In the world of business, competition is tough. To achieve rapid and scalable growth, many companies are turning to growth hacking. This approach uses unconventional strategies to acquire and keep customers, increase conversion rates, and maximize growth.
In this article, we'll discuss five crucial growth hacking strategies that can help your business succeed, giving you an edge over your competitors and outstanding results.
What is Growth Hacking?
Growth hacking is a piece of marketing that mainly focuses on the quick growth of a brand/company. These marketing strategies are both efficient and affordable, and they help maintain and expand an engaged customer base while increasing sales.
It is usually utilized by early-stage startups/small businesses who want to achieve massive growth and customers’ trust in a short time.
Below, we have discussed one of the most essential yet effective growth hacking strategies that will help businesses quickly achieve growth goals.
5 Effective Growth Hacking Strategies for Businesses
Adopt a Freemium Model
One of the most effective growth hacking strategies is going for a freemium model if your startup offers customers both free and paid software as a service. Doing this will encourage more and more potential customers to test out your product.
According to Phil Libin – Co-founder and Former CEO of Evernote;
“The simplest and most effective way to get 1 million paying users is to get 1 billion users using it for free”
Since consumers appreciate free things and especially the ones that come with a wide range of features.
When potential users don’t have to pay a single penny to utilize a freemium product service offered by your startup, this increases the chances for your small businesses to quickly get recognized in the market.
For instance, Dropbox is a good example of adopting a freemium model. It offers 2GB storage for users with free accounts. While its premium plan comes with more storage starting from a storage of 2TB, 3TB, and 5TB.
Approach Influencers for Paid Promotions
With the increase in the popularity of social media, “Influencer” has become one of the most successful careers and fan favorites. Most social media users idealize their favorite social media celebrities when it comes to using a product/service.
So, getting a shoutout from influencers may give a boost to your brand’s fan following and increase trust.
For instance, as a startup, you can approach average Youtubers or Instagram influencers that are not highly popular to do a paid promotion for your brand or service. So, when their viewers/followers see them using your brand’s product or service, it will increase the chances of the brand’s success.
Hiring influencers is an excellent growth hacking strategy, especially for startups since they do not have enough marketing budget as compared to their competitors.
Deliver Engaging Content
Adopting a freemium model and hiring influencers for paid promotions can go in vain if you don’t offer your potential customers a reason to stay on your business website.
Therefore, you need to give them a reason to interact with the brand and come back more often – that can be possible by offering them engaging content. Startups need to adopt a promotional tone by utilizing catchy and attractive words and phrases while writing content that encourages the visitor to do a purchase.
For example, if you are running a clothing brand, you need to come up with a catchy and appealing headline to attract customers. So, instead of writing “Best Collection of Clothes at Affordable Prices” you can consider writing “Upgrade Your Wardrobe with Our Stylish & Affordable Clothing Line”.
If you've put in your best effort but still struggling to come up with a captivating headline, then consider taking assistance from an online rewriting tool. The tool will rewrite text by replacing unattractive words and phrases in the headline with more appropriate powerful words without damaging the original meaning.
By following this approach, you can effortlessly write engaging content that inspires readers to take action on your product or service.
Establish an Email List of Potential Customers
When it comes to quick growth for new brands, email marketing is the go-to strategy that helps in generating leads and more sales. It is also offering promising ROIs to businesses all around the world.
According to Statista, In 2020, the global email-marketing revenue was around $7.5 billion, and it is expected to jump up to $17.9 billion by the year 2027.
Now the question here is how startups can make the most out of email marketing since they do not have ideal customers. Let us explain.
Startups can purchase email lists of targeted audiences from trusted email marketing platforms. Not just this, they can also take interviews and surveys to know about their interests, quality standards, and budget.
Then they can approach the potential customers by sending them emails tailored to their needs, interests, quality standards, and budget. Sending emails will increase the chances of startups generating more leads and coming up as an authority.
Tip: It is important to send emails at the right time – according to the targeted audience.
Offer a Referral Program
Last but not least, as a startup getting maximum growth in a short span of time can also be achieved by adopting the referral program strategy.
We often receive emails and notifications from brands saying “Refer to friends and earn up to $20 or a chance to win exciting prices”. You can also consider doubling the referrals to get more recognition from the audience.
For example, Uber – now a popular cab service provider has offered a referral program that includes when a new user creates an account, he/she is rewarded with a unique referral code. Every time, a new account is created using that referral code, the previous users (whose referral code was used) will get the next Uber ride for free.
By offering referral programs, startups can quickly get the attention of potential customers, that further increases the chances of growth.
It is common to confuse growth hacking with lead generation and conversion marketing. Although, it is much different. For startups, growth involves spending money on advertising, referral programs, giveaways, and many more for exponential business growth.
Above, we have discussed some of the most effective growth hacking strategies that can help startup companies to become successful in a short time.