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Growth Hacking Strategies for Entrepreneurs
Growth hacking has literally become the “buzzword” for most of the startups these days. It is said to be relatively a new segment in the domain of marketing. It is focused on growth and every other tactic that can help an organization grow in terms of business, client retention and return on investment.
As a matter of fact, Steve Callaway, a freelancer dealing with a book report and annotated bibliography assistance is of the opinion, “I am looking forward to shifting my base and establishing online academic writing firm with other academic services in store. I will be relying on the potential of growth hacking tactics during the next few months.”
Now, in case you too are an aspiring entrepreneur and looking for essential strategies that can be implemented in order to take your business to the next level of success, here’s something for you.
How about trying out these 10 successful growth hacking strategies for your business?
1. Ensure that your Products and Services are Scalable
This is the first and foremost thing one must consider in order to become a successful growth hacker. At times, rather, most of the times, scalability of a particular product or service proves to be the major driving force behind a successful business.
As a matter of fact, famous startups and social media networking sites such as Instagram, Uber, Facebook, Reddit and Twitter have already won many accolades by ensuring scalable products and services. Hence, here are a few steps that will help you establish a scalable business.
Actionable Points:
- Build a solid business model that can attract your investors.
- Focus on using a Minimum Viable Product (MVP) in order to validate the business model.
- Remember, you should also focus on creating a strong team to help you through thick and thin.
- Keep an eye on social media and grasp what is new in the world of marketing.
- Outsource everything that is non-essential. For example, an academic consultancy won’t require a full-time PowerPoint designer.
2. Identify an Ideal User before Investing in one
Targeting an ideal customer is one of the crucial steps to be taken when it comes to mastering the nitty-gritty of growth hacking. Trying to target everyone under the sun is the most critical mistake every startup commits. You need to understand the fact that your products and services may not attract an 8-year old and an 18-year old at the same time. Therefore, you need to pay heed to a few checkpoints prior to deciding on this.
Actionable Points:
- Analyze your ideal user profile, age and gender.
- The location of your ideal client.
- What are their interest and buying behaviors?
- See if your products or services suit their niche.
3. Get Introduced And Start Using Digitized Marketing Tools
Online marketing tools and applications are some of the most productive platforms one can explore to help startups climb the ladder of success. As a matter of fact, digital marketing applications such as Google Ads, Google Analytics, App Annie and Serpstat have been designed to back up all marketing endeavors.
Pay heed to these smart tips to harness the potential of marketing tools to the fullest.
Actionable Points:
- Use marketing tools such as Feedly, Canva and Buffer to keep an eye on the latest social media trends in the field of marketing.
- Get the hang of the SEO scene with marketing platforms such as Google Analytics, Moz Check My Listing, SEO SiteCheckup, Google Search Console and more.
- Master the art of Email marketing with tools like SendinBlue, GetResponse, and MailChimp.
4. Embrace Startup Automation At The Earliest
In addition to introducing marketing tools for your business, you should also focus on embracing automating your startup at the earliest. It goes without saying that manual effort put forth in an organization takes time. Thus, in the era of digitization, it will always be a safe bet to opt for automation.
Take note of these helpful suggestions in order to stay ahead of the rest.
Actionable Points:
- Set up cloud storage for your organization.
- Also, set up automated training processes for new recruits.
- Consider establishing an automated bill pay process for faster withdrawals.
- Automating your office invoice system is also a nice idea.
- If your small business supplies goods and services to users, then it is a great idea to automate your inventory management system.
Investing in AI and automation are some of the top growth hacking tactics to fuel your B2B sales.
5. Implement the functionality of AARRR model
Are you aware of the functionality of the AARRR model? Well, it stands for Awareness, Acquisition, Activation, Retention, Revenue and Referral. The marketing funnel developed by Dave McClure is also known as the Pirate Funnel.
Here are the critical metrics you should prioritize while adapting to this technique.
Actionable Points:
- Evaluate the aspect of awareness by keeping track of how many people do we reach.
- Analyze acquisition by tracking the number of people visiting your website.
- Determine the dimension of activation by evaluating the number of people taking the first important step.
- Keep track of the retention rate by observing how many people come back to avail your service for the 3rd, 4th 5th and even 10th time.
- Get the hang of your revenue scenario by tallying between the number of people who have started paying and how much do they pay.
- Know your referral success rate by observing how many clients refer their friends to your business.
6. Hire The Right People Who Would Support Organizational Growth
The process of hiring new talents is no child’s play. You need to be focused on the aspect of having the right people on board. So you need to identify the characteristics of your existing and prospective employees in order to crack the code. Here’s something that will help you in this matter.
Actionable Points:
- Know if your employees are constantly coming up with innovative and relevant business ideas for your organization.
- It is important for you to recruit employees who hone more than one skill. For example, it is always an advantage to hire someone who knows how to operate MS Office applications and SEO tools at the same time.
- See if the prospective employee is capable of handling pressure without hampering his/her productivity at the workplace.
- Recruiting isn't only about employees. For instance, business coaches play a crucial role in establishing and developing successful businesses.
7. Remain Open To Accepting Both Positive And Negative Feedback
Acknowledging positive feedback and learning from negative comments are the keys to ensuring organizational growth and success. So, here are a few pointers you should be focusing one for satisfactory results end of the day.
Actionable Points:
- Create interactive campaigns and allow your clients to tell you how to sell a particular product or service.
- Compose and share thoughtful posts and open-ended questions for your customers to answer.
- If you come across negative feedback, then make it a point to learn from the mistake and rectify the same at the earliest.
- Don’t keep your customers awaiting a response for long. If you have a query in your portal, revert in no time.
8. Invest In Influencer Marketing For The Right Boost
There’s a hardly a substitute for a great influencer marketing tactic. No wonder, 17% of companies spend more than half of their budget on influencers. An influencer can be a famous blogger, social media personality or anyone who is highly regarded by his or her followers across all digital platforms. Thus, products and services endorsed by them are likely to enjoy better exposures across different areas.
Take note of the following suggestions in order to implement this strategy with precision
Actionable Points:
- Identify and engage with influencers on social media. Comment on their posts, share their updates and cite them in a blog of your own.
- Understand the potential and reach of the prospective influencer by tracking what they discuss, how they engage their audience, which social media platforms they mostly use.
- Research and confirm whether the influencer you are rooting for has a significant number of followers on social media.
9. Focus More On Generating Rewarding Leads
Ultimately, gaming up your business will mostly depend on the aspect of a number of leads generated. Hence, you need to be careful here. Check out these suggestions and implement them for successful results.
Actionable Points:
- Utilize the benefits of social media to boost your sales funnel.
- Track your leads with tools such as Zoho Lead Management System, Quick Base and Sales Force.
- Keep monitoring your competition and introduce newer lead generation tactics to have an advantage over them.
- Always lay focus on the quality over quantity of products and services.
- Consult a lead generation specialist in order to streamline telephone and email prospecting, qualifying and processing marketing leads.
10. Maintain Absolute Clarity When It Comes To Pricing
It goes without saying that ambiguous price schemes will only bring negative impacts on your company’s growth. So, you need to maintain clarity in this context.
Actionable Points:
- Analyze your competitors and set product prices according to the industry standard.
- It is important for you to list out your product’s true costs.
- Prioritize including discount schemes and other rebates on products and services from time to time.
Parting Thoughts on Becoming a Successful Growth Hacker
We hope this blog will prove to be helpful in your endeavor. After all, growth hacking is a strategy that can only be mastered by an individual who is an ardent learner and considers real-time business priorities.
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