It can be easy to feel overwhelmed when starting a business.
The digital age of the Internet has forced marketers to change the way they market their product. The Internet has made it possible for people to find out about a product without the help of a marketing campaign.
A great startup is one that has mastered a set of tactics called “growth hacking.” These strategies can include things like search engine optimization and social media integration.
A relatively new term, “growth hacking” is mostly associated with new ways to market and grow online businesses. Growth hacking is a useful tool for startups with a low budget because it is low cost.
In 2010, entrepreneur Sean Ellis coined the term “growth hacking.” He noticed there was a void in the startup industry and wanted to fill it.
Traditional marketing skills are successful at pushing products and services in established businesses, but the skill set may not be technologically oriented enough to develop growth without external resources.
Growth hackers focus on finding a specific market to target and developing a product that can be marketed and sold without much help. In other words, growth hackers and marketers are not the same.
Growth hackers are people who are good at promoting growth through technology and innovation. They are results-oriented and always looking for new ways to improve things. Elon Musk, Jeff Bezos, and Richard Branson are all growth hackers.
Each of them have used innovative strategizing to rise to the top of their respective fields. Some notable investors and entrepreneurs are using growth hacking techniques to take trade in new and exciting directions.
Let’s look at these growth hacking concepts and best practices you can use to see a difference in your startup or established company:
1. Be Accessible
If businesses want to be successful, they need to make sure their products can be accessed by as many people as possible.
If a company can offer multiple ways to connect with customers on popular platforms, it will see more people using its products or services.
Spotify is a music streaming service that is now worth more than $10 billion. The company was founded in 2008. It used a multi-pronged approach to encourage users to switch to its free platform.
Spotify has 12.5 million paying customers who are brand loyal to its pricing model, features, and availability of music.
Spotify is a unique product in that it offers both free music and a premium service that allows listeners to choose what they want to listen to and when they want to listen to it.
The company partnered with Facebook so that more people could access Spotify.
The company is continuing to grow by expanding into new mobile platforms and partnering with other companies.
2. Listen to Users
User commentary is something that online companies have to deal with whether they want it or not. Some companies choose to ignore the information, while others only do damage control.
The companies that are successful are the ones that listen to what is being said in online forums and then make changes based on that feedback. This has a positive impact on their user base.
TractionVC helps entrepreneurs attempting to grow a business. The company always tries to find ways to help business models that will be the most beneficial to the average person. The information from the text can be used by business owners or leaders as they see fit.
The company started on December 15, 2014 with a beginning change over rate of 0.8%. After reading through customer feedback, the developer made changes to the product that increased conversion rates to 5.2% within a month.
This is an example of how taking note can make a meaningful difference in companies’ development.
Users who leave comments on websites can be thought of as helping to grow the site. The open-forum style of the Internet can be worrisome for business owners, but the feedback given can be used to improve the business.
You can increase your social media presence by doing things like responding to comments, and people will appreciate that they’re being heard.
3. Find Your Niche
You may be surprised to find that your company is more niche-oriented than you think. Most businesses have some aspect that connects to a specific field. If you use the industry in a different online forum, you will be able to expand your main product.
Pick a subject you’re passionate about and become an expert in it. If you want to be seen as a thought leader, you need to create a blog and write guest posts.
Ask your primary website visitors to create a login so they can participate in special insider forums or receive added benefits.
A niche can be a great thing for your business if you use it correctly. It doesn’t have to be exclusive or limiting. You can improve your business by using technology and effective marketing tactics to find an audience that is willing to help you.
4. Prospect Nurturing With a Twist
The goal is to be there for potential clients when they need you, with the right information. In order to successfully nurture prospects, you must have a good understanding of what your target market is interested in. Therefore, it is essential to do some research before beginning the process.
Promotion, content designed to re-engage customers, educational and training materials, and targeting prospects who have already shown an interest in your brand are all traditional methods of nurturing prospects.
The company is offering $100 gift cards with purchases from various virtual vendors as part of a promotional campaign. Many people who use the gift cards become “Angels” whose $40/month fee goes straight to winemakers. In return for shopping with the company, customers save 40-60%.
5. Use Scalable Tactics
Start small with any tactic you choose to implement. The products that are successful and grow rapidly are the ones that gain popularity on their own and lead to increased sales.
You need to have a good infrastructure set up to be able to handle growth without being slowed down by back-end problems.
Social media companies are great examples of businesses that can grow quickly and be very successful.
In its early days, Facebook used various methods including sharing techniques and hiring new engineers to keep the platform running, which allowed it to grow into the large, successful company it is today.
