Growth hacking is widely used in marketing but businesses often ignore its real meaning and focus. When we talk about growth hacking we mean creative and experiment-driven techniques focusing on massive growth in a short period of time. Here, there is difference between growth and scale. Scaling refers to a model where business growing revenue rises more quickly than its costs. On the other hand, growth is a process of increasing revenues and resources at an even rate.
The main concept of growth hacking is the cost-effective acquisition of a large customer base where all of parts of your business ( data, creative, development, marketing, analytics) are aligned to your final objective to increase your sales.
In this brief quide we’ve included the key top five strategies that lead to success.
Email Marketing
When it comes to an efficient startup growth strategy, email marketing is the king of the acquisition, engagement and the retention of your users. Building an effective email list could be challenge as there are many criteria that are important for setting your target audience. ( geographical, financial, industry, product demands, age ). Segmenting your audience wisely enables you to convey the right message. It is also a great tool to create a pre-launch hype for any product or event.
Offers for Beta Users
Promotional offers are an effective marketing tactic for startup businesses. Also, it is an excellent way to collect real reviews from users as well as testing your product before launching. Therefore, a promotional discount or free subsription for a while can stimulate interest for using your products and services. It also helps you to get useful reviews in order to improve your quality of service provided before your global expansion. That way you can minimize customer dissatisfaction and at the same time increase sales.
Exploit the power of Q&A Sites (Quora & Reddit)
There is almost nobody in business world that hasn’t visited at least once Quora and Reddit. Those are great tools to showcase your business in an innovative way. You find out more about particular search queries in related topics, join the conversation and provide possible solutions for specific demands. Also, it is an excellent place for networking in your target community. This is a significant chance for connection which can make your business stand out in a global level.
Referral Marketing
People by nature often looking for recommendations from friends, colleagues and people they trust. Therefore, it is more than important that you include referral programs in your growth strategy. Your clients are your referrals and you can reward them by inviting a friend to use your product or services. Make a paid campaign plan with your personalised referral program and an appealing landing page to motivate your customers to “scream” the service to others.
Understand Customer Journey
From awareness to evaluation and conversion there is process called customer journey. You need to monitor your growth hacking funnel , interpret your analytics data and take proper action to enhance your conversion rates. Creating paid video sequence campaigns or email drip campaigns are critical components of your growth strategy and conversion optimization. Another thing is conversion-centered design. Visitors should easily find what they look for to take the next step in their interactions with your business. Also, you need to identify possible reasons that discourage people from converting in your website. That might be a slow webpage or various UX issues that need to be improved.
