5 Growth Hacking Techniques to Take your Business to the Next Level
If you’re a budding entrepreneur and you’re not familiar Growth Hacking techniques, you’re going to want to read this post to grow your business.
Making the business grow is one of the ultimate goals of business owners and marketers. Whether you’re an entrepreneur who has recently launched a product or a service or a business person who has already been in the field for some time, growing your business is something that’s sure to be on your mind. As a business owner, there a lot of things that you need to manage successfully – your customers’ queries and problems, resource constraints, perhaps your own personal limitations, and simultaneously focus on driving your business forward.
Stats show that among small businesses, almost 20% end up failing within the first year, indicating that propelling your business forward in the initial months is no walk in the park. Although it becomes quite a challenge if you’re fighting a battle on every front, growth hacking is considered one of the keys to making your business a success.
What is Growth Hacking & Why is it Important?
Ever wondered how a few startups come to notice each year that have ridiculous growth rates? That’s because they’re using growth hacking to become visible and gain traction. The term was initiated by Sean Ellis, the CEO of GrowthHackers back in 2010. It refers to experimenting in order to identify the methods and techniques that can most efficiently grow your business. Thus, growth hackers are not like traditional marketers who have a range of skills and different objectives to achieve – they’re only focused on achieving “growth”. It’s more of an ingenious hacking where the hackers explore and innovate strategies to boost sales and increase the customer base through their ‘hacks’ or shortcuts.
Though not a very old concept, growth hacking has gained popularity due to its tremendous results to businesses in terms of achieving quick growth without having to spend a fortune. Big names like Airbnb and Dropbox leveraged this concept due to which they were able to gain massive growth and upscale their users within a few years.
Now, let’s take a look at some effective growth hacking techniques that can take your business to the next level.
A) Attract Customers by Prioritizing Content Marketing
Content is king, and marketing the content digitally is known to be cheaper and more effective than traditional marketing. Content marketing can create three times more leads, therefore it should be given priority if you intend to grow your business. Focus on creating valuable content by generating the right type of material for the right audience. You can create a blog that offers handy, high-quality information to your readers and optimize it with trending, high-volume keywords so that you can establish your business as a credible and authoritative entity. With the help of useful blogs, you can attract huge numbers of visitors to your website who can eventually convert into your customers.
Similarly, you can also go for guest posting, create podcasts, run webinars, and create other types of social media content, visuals, and infographics as part of your content marketing activities. For instance, if you run a business of coaxial cables and connectors, you can target your key products in your content marketing endeavors to highlight the value you’re offering to your clients.
B) Improve Engagement via Email Marketing
It’s a fact that not all visitors that land on your website will actually make a purchase right away. Thus, you will need to connect with your audience in an attempt to make them your customers and subscribers. For this, the right email marketing strategy can do wonders, as its ROI is known to be around $40 for every $1 that is spent. Start off by building your email list using robust tools like exit-intent popups, and use lead magnets to offer something valuable to your potential customers. It can be some exclusive tips, or downloadable content such as an eBook or a report, in return for their email addresses. This will help boost your conversions using targeted campaigns at strategic points.
C) Offer Free Products
This technique is extremely effective for increasing your customer base in a short span of time. Think of it for a moment – who doesn’t like to use anything that’s coming for free? We all love trying free products as it gives us a chance to be ‘sure’ whether whatever we’re spending our hard-earned money on is something really worth the value it’s offering.
Another benefit of making freemium products is that the potential reviewers whom you would want to review your products will be more attracted to try them because they’re not paying anything for them. This makes a lot of sense. The best way, hence, is to offer freemium products with features that are enough to hook the customers to your product and leave them wanting to try the rest of its amazing features. You can then encourage them to upgrade or opt for additional features by going for the paid versions.
D) Leverage Customers’ Feedbacks
Feedbacks and reviews are one of the best ways to not only enhance customer engagement, but to establish credibility, and grow your business as well. Asking for reviews from your customers after they have tried your products or services can help you in understanding the likes and dislikes of your client base. As a result, you can alter and mold your business and its offerings according to the most-wanted customer demands. You can incorporate popups requesting comments from users after they have made a purchase, or request them to give feedback on your social platforms. This will enhance the customer experience and will surely give a boost to your sales.
E) Gamify Onboarding for your Users
Offering various incentives to your new users for using your product, and referring it to others in their network is what this technique is all about. It not only makes the buying experience more interesting and enjoyable for the users but is a tried and tested method to increase your sales as well by enticing your customers with incentives on each recommendation or referral that they make.
The results that growth hacking can bring for your business’s success are tremendous. That is why growth hackers are in pretty much in demand as well. Implement these strategies; be innovative, be bold and you’ll reap the fruits of an exceeding growth of your business.