8 Growth Hacking Strategies That Will Boost Your Sales
Growth hacking strategies are an essential component for startups on a budget, here are 8 proven to boost your sales effectively.
Growth hacking is using different strategies and proven practices to help a business grow.
A large portion of business is carried out online today: selling of e-products, distance services, marketing, client contacting, and contract formation. So, strategies have arisen that enable business owners to increase the pace of their growth without necessarily investing more in equipment or personnel. What follows are 8 commonly used growth hacking strategies that have been proven to yield good results time after time.
Email is a very powerful tool in growth hacking. With a wide variety of applications in which it can attract new customers or make the old customers return, email is a foolproof way to address your audience. Email your (prospective) customers regularly, but be careful not to overdo it. As a rule of thumb, a new product or a service should be advertised to customers for some 7-14 days prior to the product’s launch. Anything shorter than that compromises the results. Anything longer and people lose interest. If you have any additional information on your mailing list, make sure to segment the list to be able to more precisely target each segment in your marketing efforts.
2. Reward Social Shares
Reach out to your audience and make them reach out to their peers by offering rewards for social media shares. An average user of social media has a well-established network of like-minded people. What is a minute for them can easily generate more traffic and more converted visits to your website, so offer promos, rewards, or even free credit to incentivize social media sharing. Spread awareness of your product or service on social networks further by reaching out to influencers working in the niche where you want to establish a strong presence. Influencers may charge some money for their service, but having strong names affiliated with your brand is a plus whatever your niche.
3. Use Urgency and FOMO
We are designed to react when resources are scarce. This is why resource scarcity is a universal signal calling for urgency in action – turn it into FOMO (Fear Of Missing Out). Do not cheat your clients into thinking that there is less than there actually is, but rather create such a business concept that would rely on peak sales, offer services at these intervals and use the rest of the time to analyze the audience, converting customers and their satisfaction with that particular purchase. Then use what you’ve learned to make their experience better next time they make a purchase with you. Ideally speaking, you should be offering services seasonally for best results.
Offer a lot of freebies. High-quality giveaway material can be as simple as a downloadable template or as complex as an in-house power-line inspection but offer something for free. Potential customers will enjoy getting some value without even opening their wallets, and you will have tons of clients who will see your logo and a high-quality piece of material or content that you can offer. WritingUniverse offers great writing services, and they let their clients check out the quality even before the purchase is made. They do so by offering a number of free essays. So, once assured that your brand is worth the money, the customers are more likely to purchase.
5. Be Data-Driven
From the moment you’ve compiled your first emailing list to the moment you actually start making money from your product or service, be data-driven. Analyze, interpret, apply, repeat. When dealing with large numbers of customers, it can be difficult to actually interpret all this data, so some form of standardization is necessary. Understand your customers’ age, gender, level of education, and income status. Turn these data points into a unique way to approach your unique audience.
6. Team Up With Another Company
Teaming up with another company can have its own benefits for growth hacking. Teaming up with companies vertically is a must: a platform that you will present your product on or assemblers that will actually deliver your product to you are an integral part of any business. Teaming up horizontally, however, is a different approach: offer benefits to your new partners, and they will offer you some as well. Be ready to advertise to get advertised, and offer value to receive value.
7. User Experience
Great user experience is a must! Why should a customer buy your product or service when another company does what you do, for the same price but offers a much better user experience? Streamline your website, remove any clutter from your landing page, improve your website’s general speed and optimize the check-out process: speed is a must in user experience.
A well-designed automated cycle can take a lot of burden off your shoulders. Services such as Buffer and Zapier can do wonders with automation and: manage your social media, email your customers or send emails advertising your new products. In the meantime, spend the time saved productively: learn about the best times to email your customers, the golden hour on Instagram, and learn how to better communicate your value to your customers.
Growth hacking is a set of well-established practices that have shown great results in growing businesses. Consequently, they increase revenue and make a company better rooted in the market. Apply at least a few of these to your business and see the results for yourself. However, you should be mindful: not all of these are applicable in all businesses.