Growing and scaling a business has become a monumental task for entrepreneurs. Competing with established companies on a limited budget presents a host of challenges, however, embracing some growth hacking tips can significantly increase your chances of success. Unfortunately, many people are still unaware of what growth hacking is and how it works.
To help you understand the relatively new concept, we have compiled this post where we will share some strategies that can help businesses scale and move forward. Before we walk you through the process of growth hacking your business, it is important to define this concept and eliminate the confusion around it.
What is growth hacking?
The phrase ‘growth hacking’ was first coined by Sean Elis in his blog in 2010. It refers to experiment-driven techniques and the most effective ways of growing a business. Growth hacking involves a mix of marketing, design, innovation, engineering, and analytics.
Growth hackers look for innovative and cost-effective methods to attain growth instead of resorting to traditional methods. Growth hackers use a combination of tools, including content marketing, SEO, A/B testing, and leverage their strategies to achieve the desired results.
Below are some of the most important growth hacking tips and strategies that you can follow to expand your horizons:
1. Focus on quality
Although growth hacking can maximize your revenue to a great extent, you would never succeed if your product or service does not add value to your customers’ lives. A great product or service helps businesses build trust, which is imperative for success in today’s competitive environment.
Quality also results in satisfied customers and retains their loyalty so that they get back to buy from you again and again. Customer satisfaction is quickly overtaking price as the key factor in customer’s decision making. Additionally, satisfied customers tend to stick around for the long term and contribute considerably to a company’s revenue and profitability.
2. Automate your tasks
One of the ways to maintain high levels of productivity is to automate all your manual and time-consuming processes. This is probably the most critical growth hacking practice both for small and large businesses. Assess your needs and implement software that will fulfill your business’ requirements. Two of the most widely used automation software are customer relationship management (CRM) software, free CRM and marketing automation.
CRM automates manual tasks and allows the teams to access the same data. It also provides project management services, improves collaboration within teams, and saves time and money. Many all-in-one CRM software offers a built-in marketing automation solution; however, you can also acquire the service separately.
The marketing automation solution streamlines marketing processes, increase brand awareness, and makes it easy for brands to attract new leads. With built-in features like email marketing, lead generation, and metrics, the solution offers excellent growth hacking services for early-stage startups.
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates
3. Have a referral program in place
Dropbox jumped from 100,000 users to four million users in just over four months by implementing a simple referral program. That is a growth of 3900% or doubling its user base every three months. Similarly, Airbnb grew and tripled their daily bookings with their referral program, which brought in millions of dollars in revenue.
These two examples highlight the importance of referrals for the growth of a business. Dropbox offered more storage space to their users while Airbnb provided cash bonuses to referrers after they went on their first trip or hosted a guest for the first time.
4. Offer a freemium model
An effective way to hack your growth is to offer basic services for free. Users have the option to apply for a premium membership to access advanced features. This was the hack behind the success of Spotify. The company earned money from cash subscriptions and in-app ads. Users were offered free streaming services for which they had to listen to ads.
The freemium model also contributed a lot to Slack’s overall success. They offered a freemium option which allowed users to use the platform before deciding whether or not it was right for them. The users could upgrade to a feature-rich platform that offered more storage and deeper message archives. Today, the platform has over ten million daily active users.
5. Focus on content marketing
Content marketing is a long-term process that has the potential to grow your business over time. In tech world, content marketing is highly beneficial for software marketing. Research of “Kapost” revealed that companies that have a business blog generate 97 percent more leads as it enables them to reach billions of users that use the internet. Blog regularly and create content that solves the problems of your readers. Use content creation tools to produce content that drives engagement and social sharing.
Also, make sure that your blog includes a subscription form so that new users can sign up and receive your blog posts via emails. This not only increases your readers’ club but also provides an opportunity to maximize lead generation.
“We need to stop interrupting what people are interested in and be what people are interested in.” – Craig Davis
6. Influencer marketing
Influencers are industry experts who are considered as authorities in your space. They have already garnered huge followings, so if you have good connections with them, you can potentially increase the reach of your content exponentially. You can use tools like BuzzSumo to get a list of influencers who take an interest in content similar to what you produce. Collect the contact details of relevant influencers and try to contact them. You may send personalized emails explaining why your content will appeal to their followers.
These are some of the tried and tested growth hacking strategies that will set you apart from the competition. Follow these tips and see what your brand can really do in the highly competitive market.
Which of the tips stated above was your favorite and why? Share your thoughts with us below!
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By investing your time and effort in networking, you will gain more business through the relationships you make
Are you completely new to networking?
Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.
It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?
Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.
Rock up with confidence
If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.
Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!
Where to go networking
If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.
For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!
If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.
Get more leads and referrals
This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.
Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.
When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!
Grow your business
By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.
We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.
2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.
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