In order to expand a business, it is essential for entrepreneurs to market their products effectively. There are many difficulties down the road. However, scalability is achievable with the best startup hacks and strategies.
To reach out to a large audience, entrepreneurs require to choose various startup hacking methods. Although some of these techniques have only been around for a few years, they show to play an important role in modern-day businesses’ Growth.
What is growth hacking?
In simple words, growth hacking is a creative and unconventional way to get extensive results fast while neglecting old-established processes.
In marketing terms, growth hacking suggests implementing non-traditional marketing strategies driven by creativity and data to get tremendous results fast while spending limited to no money on getting these outcomes.
It is called growth hacking because a hacker gets it done with a fast, cost-effective, but innovative approach to achieve Growth rather than following conventional processes.
Many entrepreneurs have made them an essential part of growing their business because they noticed profitable results, and it is the right time you do so too. Growth hacking is often done by early-stage startups that are bootstrapped for funds.
Entrepreneurs search for different growth hacks and want to proliferate by uniting millions of customers that increase their profits. Growth hacking ideas for businesses are a proven factor of success. But not every company can do these marketing growth hacks in the best way.
Who is a Growth Hacker?
A growth hacker is someone who is smart, different, and innovative. Their main goal is to perform creative, cost-effective strategies to ensure businesses can get and retain customers for as long as they can.
A growth hacker may use various methods to achieve his goals like content marketing, viral marketing, email marketing, SEO, A/B testing, or reverse engineering. But you must also remember, growth hackers can be growth marketers. However, growth hackers can never be described as just marketers.
A method that growth hackers follow rigorously is Product + Growth = Consequence.
Best Startup Hacks for Growing
The following are some of the effective best startup hacks for growing your business.
1. Launch on Product Hunt or Related Platforms
A launch on Product Hunt is a crucial checkpoint. Week after week, there is a number of startups launching. Such platforms enable you to deliver your message to new audiences.
Product Hunt continues to remain a market leader to show your business to a global audience. It’s your “golden ticket” to get constant attention to numerous innovators and journalists—your opportunity to receive feedback and opinions for new opportunities.
2. Referral Marketing
Referrals from friends, family, or industry influencers relatively change a lead much faster than other medians. The CPA of referral customers is less, enabling you to cut down your costs too.
Such customers have better retention rates that result in a 16% greater LTV. Additionally, sales specialists with referral programs also get four to six times higher.
For example, Uber started as a ride-sharing business. They used referral marketing to boost their brand awareness and user reach. The concept was simple: Users get $5 credit every time other users use their referral code. The plan was so successful that it had been replicated by every ride-sharing app ever since.
3. Social Media Growth Hacking: Create a Community Around Your Brand
Social media is a necessary part of the marketing mix for businesses. You can choose social media communities to support yourself, receive market feedback, and communicate with industry influencers.
It takes time to generate content and build an audience. For this, you must try to follow social media activities with the overall direction of your Growth.
One of the best social media growth hacking strategies of taking the help of social media for your business accomplishment is creating a Facebook group around your brand where your audience would engage with your brand. You need to ensure you are creating value for them through that group. The possibilities are fair that those who are not cognizant of your brand may get to know about it once they get motivated by your group’s content.
Growth hacking & outbound marketing is a Facebook group created by the founder of the Lead – Lead generation tool. The group’s audience consists of potential buyers of his product and does his best to motivate them by sharing his best Growth hacking tips every day.
4. Make a Pre-Launch Email List
Email marketing remains head to find both leads and progress when it comes to an effective startup growth strategy.
This is a perfect growth hacking technique.
You have probably heard the famous saying, “The money is on the list,”
That’s referring to an email subscriber list, and it’s one of the essential things you need to build for your startup.
Put your center on creating an email list. It will enable you to reach your audience and convey your message effectively. Additionally, email marketing considerably helps businesses to build pre-launch hype for any product or event. It will also let you to get potential customers even before your launch. But do not just build a list of email addresses and sit still. You should take a few weeks to build up the hype and strive to make your audience excited for your launch.
5. Build a Dynamic Content Marketing Strategy
For your business, customer feedback is highly crucial. It will help you resolve criticisms and queries faster. It will also help you manage customer objections effectively.
Effective growth marketing strategies consist of an aggressive content marketing strategy that encourages you to focus on customer feedback and market your product with comfort.
