Growth Hacking for Budding Entrepreneurs - 9 Ways To Build Your Business.
New Biz Owner?
Co-founder at a Start-up?
An Entrepreneur for a couple of years now?
Have you heard of Growth Hacking yet?
Building a new company is a challenge and it comes with uncertainties. And, if you are a new business owner, co-founder at a start-up or you are contemplating on starting your own business or have a great product idea – then the biggest challenge you will be facing in a few days/weeks is how do you scale up?
Building a business is not directly proportional to having a great product idea, it is not even having a killer solution to a well-known need,
Building a business means to grow exponentially initially to ensure you don’t take the downward spiral too soon or better still, ever.
What does it mean to hack growth? Growth hacking has become a buzzword in marketing circles, but many still don’t know what growth hacking is or why it works.
I’m a fan of growth hacking and its potential impact on my clients. By hacking growth and taking less-traveled paths, you can find yourself ahead of your competitors.
According to Neil Patel, growth hacking means rapidly experimenting with different marketing tactics, advertising efforts, web design decisions, and other tasks to quickly convert leads and generate sales. Growth hacking happens very quickly. The goal is to try experimental processes, accept or rule them out, and move on to the next thing. There’s no long-term goal here other than growth.
A start-up, for instance, could gain rapid growth through an all-in strategy of paid advertising. But what kind of spending would the start-up be ready for?
Growth hacking strategies typically encompass content marketing, steep discounts on products or services, major incentives, social media, and similar tactics. Their chief asset is often their creativity.
So how do you chase attention?
You can’t hack your way to amazing growth without getting eyeballs on your products or services. If you’re just hiding in your corner of the internet, you won’t find leads, never mind customers.
The trick is to be present where your customers are.
If they’re on social 24/7, you should be, too. If they love videos, you need a YouTube channel and an Instagram account or maybe a TikTok account too.
Startups, New businesses – here are some best time tested techniques which we have used and implemented for ourselves and for our clients.
Clients often ask me, how much in revenue will I get them after a certain period in time?
How many new logos or customers can they expect after doing a certain exercise?
Growth is related to sales but not always is sales. There are other benefits such as branding, people following you on your social media platform, knowing about your offerings but might not be ready yet to purchase from you, but might eventually come back based on the relevancy and relationship built.
Now, let us look at the various steps start-ups can take to build presence, ensure growth hacking and build a strong customer base.
1. Utilize Social Media Platforms
Being in one or all the social media channels is imperative in this age, even though your competitors are not on it. The most important thing is to know if your customers are on it or not. Ensuring great content and ability to engage with your potential buyers is of utmost importance along with your normal sales activities.
2. Share Audiences with Partners
Partnerships can improve growth if you tag along with a company that is not your competitor but complements your product/services. A CRM product company can partner with an HRMS solution company and can jointly do events to ensure multiple cross-selling avenues with fewer efforts.
Humans love freebies and free things! Based on your offerings, products or services, what is that you can give away for free? Ensuring you do it properly, tracking the campaigns and making the most of it would develop great marketing for you.
4. A/B test everything you send out!
If you don’t do A/B Testing for every message you are sending out, chances are you will never improve your messaging and its impact. A/B testing is quite essential to know which campaign/iteration/ad copy/ or the headline of your email, works the best and can help you generate the most conversions.
5. How catchy is your landing page layout?
If you have already A/B tested everything, and you’re still getting low conversions? Time to look at the landing pages and get it sorted.
The landing page is your salesman to the potential customer. What would convince you to convert if you were the customer?
6. Invite your audience to email you
Most businesses shy away from receiving any communication from their clients. You must have seen a lot of emails having the caption – do not reply.
A suggestion would be open the channel for easy communication and one way you can do it is encouraging your customers/prospects to email you. The clients that you send promotions, newsletters, etc could also be used for open-ended questions. You never know how much of traction this can open up for you.
7. Attend small, local events
How many times have you interacted with potential clients in your area? It could be a city or a bigger region, but attending local events can certainly boost your growth.
Meeting people face-to-face, shaking their hands, and asking them about their needs can make you a more attractive solution than a faceless company.
8. Get interactive
From infographics and quizzes to calculators and animated video, people love interacting with content online. If you haven’t done that yet, I would highly recommend that you do it. And finding the talent locally shouldn’t be a problem nor finding it on sites such as fiverr, upwork, etc. So go ahead and get interactive.
9. Offer a freemium option
I have worked with many SaaS companies and even was instrumental in getting their Marketing setup. One thing I believe is that, if you own a software or SaaS company, you might consider developing a freemium model.
Free offerings will get people inside the gate though not all would convert into paying customers, that is fine as long as you are providing the value. If they need more, they will pay up. You would only need a team to ensure good onboarding and ensuring that you are giving enough reasons for them to pay.
These 9 techniques can help you build your business for growth.
Identify the ones you wish to implement and act fast.
If you’re getting a lot of traffic on your landing page and nobody is converting? Quickly figure out why it isn’t. It could be the offer, the design, the headline or the page itself. You won’t know until you test.
Some of your growth hacking strategies are bound to fail, leave them aside and move immediately to the next thing. You have to identify the combinations that are working and invest in those. Try at least 2-3 simultaneously and check results.
Only you know what’s best for your particular business.
The author is a Business Development and Inside Sales veteran with over 14 years’ experience and helps small companies with Inside Sales Consulting.
Book a free consultation session with him today to discuss your challenges in Growth Hacking.