Growth hacking is how companies like Tinder went from 5,000 to over 15,000 users in a matter of days. It’s how Product Hunt evolved into Product Hunt, and Airbnb evolved into Airbnb.
The number of well-known firms that used tricks to build their user base quickly is infinite.
A data-driven approach is required for effective growth hacking. Get into the zone, be strategic, and opportunistic, and you’ll either succeed immediately or be able to swiftly see what isn’t working and adjust appropriately.
A successful growth hackers may also establish their own Venture Capital firms.
Everyone seems to be talking about it, including Internet firms, eCommerce businesses, and even government organizations. Its allure arises from the simple fact that it works.
Thousands of small software companies and lean startups have employed growth hacking to swiftly expand and profit, converting them into market behemoths in only a few years. Companies like Airwallex have even attained unicorn status (market value of over $1 billion) in similar durations because to the power of growth hacking.
You may be asking, given the hype around the term:
How can I use growth hacking to my own company?
Is Silicon Valley just successful for tech companies that have received millions in Venture Capital?
You may use a growth hacking approach for your company or Startup funding if you take the right steps. No, you don’t need a lot of money or a beautiful headquarters to get started.
If you’re interested in learning more about growth hacking, stay reading because today you’ll discover what it is and how to implement a growth hacking strategy for your own business.
What is Growth Hacking, and how does it work?
Growth hacking is a method of determining the most effective methods to develop a company via experimentation. Marketing, development, design, engineering, data, and analytics are all part of the process. Instead of following traditional methods, a hacker develops a fast, imaginative, and cost-effective way to achieve growth, which is why it’s called growth hacking. To reach his objectives, a growth hacker may use a variety of techniques, including content marketing, viral marketing, email marketing, SEO, A/B testing, and reverse engineering.
Product + Growth = Impact is a formula that growth hackers adhere to religiously.
More people, especially investors (VCs/ Angel Investors), will remember your company’s name if it continues to get media attention in relevant publications.
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Building Blocks for Success
There are a few foundations you need to lay before you can start growth hacking your firm.
1. Who are your clients?
2. What Are They Looking For?
To begin, it’s critical to consider the product-market fit. In other words, you must have a fantastic product that fits the demands of your customers.
To do so, you’ll need to know who your consumers are. This entails understanding:
• Their gender, age, education, and other demographic information
• Where else do people look for information outside your website?
• What are their beliefs, ambitions, difficulties, and pain spots that your solution can alleviate?
What is the Customer Experience?
However, you must also comprehend how your clients become customers. The customer journey is defined as the progression from awareness through assessment to conversion.
They become part of the growth hacking funnel after they’ve concluded you have the greatest product or service and have converted into customers.
The need for successful growth hackers is always great. They may establish their own businesses or work for Venture Capital firms.
Is Your Website Making Conversions Easier?
Another key part of marketing hacking is conversion-centered design. This entails making it as simple as possible for visitors to:
• Obtain the information required to proceed with their contact with you.
• Have the opportunity to interact with you
• Take a look at the social evidence that backs up your competence and authority.
You’ll also need to figure out what’s preventing visitors from converting. Set SMART Growth Objectives. Finally, before you begin, you must establish realistic objectives. Smart objectives include:
• Specific
• Measurable
• Achievable
• Relevant
• Time-bound
To put it another way, don’t create unrealistic expectations. Know what you want to accomplish and how it will help you develop. Determine how you’ll measure it and establish a deadline for completing it.
Every Startup Should Use Growth Hacking Strategies
To help you reach your full potential, use the following company development tactics to broaden your horizons and significantly raise earnings.
1. Create an email list for the pre-launch period.
You should use email services like MailChimp to create email lists since it helps you to send emails efficiently. Because communication is so important in conversions, reach out to your prospective consumers at least a week before your launch.
When it comes to generating leads and conversions for a business, email marketing still reigns supreme. Concentrate your efforts on growing an email list. It will enable you to communicate successfully with your target audience.
