9 Effective Growth Hacking Strategies to Skyrocket Your Startup
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Although the term growth has been thrown around a lot, especially in the start-up community, many entrepreneurs still need to be made aware of what growth hacking is and how it works.
By using growth hacks, organizations can get started to achieve success.
What is Growth Hacking?
Let's first define what growth hacking is. It is an experiment-driven approach to finding the most effective way to promote your brand.
To keep your business ahead of the pack, you need to think something out of the box; growth marketing can help you with that. Growth marketing isn't just traditional marketing or promoting your products and services.
You can use it to reach a wide variety of audiences and boost your brand awareness in the long run.
Benefits of Growth Hacking Strategies
Now, let's examine why growth hacking is essential.
- It's cost-effective
- It helps improve your products
- It helps you find effective marketing tactics
- Makes you a better industry leader
- Faster monetization
- It helps in educating you about novel business structures and product ideas
- Enhances products
Here are seven effective growth hacking strategies that skyrocket your start-up:
1. Build a social media community
Social media has become one of the world's most powerful platforms for spreading your brand message to a broader demographic. Through these platforms, you can quickly introduce your brand, interact with your audience, understand your competitors, etc.
It also allows you to build a community that shares the same values as you. Before you launch your product, you can create groups or forums on social media platforms to promote your business. You can also create engaging posts, generate buzz, design contests, join similar groups, etc.
2. Make new brand partnerships
In the same way, it also helps you establish partnerships to enhance sales and interactions. Having this symbiotic relationship enhances your company's brand awareness.
You also need to focus on social media to look for a company complementary to your own.
3. Offer free products or services with limited features
You can also offer free versions of your product. Offering free versions with limited features allows users to try them out for free while incentivizing them to opt for a paid or premium version.
If you're going with this strategy, keep your eyes on conversion rates. Ideally, the standard is 2-5%, but you want to aim higher to experience exponential growth.
If numbers aren't improving, then it's highly likely that your products and services don't solve your customers' problems in ways they'd expect.
After all, who doesn't want to try free products, right?
4. Create useful and valuable content
Another effective growth hacking strategy to help you skyrocket your start-up is creating useful and valuable content. Content could be an article, image, audio, infographic, or video that creates profitable customer action.
You can boost brand awareness, leads, and your site’s overall conversion rates by creating helpful content for your clients. Then, analyze your buyer’s personalities by making a content strategy that’s specifically tailored for them. Using a helpful tool like an ai content creation platform helps you create content that’s simple, straightforward, and valuable for your target audience.
5. Grow your email list
Email marketing is also one of the best strategies that you can use to boost your sales. It can help you yield up to 4400% return on investment (ROI).
Also, once you have a contact list, you can quickly drive the conversation, nurture leads, and offer essential updates anytime you want.
Creating an email list should be one of your main priorities if you're a budding start-up business. Meanwhile, if you already have that, you should make the best of it.
This is because well-executed pre-launch emails create hype around your products and help you reach people outside your email list.
6. Leverage referral marketing
Another strategy that could serve as a significant boost for the initial stages of growth is referral marketing. One of the pillars when it comes to growth hacking, you can use this in your arsenal to boost sales and ROI.
Quicker than any strategy, a referral from friends, relatives, and influential people in your industry is one of the best ways to convert leads. The cost per action or acquisition for clients you get is cheaper and lets you cut marketing costs.
The most important thing is creating a good referral program, usually via cold email templates. Build a specific yet appealing landing page with information about referral marketing programs and an enticing CTA to gather emails. You can also ask your newsletter subscribers to forward it to people they know.
7. Gamify your promotions
One of the best growth hacking strategies start-ups can use is gamification. Gamification challenges users to finish a particular task to advance to another level. Users need to invite their friends or share your ads on social media to receive prices.
It would help if you considered several things before you launch gamified promotions. When you add loyalty reward schemes, you can encourage a sense of competitiveness amongst your customers.
This can inspire people to take on their friends and build a community that focuses on your company aside from introducing a friend and piquing their interest.
8. Invest in influencer marketing
Do you know that the influencer marketing industry is expected to reach $24.1 billion by 2025?
In every domain, influencers exist. All you need to find are the right ones that match your target audience. You can create a list of influencers and approach them with a product or service you want to market.
One of the most significant advantages of tapping into influencer marketing is the audience that comes with it. Although you may get fewer customers, you can still generate buzz around your product.
9. Hack your competitors
Do you see your competition as a threat? Well, it's time to change your perspective. See them as an endless source of information to generate ideas. This allows you to gain a competitive advantage by identifying their success and finding areas they're struggling with or neglecting.
It usually requires automation, wherein you need a tool that provides insight into every part of the marketing funnel or strategy.
Over to You
So there you have it. These are some of the best growth hacking strategies to help you expand your business quickly. We hope that you’ll apply these strategies that we have mentioned in this article to skyrocket your start-up.
All in all, you can leverage the power of growth marketing to boost your profit margins while enhancing the overall user experience. We suggest that you work with a reputable growth marketing agency, and wish you the best of luck!