Is Growth Hacking Dead? | Neil Patel

Key Takeaways

they say all good marketing channels come to end you should be able to build a multi-billion dollar company off of seo and just only seo you can't anymore you should 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 any more 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 before i get started make sure you subscribe to this channel that way when i release more market information like this you'll get notified so to the question is growth hacking debt why don't you first tell me if you think it said 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 change 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 hates 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 plus 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 remarketing 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 remarketing 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's like oh we're going to release reddit ads yeah they already exist or quora they're like we're going to release core ads core 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 earlier adopters you're much more likely to do better than if you wait till 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 affiliate offer them a cpa or advertising deal or 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 and i'll give you some ideas if you enjoy this video like it share it subscribe tell other people about it thank you for watching