Nobody wants to run a loss, and every business is established with growth in mind. So, if you want to scale up rapidly, growth hacking is your answer. With a few solid growth hacking strategies, you can propel your business to success.
Let’s take a look at what this concept is, and the digital marketing tips that will help set your business apart from your competitors.
What is growth hacking?
Coined by Sean Ellis in 2010, growth hacking is the process of rapidly experimenting with different combinations of strategies to help a business grow in a short period of time. Despite being a newer technique in the marketing field, growth hacking has shot up in success and has helped countless businesses accelerate their processes leading to profitability.
First implemented by companies in Silicon Valley, growth hacking has now evolved into a stream of work that helps brands cut through the tight competition to come out on top.
Being a famous marketing practice in startups, the growth hacking strategy approach allows them to achieve high-impact results with low-cost solutions. It is apt for companies that have limited budgets and resources, and for small and large corporations alike that wish to spike their growth.
All these reasons make growth hacking one of the most sought-after methods among companies of all sizes.
Find out more about this topic in What is Growth Hacking All About Anyway?
Your ten growth hacking tips for success
1. Automation, automation, automation
Marketing automation is not just limited to emails, it is more than that. As the name suggests, automation helps save time on repetitive tasks allowing companies to speed up their workflows. It can be used anywhere from mobile marketing to social media, and is great for ensuring that your customer feels as though you are always available when they need you.
We see that marketing automation can boost sales productivity almost by 15 percent, and recommend implementing an effective CRM tool that can take care of the process from end-to-end. HubSpot’s marketing automation software helps you achieve your goals, and scale up your company growth. Check out our video to delve deeper into this topic.
2. An experienced team that is rewarded
To make growth hacking work, you need a team of seasoned professionals. Nothing can replace talent, and they are the catalysts that speed up your business growth. A growth hacker needs hands on experience and natural abilities as well to flourish in this career stream. Everyone involved in this process needs to be proficient at number crunching and data driven analytics, as well as have a strong understanding of growth concepts and the digital environment. They should be able to correlate product development and marketing, and have a sharp growth hacking acumen as well.
A team that is sound in technical and marketing concepts, and who enjoy their jobs, will generate a positive impact. Therefore, choose your talent carefully and thoughtfully, and reward them for their time.
3. In-depth, high quality training for your team
In addition to having an experienced team, you’ll also need to train them from time to time. Presenting high quality and in depth training on subjects like data analysis, programming, and automation will help your team sharpen their skills. When your team becomes adept at using the relevant tools required to run the processes, it helps accelerate your overall business performance, leading to quick yet effective results.
4. Content that provides value
Though the phrase “content is king” may be overrated, it still holds true. Providing valuable content for your target audiences is imperative for a successful marketing campaign. You need to study your audience thoroughly, and check what kind of concerns and questions they have which trouble them.
Work out a content strategy and present high quality material that addresses those pain points. For instance, a good blog can help you dive deeper into their concerns and present appropriate solutions. This content will scale well into the future, and is easy to repurpose for your other marketing needs.
Content is a key pillar of your overall marketing campaign. Don’t let yours falter, learn how to make it work with our guide that will tell you How to Generate Leads with Effective Content Marketing.
5. Measure engagement
To make your campaigns successful, you need to target the right customers, focus on customer engagement, and work on acquiring new and retaining old customers.
This is why active user engagement is imperative to a business’s success. Regardless of the product or service you provide, you need to be aware if the user’s engagement rate is good enough to determine the health of your business. This metric can be calculated either on a weekly, monthly, quarterly, or yearly basis.
You can use the following formula to determine your user engagement rate.
Engagement rate (x)= [(Total active users for a specific time duration)/(Total users for that product)]
This metric will help you gain insights into what makes your product appealing to your target audience, and give you the tools to create your own custom growth hacking strategies accordingly.
6. Mobile optimization
Mobile devices are used by most people around the world. As many as 69 percent of people use mobile devices to research for a product before they make a purchase decision. Nowadays, businesses need to work on optimizing their marketing plans to mobile devices in particular to reach out to global customers. You need to present relevant information and present attractive CTAs that prompts audiences to take the right action. One technique we recommend is making use of geo-targeting in order to propagate location specific ads. There are endless possibilities of using growth hacking techniques when you have your website optimized for several mobile devices.
7. Social media is your best opportunity to engage
It is impossible to overlook the power of social media in today’s day and age. The rise of social platforms has transformed the way businesses operate and reach out to their audiences, breaking the boundaries of geography, language and more. Brands can create their business pages or business accounts, join groups where their target audiences are active, and network and engage with them too.
Growth hackers can leverage social media to incorporate social listening to gain insights into customer preferences. They can also use advanced targeting tools and systems for running targeted ad campaigns to ensure they’re reaching the right audience at the right time. Social media amplifies the efforts of growth hacking.
Get growth with the right tactics in 10 Strategies to Help You Increase Social Media Engagement.
8. Influencers have the power
Growth hacking and influencers are inseparable. When both are combined, it accelerates a company’s growth infinitesimally . This is a foolproof strategy to gain access to audiences across diversified geographies and platforms in an instant. All you need to do is choose the right social media platform, find the right influencers, and work out a growth strategy with them. An accomplished social media marketing agency can help you accomplish your influencer marketing and growth hacking goals in a seamless manner.
Your competitors are doing it, so why not jump onboard? Learn how to get started in How to Make an Influencer Marketing Strategy.
9. A good customer experience should be your ultimate goal
One of the core functions of growth hacking is to scale your business. You can work on customer acquisition easily, but retaining customers can be quite a task. Acquiring new customers is five times more expensive than maintaining existing customer accounts. Moreover, an increase in customer retention by 5 percent can increase your profitability by 25 percent to 95 percent which is massive. Providing great customer experience helps you get a competitive advantage and sets you apart from your competition. Hence, providing excellent customer experience in all your processes will help your business get massive gains easily.
10. Monitor your results constantly
As an entrepreneur, you understand that business does not exist in a bubble, and you need to check constantly whether your business is profiting or not. Therefore, monitoring your results is something that you should always be doing.
You can use marketing automation and CRM software to help you get valuable data providing you insights into your business and customer practices as well. Using these types of software you can also optimize your growth strategies and discover areas of improvement that will help you accelerate your progress even more.
Now that you understand how growth hacking strategies can help you scale up your business, you should implement these tips to gain the results you’re looking for. Despite understanding these strategies, it may be difficult to incorporate them and scale up your business.
We recommend working with an experienced growth agency. By working with the team at Growth Marketing Genie, you can rest assured that your business growth will accelerate as we take care of everything from end-to-end.
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