In this post, you will discover how to leverage Growth Hacking Strategies to creatively market your business, especially when you do not have as much money as your competitors.
But what is Growth Hacking?
Growth hacking is an umbrella term for strategies focused solely on Growth.
The term describes early-stage startups who need massive Growth in a short time on small budgets.
The goal of growth hacking strategies is generally to acquire as many users or customers as possible while spending as little as possible.
The Goal of Growth Hacking Strategies is Generally to Acquire as Many Users or Customers as Possible While Spending as Little as Possible
I love to Growth Hack; it is one of my strengths; if you need help with Growth in your business, you can reach out to me.
Growth Hacking does not mean you will get something for nothing; it merely means you will get more for something.
In other words, do not come to me saying you do not have a budget.
Let me drive the point of Growth Hacking home with the story of Dropbox.
By the way, Dropbox is a file hosting service headquartered in San Francisco, California, that offers cloud storage, file synchronization, personal cloud, and client software.
In 2008 when DropBox just launched, they were paying $100 to acquire each customer; meanwhile, their product costs only $5 per month; you can see for yourself that that was a speedy path to bankruptcy.
Dropbox decided to Growth Hack; a referral system was launched where extra file spaces were granted to their users if they shared DropBox with their friends.
Between late 2008 to early 2010, Dropbox’s user base grew by nearly 4000% over 15 months – majorly driven by referral programs.
Today, DropBox is a multi-Billion Dollar company.
Share this Image On Your Site
7 Growth Hacking Strategies
There are several ways you can Growth Hack your business; in this post, I will share seven.
Incorporate an Affiliate or Referral system to your business
It means paying a percentage of sales as commission to people who refer buyers to you or giving a bonus or incentive to users who help you spread the word just like Dropbox did.
It is a win/win for you because you do not pay any commission if the people referred did not buy.
This strategy is a brilliant way to recruit an army of advertisers for your business.
Launch a Contest
Give out something that is closely related to your product or service for free; it has to be valuable enough to motivate people to want to be part of your contest.
Do not give random gifts like mobile phones or air tickets.
Ensure that your gift will only attract prospects who will have an interest in patronizing you in the short or long run.
Collaborate with other Business Owners
An excellent way to Growth Hack would be to collaborate with owners of complementary goods.
For instance, If you run a hair salon you can collaborate with a business owner who runs a pedicure & manicure outfit, you are not competitors, both of you can get more sales by leveraging your customers.
Or you could write a blog post mentioning the businesses of complimentary product/service providers in your Niche, then send them a link to the post.
Most of them will share the post because you mentioned them, they will get more exposure and so would you.
Interview Successful Business Owners in your Niche
Interviewing successful people is one of the most fantastic Growth Hacking Strategies.
Your goal here is to tap into the law of Association.
Once you begin to associate with successful people, other successful people will start to notice and seek you out.
And then, the law of identification will take its course as prospects will start trooping to do business with you to identify with your brand.
Organize and Speak at Online or Physical events in your Niche
There is no point in dancing around the topic.
If Growth is what you want, then you must get attention, and for this to happen, you will need to add value to people.
Give your prospects what they want, and they will gladly give you what you want – patronage and word of mouth marketing which is the highest form of marketing.
Carefully seek out influencers who have a good number of your prospects as their followers and partner with them.
You are only limited by your creativity here.
Influencer Marketing is an excellent way to get the word out about your brand and drive a flood of traffic to your site.
Ensure you engage the right influencer.
Create an Aggressive Content Marketing Strategy
Most times, when Business Owners are focused on Growth, they make the mistake of thinking they only need to be more aggressive with sales.
But the reverse is the case; they need to be more aggressive with Marketing.
If you do your Marketing well, most times Sales will respond positively.
Marketing means creating awareness about your product, service, or brand.
How? You may ask
By creating lots of contents explaining why you are the “big deal” and why people should pay attention to you.
You should not do that by bragging; instead, you do it by answering questions and solving problems that your prospects have using your content.
Write as many Frequently Asked Questions that you can find, then create answers to them and flood the Social Media space with these content, you will get attention.
Of course, there should be a strategy in place to convert this awareness from just site visitors to subscribers and from subscribers to customers.
If you are a startup, these Growth Hacking Strategies will turbo-charge your business growth.
Think through them and decide how you want to incorporate into your over-all Digital Marketing Strategy.
I’d like to know your thoughts in the comment, I’ll respond.
Kindly share this post. Thanks in advance