of “growth hacking”.
Growth hackers aren’t just marketers – they’re skilled at increasing users, hacking funnels, and creating marketing and sales systems that accelerate business growth.
But there’s one thing that’s missing from many discussions of growth hacking: the need for good data.
Let’s take a look at one example of growth hacking that has grown in popularity over the last few years—funnel hacking—and how the right data can make a big difference in business outcome.
Funnel hacking & the need for data
Funnel hacking can be an easy and efficient way to quickly grow a business. By digging into a competitor’s marketing and sales funnel, reverse engineering their process, and adapting their methods to your own sales process, you can quickly optimize and test new strategies to increase sales.
Many small businesses will therefore turn to funnel hacking using techniques to learn more about their competitors. These techniques may include:
- Using traffic analysis tools to analyze competitors’ traffic sources;
- Experimenting with new tools to increase conversion at different parts of the funnel;
- and using data monitoring and tracking conversion loss.
There’s just one problem with this kind of funnel hacking: you’re imitating a competitor’s funnel with very limited data.
Chances are, you don’t actually have that data, or insight, into important metrics for your competitor's business. What's their conversion rate? How effective are their webinar funnels? How effective is their email marketing? Who are their actual PAYING customers, not their most vocal followers. Because truth is, you may not even have a complete picture of who their paying customers actually are.
Funnel hacking may may provide you with some new marketing and sales strategies, but how do you know if these strategies will be effective for YOUR target audience?
Answer: you need insight and good data into your current customers and prospects.
Finding the complete data you need in Diligence Leads
Our Diligence Leads platform at rel8ed.to provides unique data and deep insight into your current customers, so that you can find more people who want what you offer.
Diligence Leads is a unique platform that identifies key traits from your best customers, creates a target profile, and reveals new leads with similar profiles. Our data paints a complete picture of corporate clusters and your target audience – so you’re not just getting business intel on prospective customers, you’re getting insight into market opportunities, a company's PPP loans, their M&As, hiring trends, and so much more...
Combine good data with funnel hacking, or growth hacking, and you’ll be creating systems with the RIGHT audience in mind. For instance, you might already know that your primary customer is a small business owner. Diligence Leads can dig deep on these customers to show that they are not just small business owners -- they're serial entrepreneurs working across multiple industries, sharing office/facilities space in their business, and increasing their staff year over year.
If you knew this level of detail on your leads, how would that affect the personalization, outreach, and conversion of prospects? Are there now opportunities to engage these business owners across their portfolio of companies?
There are plenty of marketing tools and tactics out there – but without the right data on your market and prospective customers, you could be funnel hacking blind.
What’s the point of an ‘optimized’ system if it’s not designed with the right audience in mind?