Building a business from scratch can be an intimidating experience. Sure, the incredible success stories of some top-tier brands may be extremely tempting. But the ground reality is rather contrary. There are approximately 100 million business startups every year. What’s more concerning is that the predicted rate of failure is a whopping 90%.
The only way for them to do that is to make money…FAST! That’s the promise that growth hacking offers. Growth hacking techniques focus on rapid growth. That is why it’s so appealing to startup founders. “Slow and steady” no longer works in today’s fiercely competitive market. Growth hacking only works if your company is open to experimentation. It’s important to understand that there are no guarantees in growth hacking.
A growth hacking experiment is a systematic process that will follow the scientific method. That way, you’re able to repeat the test, predict its results, and scale this as your startup grows.
Remember, growth hacking requires dedication and lots of trial and error to get it right. Now let’s look at some tactics that help startups grow the customer base that they use to get more customers:
- Content Repurposing:
Content repurposing means taking an old or existing piece of content and reusing it for a new purpose. One piece of existing content can fit a variety of new needs. Turning old blog posts into renovated email newsletters, e-books, or guest posts is content repurposing at its finest. The concept is about doing more with less to save time, resources, and also money.
2. Create curiosity:
This is probably one of the oldest and also most effective marketing strategies. Creating a buzz around your product before the actual launch helps you to keep your audience on their toes, and spread product awareness. Email marketing, in such cases, makes for an ideal companion. Nowadays emails remain one of the most crucial and convenient mediums to boost your brand communication.
3. Optimize Your Online Presence:
Optimizing your online presence simply means synching how your company views its mission with how your customers see it. If these two things are in alignment and easy to measure based on your online presence, then your company is prepared for growth. One way to do this is to be sure your messaging and branding are consistent across all the online platforms.
Having a fast, easy-to-navigate website makes it easier for visitors to convert to happy customers. If you only do one thing on this list, try this first and watch your growth metrics jump.
4. Invest in Referral marketing:
Referrals are the most underrated but also the most efficient way of driving growth. In general, consumers are up to four times more likely to buy based on a referral. One way to enhance this aspect of your business is by implementing a referral program. Don’t think of Referral Marketing as a low-hanging fruit anymore. If utilized properly, it can catapult your business into new terrains of growth.
5. Get a Social Media Platform Advantage:
Social media management is a way to promote your company’s brand. It is the process of managing multiple social media accounts across various networks.
Managing multiple social media accounts can be difficult. It’s most common for the audience to spend more time working on their accounts than using them!
Social media helps Enterprise Brands share the story of their product or service through a website, blog, video, and social networks. It’s free as well! Find a platform that your competitors are not using. Being in a “blue ocean” space on social media will allow you to differentiate your company and corner the market. . It will improve your online visibility by adding more followers, more shares, and likes to your posts. Everyone knows about Twitter, TikTok, Facebook, Instagram, or LinkedIn, but others can help your business grow.
6. Influencer Marketing:
If you are starting your business on social networking accounts from scratch, it is cautious to invest in popular social media influencers. They have a more extensive social media reach and followers who would trust their opinion. Some of them also help virtually run an entire influencer campaign by employing a combination of software and apps.
7. Use exit pop-ups:
Email marketing is one of the most effective strategies to get more customers. Just take a look at these email marketing stats from OptinMonster:
· 85% of adults in the US send or read emails daily
· 99% of consumers check their email inboxes at least once a day.
· 95% of business professionals prefer using emails for business communication.
The only problem with this is that growing your startup’s email list can take some time. One of the best ways to boost things up is by using an exit popup.
8. Connect with Your Community:
The more you can target your ideal customer in their natural “online” habitat, the easier it becomes to connect with them and engage with their product questions. It is a most effective way to nurture leads who are concerned about topics related to purchasing your respective products.
An online community also connects would-be customers and prospects with your current customers – which is an excellent way to reverse-engineer and “growth hack” the referral process. It converts your existing customers into brand evangelists who can champion your message.
Growth is a process, and like any process, it takes time. And you have to trust it. Growth hacking is not just about experimentation or shortcuts. Its real mission is to find out what your audience craves, so you can give them more of what they want.
Frequently Asked Questions (FAQ)
Growth hackers need a variety of skills including analytical thinking and problem-solving abilities in order to identify areas where they can employ creative solutions; marketing experience in order to understand customers’ needs and target their desired audience; knowledge of digital tools such as SEO, A/B testing software, CRM systems; programming skills for automating processes and creating landing pages; copywriting skills for creating compelling content; and creativity for coming up with original ideas that will help drive traffic or generate more sales.
To implement growth hacking effectively it is important firstly to define the business goals you are aiming for and what resources you have at your disposal. Then it’s time to get creative – come up with ideas on how you might achieve your desired result using those resources or other strategies that don’t necessarily involve spending money or time. Test different approaches by setting up experiments (such as A/B tests) that measure success criteria such as sign-ups or purchases. Finally when you find something that works – keep iterating upon it constantly by applying analytics tools so you can track what changes are leading to an increase in traffic or sales.
Growth hacking techniques are strategies and tactics used to rapidly grow user base or revenue for a business, usually through creative and innovative means. Some common growth hacking techniques include A/B testing, email marketing, content marketing, search engine optimization (SEO), referral program implementation, influencer outreach, social media campaigns, and creating viral loops.
The best example of growth hacking is Airbnb. They grew from 0 to millions of users within a few years thanks in part to their creative use of various growth hacking techniques. These included leveraging existing user networks such as Craigslist, offering discounts to university students who referred their friends to the platform as well as emphasizing the unique experiences that can be enjoyed through Airbnb over traditional hotel stays.