Furthermore, email marketing aids firms in creating pre-launch buzz for any product or event. It will also enable you to gain prospective clients prior to the introduction of your product. But don’t simply sit there with a list of email addresses. Take a few weeks to generate anticipation and get your audience excited for your debut.
Growth Hacking Strategies helps in Startup funding.
2. Form new brand alliances
Any small or medium-sized business may create a successful partnership if it finds the proper partner who can provide value to its brand and vice versa.
Even firms in very diverse sectors might benefit from forming partnerships. A good example is a collaboration between Flipboard (a news app) and Airbnb (a room-sharing software), which enables consumers of one brand to benefit from the capabilities of the other.
In this scenario, Flipboard provides tailored material to Airbnb customers, allowing them to make more educated selections when renting vacation rentals on the platform.
These users, on the other hand, provide material (in the form of comments and reviews) to Flipboard, which it aggregates for its users.
Many companies have learned that product partnerships and co-marketing are excellent growth marketing strategies.
Not only will it generate a lot of talk on social media, but it will also drive relevant organic traffic to your website. It will increase the awareness of your goods and services abroad and provide opportunities for press coverage.
Those who built new goods around a theme have had some of the most successful collaborations with not-too-shabby ROIs. Early-stage firms that are bootstrapped for Startup funding also utilize growth hacking.
3. Create a social media community for your company or product
For companies, social media is a vital component of their marketing mix. You may use social media networks to advertise yourself, get input from the market, and connect with industry influencers.
Content creation and audience growth take time. To do this, you must endeavor to integrate your social media operations with your entire development strategy.
Creating a Facebook group around your brand where your audience can participate with your brand is one of the finest growth hacking tactics for exploiting social media for your company success.
You must verify that you are adding value to their lives via that group. Those who are unfamiliar with your brand are likely to learn about it if they are motivated by the material in your group.
4. Prioritize excellent customer service.
It will be more difficult to persuade people to utilize your firm if you are unable to create devoted supporters of your brand.
Superior customer service creates a lasting impression that is readily shared on social media. In fact, more than 80% of customers are willing to spend extra per product or service for a better customer service experience.
Because first impressions are so crucial, you want your new company to be known for giving a great experience right from the start. It also attracts Investors (Venture Capitalists/ Angel Investors)
5. Include content marketing in your strategy.
Many firms devote a significant amount of time and resources to content marketing. That’s because it has a lot of potential for success. It’s also a very cost-effective approach to engage your customers in numerous ways.
Many experts feel that high-quality content may help you develop your company, particularly when you target the individuals who are most likely to utilize it.
When you initially start your business, you’ll have a basic concept of who you want to advertise to. Tools like Google Analytics, on the other hand, may help you fine-tune your knowledge of customers.
6. Online appeals to a bigger audience.
On the Internet, even the tiniest company may look considerably bigger. To attract customers and other investors (VCs/ Angel Investors), many small businesses may adopt the image of a major enterprise. You don’t have to lie to attract these folks, but you may need to be inventive in your presentation. For example, a beautiful website design and extensive corporate information may put clients at ease. Create a landing page that oozes professionalism and authority. Make your new business seem to have been around for a long time.
The Most Effective Growth Hacking Techniques
Short meetings and extensive testing sessions should be prioritized.
You are not a corporation if your company is at the growth hacking stage. Don’t behave as if you’re one. Keep sit-down meetings to a minimum. Come up with ideas, argue whether or not they’re bad, and then put the ones that aren’t into action. Remember that you won’t know what’s working and what’s not for at least a few months with most growth hacking tactics (unless you get massive traffic straight away). Prior to filling roles you believe are vacant, concentrate on a few excellent individuals.
Salary is one of the biggest drains on a startup’s funds
Consider contract labor or freelancers before employing a full-timer if you, your co-founder, and your Investor (Venture Capitalist) can’t get it done.
Final Thoughts
While there is no wrong in attempting new ideas (in fact, all experts agree), firms should concentrate on implementing tried-and-true development techniques.
There isn’t a single hack that will address all of your problems. Don’t be afraid to experiment with fresh growth hacking tactics in the future.