Starting a business with a new brand name? You’ve got quite a challenge ahead of you.
Not only are you dealing with the learning curve that comes with a fresh, untested company, but you’re also facing a huge competition. If you need any strategies to achieve your entrepreneurial goals, then, you will need an effective plan on how to make your business grow to a point when it can survive and thrive in the marketplace.
The answer is Growth Hacking.
What is Growth Hacking
The term ‘’growth hacking’’ was first coined by Sean Ellis back in 2011, refer to unconventional methods that business owners can use to accelerate their growth. This exciting technique includes creativity, analytics and innovative ideas that drive faster results on your marketing investment. With careful planning and some out-of-the-box thinking, growth-hacking gives businesses the potential to accelerate the progress regardless of the industry.
Many businesses nowadays have already explored a wide variety of innovative techniques for growth hacking, ranging from video marketing to psychological strategies. In this article, we’re going to cover some of the important growth hacking campaigns that newly startups can use when ‘slow and steady’ just isn’t the right path for them.
Let’s get started
1. Teach your Customers About your Product
One of the biggest issues that today’s consumers have with buying from a new startup is that there’s a risk involved with purchasing something unknown. People aren’t sure of what startups are selling and how it will work. That’s why one of the best growth hacking strategies you can leverage is to be educational.
Dollar Shave Club- world’s best-known shaving companies recently launched a video to help explain their product to their customers, Crucially, the video didn’t just highlight the product benefits but it also drew attention to the unique personality of the brand, helping customers fall in love with the idea of the company.
Finding a fantastic and engaging way to teach your customers about your product and also offer an insight into your brand personality is an excellent way to drive growth into business. Two years after it began, Dollar Shave Club company had already made $20 million and it tripled that number by third year.
2. Give an Incentive for Referrals
Referrals are one of the best ways to grow a startup because people are more likely to trust their friends. Research shows that customers are more likely to buy products and services that are recommended by someone they know and trust.
While you should always for your prospects to discover the delights of your product and make the referral on their own, that can take a lot of time. If you want to speed up things, you’ll need to offer your customers something intriguing to convince them to act.
For instance, Dropbox knew that to stand out as a provider of cloud storage services, they need to offer its users additional storage space, provided that they would refer a friend from their network first. The result was sensational growth for Dropbox, to the point where the company is now the go-to solution for cloud storage in the industry.
Remember, you don’t have to give your customers something big to encourage them to refer, something simple as a small discount deal or an extension or a free trial could be enough.
3. Don’t Target Everyone
Finally, keep in mind that great growth hacking of your business isn’t just about reaching as many people as possible; it’s about making the right connections, with potential customers. Start by solving a real problem for your customers, and then avoid burning through your entire promotion budget at once by targeting those people who’re most likely to generate growth.
For instance, when Hubspot was started it was one of the many companies claiming to help businesses with their marketing concerns. Rather than just offering the same thing as everyone else. Hubspot decided to give its customers the things that they need the most- a way to create buyer personas.
After creating the free source, Hubspot started targeting the market to get the right audience like innovators, early adopters, and influencers that could share the tool with more followers. Taking this highly focused strategy improves your chances of getting a bigger ROI with a smaller budget.
What’s more, while the service was free of cost, it did ask for a customer’s email address. This meant Hubspot could continue to connect with the interested people in their service and nurture them into quality leads.
Ultimately, growth hacking is a process that startup nowadays requires to try new things and explore different strategies. However, if you happen to come across a plan that works like the 3 above options, you could find that you accelerate your path to success in no time. Try using these growth strategies to take your business to the next level and we are sure you’ll be amazed by what you can accomplishbusiness