Growth Hacking: Stats and Trends for 2023

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Growth hacking, growth hacking, everyone's always talking about growth hacking. Can't we just go back to good old fashioned computer hacking? I'd love to wear a floor length leather trench coat, tiny glasses, and fingerless gloves. 

Although growth hacking doesn't have a uniform, it is pretty fashionable. And for good reason. Growth hacking allows start-ups and lower-budget companies to become, and stay, competitive. With just a few clever ideas, and nifty tricks. 

Growth hacking is, basically, a term used for any strategy focused on growth, especially in regards to early-stage start-ups. This is usually who needs to see a large amount of growth, in a small amount of time. 

Think small budget, small amount of time, big growth. So, growth hacking answers the question: "How can I gain as many customers as possible, with limited resources?" It's about focusing on the most cost-effective solutions.

Let's have a look at an example: Airbnb

New Airbnb logo: "someone didn't do their homework"Airbnb gave an option for anyone listing their property on their site the opportunity to post it on Craigslist. If they agreed, the listing would appear on both sites. Then, any clicks on the Craigslist site would be linked back to the original posting on Airbnb.

On top of this, Airbnb combed through posts on Craigslist, contacting users. If they were looking to rent out their place, they would be sent an email tempting them to also list it on Airbnb.

So basically, they infiltrated Craigslist, and overtook 'em from the inside. Like a cool spy, or a parasite. 

But before you get started, you're gonna need some growth hacking context. So, we've got some stats and trends to show the current state of the space. You're welcome. 

What is Growth Hacking? (2021) What does a Growth Hacker do + Examples

Growth Hacking and Search Engine Marketing

Growth Hacking and Lead Generation

Growth Hacking and Content 

Growth Hacking and Conversion and Retention Rates

  • CRO tools have an average ROI of 223%.
  • Top converting companies spend more than 5% of their budgets on optimisation.
  • B2C Companies that use marketing automation tools have seen an average of 50% increase in CRO.
  • Using videos on landing pages can increase conversions by 86%.
  • Only 52% of companies test their landing pages whether they are engaging enough to convert. At the same time, only about 22% of them are satisfied with their CRO metrics.
  • At a SaaS company anything above 35% for a retention rate is considered outstanding.
  • Products offering a credit card linked free trial show a 30% or higher conversion rate.
  • 92% of consumers will believe friends and family over advertisers.
  • Referrals from friends, family or industry influencers relatively convert a lead much faster than other means. The CPA of referral customers is less, allowing you to cut down your costs too.
  • Such customers have better retention rates that result in a 16% higher LTV.
  • Additionally, sales experts with referral programs also earn four to six times higher.
  • The fact is that 30% of new businesses won’t make it past 24 months. But by attending the best start-up events, you can acquire the tools and insights you need to make sure your business doesn’t fail.
  • PayPal’s growth hacking strategy was to use a referral program. They began to incentivize users who brought in more users by using their referral program. As a result, PayPal’s business began to grow by 7% to 10% on a daily basis. 
  • 80% of sales are made on the 5th to 12th contact.
  • Quick Follow Ups Give 9x Chances Of Conversions
  • By adding, “P.S I love you. Get your free email at Hotmail” in 1996, Hotmail founders secured 3,000 new users one day and within 6 months they had 1 million. 18 months following its launch, Hotmail was purchased by Microsoft with 8.5 million users.

What can established businesses learn from Growth Hacking? | Smart Insights

Growth Hacking and Social Media

23 Proven Growth Hacking Examples You Can Steal to Gain Traction

  • Over 90% of B2B Companies Use LinkedIn For Marketing
  • Twitter added 60,000 users in one day by obsessively looking for ways to grow and optimize every possible touch point. For example, Twitter realized that the odds of a new user returning to the platform increased dramatically if they followed at least 10 people immediately upon signing up. So, it included suggestions of some of the top people to follow as part of the Twitter signup process. User retention rates went up significantly.
  • Some companies, like Starbucks, found success crowdsourcing ideas. Through the My Starbucks Idea program, the company was able to implement 277 ideas generated from its community of fans.

This post is part of our Martech stats series, which compiles key data and trends. Others include: 

Our Essentials Growth Hacking Open Digital Learning Course will begin in November. You can register your interest now.