With the right resources, skills, tools and motivation, virtually any business owner can benefit from the right growth hacking strategies. My Business discusses some of the top growth hacking tips for startups and small businesses.
The term growth hacking was coined by Sean Ellis in 2010, pertaining to the improvisation of traditional marketing strategies and replacement to scalable and trackable marketing techniques. Some of the most common forms of growth hacking include platform APIs, blogs and pay-per-click ads.
If business owners learn how to use these growth hack ideas to their advantage, they can make their business grow without investing heavily on marketing tools and strategies.
Below are some top growth hacking tips recommended for businesses:
- Think out of the box and experiment
- Encourage collaboration between growth hackers and product developers
- Nurture strong audience connections
- Take the risk and go digital
Think out of the box and experiment
When implementing growth hacking techniques, one glaring advantage that startup businesses have against more established businesses is that startups are much more willing to go out there, experiment and try their luck at almost anything while larger businesses tend to shy away from risky ventures.
While it can be said that startups virtually have no option but to take risks, this also gives them opportunities to access potentially-lucrative marketing strategies that could boost their business and help them make it to the top.
This is why a lot of growth hackers are known to take a lot of calculated risks—their mindset prioritises long-term gains over long-term losses, no matter how much the losses may be.
Encourage collaboration between growth hackers and product developers
Product developers are known as key elements of a startup business, particularly for tech-based startups. This is the very reason why growth hackers and product devs are encouraged to interact with each other particularly when designing the product’s interface.
Growth hackers will be able to incorporate the business’ marketing strategy right into the product allowing the business to save a tremendous amount of time and effort.
Adding growth hackers into the business equation also helps small businesses minimise the risks that come with introducing a new product or service into the market. Growth hackers use essential customer-based research as basis for building a new product and run several tests before actually putting out the product in the market.
Nurture strong audience connections
Both traditional marketers and growth hackers know that gaining a loyal audience base is an accurate indicator of whether a marketing strategy is working or otherwise.
This is why even in growth hacking, growth hackers put a premium on audience response and make sure their marketing strategies are tailored to suit the needs and preferences of the business’ target market.
A great way for business owners to nurture strong audience connections is by making customers feel that their opinions are valued by the business. By actively seeking customer feedback and using that to improve current marketing strategies, businesses can make marketing improvements that are audience-based.
It also gives the impression that the business genuinely cares about its customers by taking into account the feedback coming from its patrons.
Take the risk and go digital
A lot of businesses are now taking the plunge by investing in digital marketing strategies—and it’s not hard to see why. The tech revolution has led to the digitisation of virtually every possible thing and idea, applying even in marketing and business.
Digital marketing strategies are essential when it comes to growth hacking: business owners are encouraged to invest in a website and create social media business profiles which allow the business to reach their audience easily while increasing the business’ market visibility.
Luckily, businesses don’t have to spend that much on digital marketing due to the proliferation of free web hosting services such as Wix and Wordpress. Social media platforms such as Facebook and Instagram also offer business profiles that are free, easy to use and allows business owners to readily connect with their audience.