With a moderate budget, create a content marketing strategy for your business that enables your audience to understand your product’s value. Despite what type of business you are, your content marketing strategies should always attract the right audience.
When planning content marketing campaigns, always focus on creating shareable content. For instance, video content has become the central pillar of many content marketing campaigns mainly because you can communicate a lot of information in a compact package.
Take the case of Marketo, a popular marketing automation tool that relies on videos to substitute the traditional text-only user education articles.
This is a difficult challenge for content creators because no set equation dictates a content piece’s virality. The good news is that regardless of the size of your team or the number of resources at your disposal, you have the potential of creating highly shareable content by adding emotion, value, and of course, the proper hooks for reeling in potential customers to the landing pages.
6. Follow Your Biggest Competitors
Competition can come in different forms and sizes, but it always exists. Once you have recognized your competitive landscape, it is essential to showcase your company’s competitive advantage in any respective market.
Make sure as an entrepreneur you zero in on your business venture and remain knowledgeable of the changing factors in your competitive landscape. This will position your business to adapt and leverage its strengths quickly.
Many businesses collapse due to following the competition without an action plan. As a consequence, they fail to deliver the desired results. A good plan should concentrate on discovering all the conversations that are happening around the target brand. For this, you require to be at the same digital places (social media, forums, etc.) where the target (and its target audience) hangs out.
The plan should also involve a thorough and routine analysis of the competitor blog (and the keywords in those blogs) so that you can tailor your content for maximum result.
Similarly, you should also follow their backlinks to have a decent idea of marketing their products and services.
7. Work with Influencers
When it comes to brand building, there is a reason why brands pay influencers to recommend their products. Collaborating with well-known influencers is a great way to reach out to a broader audience. Worth considering, influencers having over 50,000+ followers are most impactful.
Entrepreneurs should collaborate with influencers to advertise their products and services by sharing the latest news. Influencer marketing, if done right, can help any business to increase awareness and gain massive reach.
Using influencers’ authority and reach is a big marketing growth hack for fresh startups who cannot manage to compete with established brands in terms of marketing budgets. Since influencers already have an established following, businesses can use them as a potential customer base.
Take the example of Gymshark, a brand that is well known for using influencers to increase brand reach and sales. In fact, in the early days, Gymshark depended massively on the influencers in the bodybuilding and fitness industries for building brand awareness and generating traction.
8. Implement gamification into the product
Implementing gamification, point scoring, giving ranks, creating competition with other users, having rules of play is a much-overlooked marketing method that can immediately hack a product’s growth.
Human beings by nature are ambitious, and creating a game playing environment with rewards for better performance can direct to instantly high graphs of engagement in the product.
The company which has learned this the best is LinkedIn.
LinkedIn users are prompted to fill their profile, unlocking various achievement levels, based on how much information they upload on their profiles.
The achievement levels are marked with names such as All Star, expert, advanced, etc., which act as prominent social proofs in a user’s professional network.
Another employment of gamification is the endorsement feature, where LinkedIn users can be endorsed by each other for special skillsets. Each skill shows the number of times it has been endorsed by other users, with their profile pic showing next to the skillset.
Profiles with endorsements are 13x more viewed, according to LinkedIn.
9. Create a viral waiting list
Another fascinating growth hacking method filled with the vitality quotient is a viral waiting list.
Typically, you will create a landing page to describe it to a broader audience when you launch a product.
The hack here is to use this landing page one step further and take its help even before the product launch.
10. The Data fueled growth hack
Ask any growth hacker, and they will say data analytics is by far one of the most valuable resources they can have at their disposal.
This is because recognizing the correct data can tell you a lot about what is working in a business, what is not, and what requires to be done.
Twitter used data to solve an onboarding query it faced early on in its life.
Twitter found out that a new sign-up will likely become a core user if it follows 30 or more people.
Following this, Twitter began to suggest new users an option to import contacts to hit this number.
Growth has always been a difficulty for many businesses. The real problem is that your market and target audience is not exposed to creative marketing campaigns regularly.
You can only grow your business in such a competitive environment by using these aforementioned best startup hacks and strategies. While there is no wrong in trying out new things, in fact, this is the number one piece of advice from all experts, and businesses must concentrate on using tried-and-tested growth strategies. There is no particular hack that solves all pain points. Henceforth, do not hesitate to practice new growth hacking strategies.