Growth is essential for any business, old or new. Those that don’t grow disappear soon. That is why those brands that seek quick growth without having to spend much money and other resources employ growth hacking strategies. For, they help you grow your customer base fast and increase revenue generation.
Growth hacking is about being analytical, resourceful, and innovative with the single objective of growth. We’ve gathered ten of the best growth hacking strategies to grow your business.
What is Growth Hacking?
Growth hacking refers to using certain inventive, creative, and low-cost strategies to reach prospects quickly, close deals faster, and maintain a firm’s customer base. Often small businesses, startups, and organizations that lack much capital to propel growth employ growth hacking strategies to drive results.
10 Best Growth Hacking Strategies to Increase Conversion
Source: InviteReferrals
Here is our list of hand-picked growth hacking strategies for businesses that are looking for them.
1. Solve one real-world problem
People often search the internet to find solutions to their problems. If you’re able to provide easy and quick solutions in your niche, they’re more likely to come back for more. Eventually, they’ll even be willing to pay more for your offerings.
This is the business growth strategy that HubSpot adopts. It offers many free tools such as an online buyer person generator, CRM platform, forms, marketing dashboard, etc. These promote their brand so much that ultimately people become ready to purchase their paid services.
2. Use urgency and FOMO
FOMO (Fear Of Missing Out) and urgency are two human psychological behaviors that brands and businesses should take advantage of. FOMO refers to every human’s impulse not to miss out on something good. So, establish the practice of releasing new features and other dainties only for registered users.
Similarly, you should also instill urgency in your promotional messages. This way, you can take advantage of the human compulsion to act quickly in an urgent situation. For, instance if you offering limited-time discounts on your new arrivals, they’ll be prompted to purchase before the offer ends.
3. Reward social shares
Source: InviteReferrals
With social media being used extensively nowadays, it is advisable for brands to spread awareness of their existence through these networks. This way, you’ll gain new users via social sharing and word-of-mouth promotion. However, you need to reward and encourage people to share your brand on social media.
Your rewards can take many different shapes such as discounts, exclusive access to new features, cash incentives, etc. Ensure that the reward is dispensed to the referrer. Such instant gratification ushers in brand affinity, improved conversions, and increased revenue generation.
4. Provide a great user experience
Evaluate your website to ensure a good user experience (UX). A poor UX will have a negative impact on your visibility and revenue generation. For, Google prioritizes UX.
Remove unwanted ads and unnecessary items from your sales funnel. These can distract users and cause interruptions in the funnel. The entire journey should be seamless. Users should be able to easily and efficiently navigate the stages of your sales funnel. Take care of your mobile experience as well.
5. Nurture your leads
Source: InviteReferrals
Lead nurturing is another vital growth hack that leading brands employ. Collect the email addresses of those visitors who exhibit interest in your brand using lead forms. Then send nurturing messages to educate them about your brand and its offerings. Over time, they’ll feel confident enough to buy from you.
So, establish a system to nurture subscribers via a sequence of emails. Send them at regular intervals over weeks or even months. You can even tell them your success stories to build a bond with them. Just make it a point not to promote your offerings but rather just educate them. Be concise, conversational, clear, and friendly. This will bring long-term success.
6. Segment your audience
When marketing, refrain from sending one-size-fits-all marketing messages. This strategy doesn’t fit even a bit in today’s world where people expect highly personalized communications from brands. A segmentation software can help you segment your users meaningfully so that you can send well-tailored messages.
These tools can help in grouping your subscribers based on their demographics, geographic location, online activities, psychological behavior, and more. This way, you can send/display your ad campaigns, emails, website content, etc. to the right people. With this growth hack, you can immensely increase your sales.
7. Provide life-time value
For effective growth startups, small businesses, and even established businesses should focus on monetizing their customers by providing lifetime value. They should look long-term rather than considering the current interaction alone. Here are some ways in which businesses can monetize their customers in the long run.
- Have a referral or brand ambassador program in place. Make sure that you’re incentivizing them with something they value.
- Establish a system to keep in touch with a customer after he/she makes a purchase from you. You can announce your new offers, promotions, discounts, sale, and more through push notifications, SMS, emails, and other marketing channels.
- Monetize data by analyzing it for gathering detailed information about your audience segments. You can also show off data on your website and social media pages to distinguish your brand from your competitors and thereby increase sales.
8. Explore all possible channels
Exploring growth hack is to get in front of your target market via all the possible can boost customer acquisition by 10 X. There are several channels to target new leads. However, the most common ones are email, social media networks, paid ads, etc. The more versatile channels you pick, the more are your chances of gaining new customers and retaining current ones.
Keep communicating with your leads through these channels to remain in the minds of your customers and prospects. Make sure to put yourself in your customers’ shoes while interacting with them. Also, review each channel to ensure that it is in accordance with your business marketing strategy so that it’s apt.
9. Opt for video marketing
Source: InviteReferrals
Videos enable the viral marketing of brands and businesses. For, 74% of the internet traffic worldwide is brought by online videos. So, businesses and brands that market through this highly preferred content format succeed in today’s world. Choose from demos, brand videos, educational videos, how-to videos, event videos, expert interviews, animated videos, case studies, customer testimonials, virtual reality videos, and more.
While designing your videos, ensure that they’re effective rather than refined. Before you get into it, plan your video well. Then script it, prepare for it, shoot it, organize the footage, edit it, choose your music, and record your voice-over.
10. Use a compelling tagline
One quick, easy, yet effective growth hacking strategy is to use a compelling tagline for your brand. It helps distinguish your brand from your competitors, boosts your brand’s credibility, communicates your unique selling point, creates culture, and enhances employee performance.
So, come up with a one-liner tagline for your business, conveying what your brand stands for. List the words that communicate the emotion(s) that you want people to associate your brand with. Then connect those words into phrases using a minimum number of words. Choose the phrase that fits the best. It would be good if you can take the help of others.
Wrapping up
The best growth hacking strategies aren’t necessarily the ones that are expensive. With just a little creativity, you can grow your audience and revenue generation therefrom. So, do employ some of our growth hacks to establish your brand in the long run.
FAQs
- Who is a growth hacker?
A growth hacker is a person who uses innovative, low-cost strategies to help brands to acquire new customers while retaining existing ones.
- Is growth hacking different from marketing?
Yes, growth hacking varies in several ways from marketing. The primary difference is that growth hacking targets the entire funnel while marketing focuses only on awareness and acquisition.
- Is growth hacking an independent field?
Yes, growth hacking is now a whole new sector that focuses solely on growth, founded on a data-driven and experiment-based process.
Author Bio:
Shivani Goyal
Shivani is a content writer at InviteReferrals, which provides referral software that allows businesses to attract new customers from existing customers through referral campaigns.
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