5 Growth Hacking Strategies to Upscale Your Business
When budget and marketing constraints get in the way these 5 growth hacking strategies will help you grow your business.
In today’s competitive landscape, growing and expanding the business has become every entrepreneur’s utmost priority. But unfortunately, business growth can be pretty challenging. Most entrepreneurs lack the budget for substantial marketing campaigns, facing difficulty in spreading their brand message. Likewise, many business owners don’t have the funds to launch new products and expand product lines. In such situations, the only way to grow a business is by using growth hacking strategies.
If growth hacking is a new concept for you, it’s all about using low cost strategies that help your company grow. Unlike conventional marketing strategies, it encourages entrepreneurs to implement tactics that provide faster results. Perhaps, marketers can leverage data to expand their customer base. Likewise, they can host contests online or integrate gamification into campaigns to capture the audience’s attention.
If you want to give growth hacking a shot, let us help you out.
Here are five growth hacking strategies that can help in upscaling your business.
1. Leverage Data-Driven Marketing
Nowadays, entrepreneurs don’t have to make decisions based on their instincts and guesswork. Now, they can leverage data to launch campaigns that align with consumers’ interests. You can assess the content marketing stats to determine which content format audiences prefer. If the engagement rates of quizzes and polls are higher than blogs, you can stick to interactive content. Similarly, marketers can use predictive modeling to anticipate customers’ future demand for products and services.
Once you have implemented data-driven campaigns, assess their effectiveness across all marketing channels. So, any idea how to measure success in growth hacking campaigns? Although the one-size-fits-all approach doesn’t work for growth hacking, some key metrics can help in evaluating results. You can assess the cost of acquisition, funnel conversion rates, sales qualified leads, and retention rate. It will determine if growth hacking strategies are generating satisfying results for your business.
2. Run Viral Contests Online
Usually, marketers don’t give enough importance to contests, thinking they are only for entertainment purposes. In reality, online contests provide an opportunity to innovate and create brand awareness. After all, reward-based activities always go viral on the internet. It helps brands spread their brand message and build a user base by attracting new users. Here are a few practical ideas to run a successful contest.
- Create a competition on Instagram by asking users to post content, including videos and images around a theme with a hashtag. Recently, Nike launched a contest where people had to upload Air Max & Tag shots with a hashtag of #theshoesupplier and #airmax. Also, they promised to reward 100 Euros to the person who captures the best image. So, why not try something similar?
- Share an image related to your business, highlighting your services and products. You can ask people to like and share the image to enter the contest. For rewards, you can pick a participant at random.
- Additionally, you can run a sweepstake on Twitter with a prize. However, make sure the contest complies with Twitter’s rules.
3. Integrate Gamification
Gamification is one of the tested and tried growth hacking techniques that marketers use to capture user’s attention. It invites users to complete specific tasks to move up to the next level. Simultaneously, it also asks people to share advertisements and invite friends to get rewards. Before launching gamified promotions, you have to consider several things. Firstly, think of ways how gamification will attract your target audience. Perhaps, you can inspire competition by introducing loyalty reward programs.
Similarly, you can offer extrinsic incentives to users. A few years back, Starbucks and Lyft partnered with each other, enabling the customers to gain Starbucks points when they used Lyft. Besides this, you can encourage users to challenge their friends. In addition to inviting a friend and intriguing him/her to your brand, it will help establish a brand-oriented community.
4. Grow Online Presence with Automation
As competition is rising in the digital world, marketers have to find ways to grow the brand’s online presence. In 2021, you can automate a whole lot of social media processes and streamline marketing campaigns. It will reduce the time spent on assembling posts last minute, giving you more time to engage with the audience and improve conversions. Here we are listing some ways to grow online presence with automation.
- Social Listening Tools: These tools analyze what people say about your brand online. You can see brand mentions across all platforms. Likewise, you can also follow hashtags and keywords to determine what is happening in your industry.
- Chatbots: The AI-enabled chatbots can provide customer support and improve customer experience. They have human-like intelligence; meaning, chatbots can respond to queries and reply to comments instantly.
- Content Curation Ideas: Are you facing a creativity block? The automated tools can provide excellent content curation ideas. They find trending topics in the industry that appeal to audiences and upscale your content marketing efforts.
5. Launch Retargeting Campaigns
Usually, brands retarget users who bounce immediately from the website. It is not only a waste of money for you, but also annoys those visitors. After all, they might have clicked on the site by mistake. When launching retargeting campaigns, consider hiding the retargeting cookies for 45 seconds to stop targeting users who click on the site by mistake. That way, you can spend your retargeting budget on people who stay on the page and consume content.
Moreover, you can use coupons for retargeting users who bounce back from the checkout page. Mostly, the decision to leave the page happens because of shipping charges and taxes since it increases the product’s cost. Marketers can segment that audience and introduce a coupon to encourage them to complete their purchase. Remember to demonstrate urgency by using a time limit on the voucher.
Final Thoughts
Almost every entrepreneur is eager to grow their business and maximize profits. But achieving business growth is quite challenging in today’s dynamic and competitive marketplace. As a result, many entrepreneurs are utilizing growth hacking strategies. You can also test and experiment with new ideas to acquire customers and upscale the business. You can integrate gamification, leverage data, or run contests online to make your brand thrive.
