Many business owners all over the world have discovered that the key to success is not just on the merits of the idea or quality of their product but also their ability to attract customers.
With new startups being launched everyday people are spinning around to try growth hacking techniques where the companies analyze and evaluate their customer base and then tirelessly pursue growth with that knowledge. Here we've listed few best growth hacking methods for startups.
Growth hacking is an innovative and unorthodox way to get massive results fast by eliminating old conventional met. The ultimate goal of growth hacking techniques is that your product markets itself, without additional input of your time and money. But before we start exploring the best growth hacking techniques for your startup, we need to understand what growth hacking is.
What is Growth Hacking?
Growth hacking is simply a marketing strategy which is based on market research and experiment. It is used to find out the most cost-effective ways to grow your business.
In the process of growth hacking, you have to include different types of metrics such as data, design, development, engineering, analytics, and statistics. The reason why it is called Growth hacking is that this is the best marketing strategy a growth hacker should use to find the most groundbreaking, creative and fast way to grow a startup.
There are best growth hacks in Growth hacking that are used by the Startup growth hackers. Some of them include starting blogging, guest post, reverse engineering, A/B Testing, SEO, Email Marketing, Video Marketing, Viral marketing and other kind of content marketing techniques.
The term "Growth hacking" was officially used by Sean Ellis, the founder of GrowthHackers, in 2010.
He defined a Growth hacker as
"a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth".
Most of the time, Growth hackers are a crossbreed of marketer and coder or a person who have a deep knowledge of technology. They are the people who looks at the conventional query of "How do I get customers for my product?". They answer with viral factors, landing pages, open graph and email deliverability. A growth hacker should have problem-solving skills.
So now you have all the information about growth hacking that can bring customers for your business. Let's discuss some ways of growth hacking that you can use to attract customers in 2021.
7 Best Growth Hacking Techniques to boost your Startup
Listed below are some Growth hacks which, if applied perfectly, can bring you a lot of customers.
Have a clearly defined goal
Before anything, as a Startup Growth hacker, you need to define your goals first. You have to identify the purpose of implementing business techniques for growth. You will also have to research your target market so that you will be able to know if you are doing everything right or not.
Have a clear unique goal so that it allows breaking things down into small achievable micro-goals. For example, goals like, how many customers do you need per week? Or how many leads you need in a week?
Defining your goal clearly will make it both achievable and will get you closer to success.
Incorporating sharing into its functionality
One of the essential business techniques for Growth Hacking is to develop your small startup is by incorporating sharing into its functionality. Sharing, here means that your content can be directly linked to social media platforms, granting your users to do the work of marketing for you.
When people support something via social media, they are recommending it to their friends, increasing the chances that someone new will discover and check out your page or product.
One company that implements this growth hacking strategy very successfully is Pinterest. This is an era of online marketing and you can use this as an advantage for your business. If your content is too good and has the power to go viral then you can easily build the trust with your audience. This will also increase your social media engagement for long-term.
Affiliate Marketing Program
If you want to get traffic to your website with a low budget, you can develop an affiliate section and invite people to register there. Once they register, they will be able to promote their affiliate link with their audience and make some money.
This is one of most cost-effective way to grow a business as all you have to do is to share a small part of your profit after you have a lead. Many big brands are using this strategy to grow their business like Amazon, Flipkart, Snapdeal etc.
In this process, you don't have to worry about the traffic or audience because the affiliate marketer will promote your site to their audience. There are so many tools available which will help you to track the sale of each affiliate marketer and automate the distribution of commission. Some of best Affiliate Management tools you can use are:
- Post Affiliate Pro
Incorporating Features into the Product to Encourage Sharing
Incorporating CTAs into the product or content will serve as a physical reminder for existing customers to spread the word about your product, and this will naturally attract potential customers.
If your company makes a certain product, one great way to aid spreading its popularity is to incorporate a mechanism into the product to encourage them to share it or to create a companion product that encourages distribution.
You can also offer rewards to your existing customers who share your content or refer your product with their friends. This way you can double the sale in lesser time. This method of marketing is called referral marketing and it is one of the most rapid methods of growth hacking that helps you to grow your business in a very shot period of time.
The Freemium Model
One of the foremost ways to convert a potential customer into a paying customer is to offer free services or products and then market your main product through the free product.
The free and paid products you offer should go well together with each other so that when people sign up or receive your free product or service, they also want to pay for the priced product or service.
For example, Grammarly lets people use its app or extension for free but it keeps reminding the user that they can pay for their premium service to get extra feature.
This business model is called a Freemium model in which a company has both, a free and a premium product for the user. You can also offer a product at a lower-cost to your target audience and then market your main product with the help of the first product.
You know that person is now using your product and so he/she may get interested in your main product too. This is a method which is used by many Digital Marketers.
The best thing about it is that it helps to get a large amount of traffic to your product or service. Once the sale is done, you can up-sell a high-ticket product. It is the best practice to take feedback from your users and make it the best product available in the market. it will help you to build trust among your audience.
One of the innovative ways to grow your customer base quickly and easily is to piggyback on a company that already has tons of users. Piggyback marketing is to deal with a non-competing brand and advertise both the brands with the same piece of content or using other brand's audience to generate leads.
If you are a new startup and you don't have any target audience or customer base, you can piggyback on a company that is related to your business but is not your competitor. Piggyback is a marketing strategy used by some of the popular brands to get adherence of audience.
One of the best example of Piggybacking is PayPal. After piggybacking on eBay, PayPal got the attention of the users.
Also, characters of Back to the Future using Nike's shoes, is also a good example of Piggybacking.
Partner with the existing company
If you are not in the favour of getting a piggyback ride with the other company than an easy way out is to make partners with an existing company to advertise your brand.
Partnering with a company will give you free marketing to the group of customers that they attract. In exchange, you will have to market their product or service to your audience.
There can be some financial bonus involved in partnering with a company. These schemes will ensure that your company grows and reaches the perfect category of audience.
What does a growth marketer do?
A growth marketer runs constant, iterative tests throughout the funnel, and uses the results to craft data-driven strategy updates that lift key performance metrics of the company.
What are the four major growth strategies?
There are four basic growth strategies you can employ to expand your business, market penetration, product development, market expansion and diversification.
What is a growth strategy?
A growth strategy is a plan of action that allows you to achieve a higher level of market share than you currently have and expanding your current user base.
These were some of the Growth hacking techniques which companies use frequently to boost their sales. A startup can easily apply the same to market and grow their business.
Growth hacking is a long term process. So, even if you don't see any solid result in the first few days, be patient, because if you have done it right, they will surely show at least some results.
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