The evaluation of the success of a business or start-up depends on the level of growth over a period. Growth hacking strategies are modern intelligent ways of attracting customers and driving rapid and sustainable revenue growth.
You can achieve this development through creativity and data-driven strategies. Companies adopting growth hacking strategies experience increased profitability and revenue. The term growth hack has been coined to describe clever ways of marketing for growth. This article outlines what growth hacking strategies entail and how to implement them in your company. We have also included five reliable techniques which you can employ to elevate your business to the next level.
What Do Growth Hacking Strategies Involve?
Growth hacking strategies are marketing strategies that intelligently merge the contemporary marketing practices with new policies, skills, ideas and tools that work exceptionally in promoting organizational growth. The system has facets or building blocks that together enhance business development. They include:
- Analytical thinking;
- Social media marketing and metrics;
Growth hacking strategies combine the work of a marketer with that of a programmer. They also stretch into building strategies, monitoring the innovated policies and drawing conclusions from them. The net effect of this is a consistent, calculable growth in the shortest time.
Who Needs Growth Hacking Strategies the Most?
Every business irrespective of the size it has is always looking for growth or better ways of attaining market authority and product visibility. Growth hacking strategies are modern tools that have proved to provide these desires. Therefore, they build up a system necessary for all businesses with the intention of growing in their respective niches.
Small firms and start-ups can, however, benefit tremendously from growth hacking as compared to the larger ones. This is because they have a bigger growth potential and are in need of scaling up their operations rapidly. Bigger companies, on the other hand, have the resources to implement all the aspects of a growth hack system quickly.
How much Is Usually Spent on Growth Hacking Strategies?
Growth hacking is a great approach through which companies on a small or zero-dollar marketing budget can achieve a quantifiable growth. The cost may vary depending on the size of the business. Since it is data-driven, companies can start from hiring skilled growth hackers.
The growth hackers’ payment would likely be the initial cost for implementing the growth hacking strategies. The data and metrics they use come from the company hence reducing any additional cost of acquiring external tools.
5 Ways to Implement Successful Growth Hacking Strategies
1. Attract Potential Customers
To do this, you need to follow pre-defined ways of getting traffic to your site. Creating customized content and blogs for a particular online audience will bring targeted traffic to your site. Use an empathy map to profile your online visitors according to their interests, likes, feelings, and thoughts. Afterward, write articles that appeal to these special interests.
Guest blogging is also another proven way of increasing your brand awareness. Invest in research to come up with captivating content which is well proofed.
2. Focus on Transforming Visitors into Leads
This works well once you have enough traffic. It is true that not every person browsing your site is interested in buying. However, you can change this by engaging in email marketing.
You can maintain email clients for long since rarely do people change their addresses. From here, you can warm your way into their hearts and convince them to buy your products.
3. Facilitate Your Brand Growth
You can do this by using data-driven decision making. The site analytics and metrics are among the only measurable resources that you can use as indicators of business growth.
- By reviewing the business analytics provided by growth hackers, you can find out the hits or misses of your products.
- By eliminating the misses, you will cut off unnecessary costs hence shed-off loads that drag your company’s growth.
- Consequently, you will also know where to recommit your resources for maximum remittance of revenue.
4. Embrace Experimentation
Small companies and start-ups have a better place at trying growth hacking as in comparison with well-established firms. The former has limited options mostly due to resource constraints hence will have a push to experiment new marketing strategies.
This exposes small companies to huge growth possibilities with a considerable risk. Their larger counterparts, however, are bound by the fear of failure or loss of market command in case new strategies fail.
5. Offer Freebies to Your Potential Customers
This is a way of reaching a larger audience in a short period of time. Upon getting a considerable amount of traffic, you can gradually impose fees for more of your products.
Finally, note that growth hacking techniques apply right from getting new clients to how to maintain their loyalty to your products. This, therefore, calls for experiments and hypotheses that can give feedback on how to optimize the customer retention capacity of your products. One of the proven ways is the A/B testing which focuses on optimizing your landing page conversion rate.
There are also other analytical tools that can help evaluate the performance of your business. By using data from such tools, you can come up with a set of goals to improve the performance of the less-performing segments of your business. Use hypothesis tests to check the viability of different strategies. For instance, you can resolve to add more opt-ins in less-viewed pages of your website to increase traffic. Well-defined hypotheses provide a picture of what to expect when you employ a particular growth strategy.
Finally, adopt policies that yield positive based on the outcome of your tests. In a business website, for instance, choose the marketing strategy that gave you better conversion rates for every visitor streaming in.
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