Growing your business is the dream and goal of every entrepreneur. Growth hacking is one of the biggest buzzwords in the past years. It is a slow process of business growth. It is an execution of a well-defined growth strategy while doing the easiest, cheapest, and most impactful things.
Growth hacking is a startup inventory, which makes use of cost-effective and efficient marketing techniques, across marketing channels and product development that lead a business to accelerated growth.
Growth hacking is often adopted by startups and companies who want to gain exposure and grow their revenues and customers. A growth hacker is someone who uses creative, low-cost strategies to help businesses acquire and retain customers.
Growth hacking means rapidly experimenting with different marketing tactics, advertising efforts, decisions, and other tasks to quickly convert leads and generate sales.
Some well-known examples of successful growth hacking campaigns include:
Dropbox uses a referral program to make their customers work as acquisition channels. They offered users 250MB of extra storage space for every friend they would bring in as new users/referrals. You could easily invite your friends via Facebook or Twitter, or import your email contacts to send them automatically.
Hotmail, which appended a line to each outgoing email encouraging the people to sign up for a new account. It was the first free email provider. At the bottom of all the emails from their users they placed the phrase “P.s. I love you” with a link to their own websites. As soon recipients visited the website and saw that Hotmail was free, they switched to Hotmail.
Hubspot’s known for giving away free information to help its users. The tool helps people evaluate their sites for SEO friendliness, mobile-friendliness, and speed. So they can optimize those sites. And since you have to sign up to get your site’s entire report. It also helps to build Hubspot’s email list.
A stunt video apparently showing a man being thrown over Dubai Marina using a slingshot. It has been confirmed to be part of an ad campaign. The two-part video was initially released. Sparking a huge social media debate over whether the footage was authentic.
It has generated nearly 140,000 viewers so far on various social media platforms, including Facebook, Twitter, and YouTube. This video completely missed the landing mark, to the shock of viewers. The second part of the video has since been added. They showing the stuntman apparently landing in a swimming pool.
When it comes to an effective startup growth strategy, email marketing both leads and conversions. It will allow you to reach your audience and deliver your message effectively. Email marketing greatly helps businesses to build pre-launch hype for any products or events.
For setting up an email listing, you should opt for email services like MailChimp as it allows you to push emails effectively. Since communication plays a vital role in your conversion. Make sure that you reach out to your potential customers at least a week prior to your launch.
This is one of the effective strategies to be used by smaller businesses. Referrals from friends, family, or industry influencers relatively convert a lead much faster than others. The CPA of referral customers is less, it cut down your costs too.
Companies such as UBER and betting apps like Draft Kings have done this. where when you refer your friend or they use your referral code when they sign up. The person who refers to the new consumer receives a discount or in-app currency.
Social media is an essential part of the marketing mix for a business. You can leverage social media communities to promote yourself. And receive market feedback and interact with industry influencers. It can take time to develop content and build an audience.
One of the best social media growth hacking strategies is to create a Facebook group. Which around your brand where your audience would engage with your brand. You need to ensure you’re creating value for them and the group. The chances are fair that those who are not aware of your brand may get inspired by the content in your group.
Startups utilize other platforms to attract highly targeted users that are looking for a similar product or service. If you plan to create a platform or service which sells online courses. But you don’t have any sort of students or clients. The one way to do it is by distributing your courses on platforms that already have a flow of users. Such as Udemy, Skillshare, or even Youtube in order to attract users back to your website.
Competition can come in different sizes and shapes but it always exists. Many businesses fail due to following the competition without any action plans. As a result, they will fail to produce the desired results. A good plan should be a focus on discovering all the conversations that are happening around the target brands.
The plan should also include a thorough and regular analysis of the competitor blog and social media post. So that you can tailor your content for maximum impact. Similarly, you can also track their backlinks. So that you have a fair idea of how they are marketing their products and services.
Business partnerships and collaborations are some of the best growth hacking techniques as they create a lot of noise. Many brands realized the fact that co-marketing and product partnership is an effective growth marketing strategy.
Growth Hacking is not only creating a great social media buzz but will also send relevant organic traffic to your website. It is an opportunity for news coverage and will enhance the visibility of your product and service globally.
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