6. Perfect Your Product
The goal of growth hacking is to perfect your product. You need to be constantly revisiting your goals to ensure you remain on track. Your product should be designed to meet the needs and preferences of your target market. Use data about your target market to help you improve your product.
Growth hackers call this the “product-market fit”. It is crucial that your product is appealing and effective before using it to promote expansion.
7. Set Measurable Goals (KPIs)
After reading this article, you should have a better understanding of how important KPIs are to growth hacking. The KPIs (Key Performance Indicators) should be different for each stage of the funnel, and they should be based on the goals of the business.
A growth hacker must be able to identify goals that are both actionable and will result in growth in order to be successful. This will limit your temptation to broaden your focus and allow you to spend more time on testing and refining your approach.
8. Define Your Tactics for Every Stage in the AAARRR Framework
This is the part where you will either succeed or fail. As a growth hacker, you should use your creativity to come up with fun solutions to serious problems.
There are various ways to achieve the goals of a marketing strategy, which can include creating messages, changing promotions and pricing, or improving the customer experience. At this point, you will need to answer questions.
- What’s the best way to get more people to know about your product?
- How to break the fear of trying something new?
- How to offer the easiest on-boarding process?
- How to engage with your customers more effectively to keep them coming back to you?
- What will lead to the increase of the number of referrals?
- How to turn more users become your brand ambassadors?
- What can be done to prevent users from turning to a competitor?
growth hackers used different tactics to answer these questions at different stages of the funnel.
9. Analyse Your Performance
This is the part of the job where growth hackers need to show their skills with numbers and their ability to get insights from them. Data analytics are key to understanding whether you are achieving your desired outcomes.
As you monitor your progress, this data can also help you fine-tune other aspects of the process, such as your product or your goals.
10. Keep Optimizing and Re-visit Your Strategy Every Quarter
There is value in learning by doing, whether this means implementing a new approach or refining a previous effort. You will be successful if you are patient and practice.
Do not hesitate to get rid of anything that is not working well – that is the best part of working with Internet products. You can learn from your mistakes more easily when you experiment and make changes.
Examples of Successful Growth Hacking Tactics
Some examples of companies that have used growth hacking tactics effectively are Airbnb, Dropbox, and Reddit. Here, you can learn from the best and find inspiration for coming up with something brand new for your business.
AirBnB: Get Featured on Relevant Websites
This has become basic for many businesses. It still works like magic. If you study your customers’ profiles, you can learn about the communities where they spend their time.
It’s beneficial to have access to a large group of potential users, whether they’re part of an online or offline community.
AirBnB was in need of users, customers, and a good reputation when it first started out.
The founders of Airbnb had a moment of realization when they realized that people who were looking for alternative accommodation often searched on Craigslist.
The below text is an offer for AirBnB accommodation providers to copy their listing information to Craiglist with one click in order to verify the information and post it. Now, that’s what one calls a ‘growth hack’.
MasterClass: Cooperate with Industry Experts and Influencers
While some may disagree that celebrities have lost their credibility, younger generations are more likely to believe that celebrities are no longer as credible as they once were. This new Ed-tech business will change your mind.
The MasterClass website offers creative and celebrity-taught classes to the public. The platform has it all.
Serena Williams, Annie Leibovitz, Gordon Ramsay, and Neil deGrass Tyson offer a wide range of lessons, from tennis to photography to cooking to science.
MasterClass’s sales increased significantly from 2016 to 2017, and they obtained 80 million dollars in funding to expand their business globally. The three year old company is generating the same amount of revenue as Udacity and Coursera, which are both well-established companies in the education technology industry.
This text is saying that it is beneficial for a brand to cooperate with influencers and celebrities if the brand feels that the celebrity or influencer can add value to their company.
Create a Customised Referral System
One way to grow your company is by using social sharing and refer-a-friend techniques. There are many examples of creative and successful referral programs.
Two things differentiate the best performing referral programs. The best referral programs offer benefits to both the person being referred and the person doing the referring.
The second thing is simply being creative. People are always looking for new ideas that are interesting and exciting enough to make them want to share it with others.
The Groupon Way
Groupon creates world-class referral programs. Assuming you just found a great deal on Groupon, let’s continue. It’s one that you can’t pass up.
The only problem is that not enough people have signed up for the deal – and the deal expires in 2 hours.
If you want the deal, you have to share it with enough people so that it actually goes through. Otherwise, everyone will miss out on the deal because it will expire. The marketing technique of using FOMO (fear of missing out) and urgency is very effective.
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