Growth is important at any stage of your business. Whether you’re just starting out or you’re looking to expand your base of customers, knowing how to scale your company is important for bringing your business to the next level.
Unfortunately, growth can take time. While there is nothing wrong with slow and steady growth, sometimes you want to see results at a faster pace. For those situations, you need growth hacking.
What Is Growth Hacking?
A true growth hacking definition can be a bit difficult to find. It comes down to this: growth hacking is a marketing tactic focused entirely on growth. When you develop a growth-hacking strategy, your main priority is acquiring new customers and selling more products — potentially even at the expense of efficiency or ROI.
Companies frequently apply growth-hacking strategies when they are building a new business or introducing a new product into a new space. By acquiring as many customers as quickly as they can, they’re able to generate buzz around the brand while stimulating sales.
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7 Growth-Hacking Strategies to Grow Your Business
There are a number of different ways you can effectively growth hack your business. For Growth Hacking 101, here are seven simple strategies you can try.
1. Understand What Your Audience Wants
If you want to rapidly grow your business, you need to understand exactly what your target audience needs. By creating a product that fixes a previously unrecognized problem or issue, you’re able to easily attract the attention of customers and clients ready to improve their lives.
Whether you’re looking for a new product to create or you want to improve sales of an existing item, take a hard look at the issues your target audience faces each day. When you can improve your offerings to better suit what they’re looking for, it will be easy to grow your sales.
2. Create a Referral Program
Referral programs are a great way to boost business because they can get past customers and new buyers excited at once. When you provide current customers with a discount or free offer based on the number of individuals they refer, they’ll become more engaged with your content and products. Additionally, referrals can improve trust with new customers and clients.
Develop a referral program that encourages customers to share your products, services, or brand with their friends and family. Depending on the amount you hope to scale, make the incentives high for customers who can bring in multiple new leads to your business.
3. Collect Leads Pre-Launch
If you’re preparing to launch a new product, you don’t need to wait until after the item is for sale to start collecting information of interested buyers. By doing a pre-sale or collecting leads before the launch, you can hit the ground running as soon as the item comes out.
Collecting leads before you launch can help you create a buzz around the product that encourages customers to buy as soon as the item is available. You can collect leads through an opt-in on your website, or even host an event focused on the launch of the product that gets people talking.
4. Develop New Forms of Content
Creating strong content is an evergreen way to improve your online presence and attract new leads. However, if you’re only focusing on one form of content, you may find that it is difficult to quickly grow your business.
Trying out new forms of content can allow you to quickly scale your business. Introducing webinars, videos, infographics, or other high-quality forms of content can grab your audience’s attention and encourage them to connect with your business.
5. Use Scarcity Marketing
When shoppers feel like they’re missing out on a deal or they’re being given a limited-time offer, they will be more inclined to make a purchase. This tactic, known as scarcity marketing, shortens the decision-making phase of the buyer’s journey, allowing you to sell more products.
Scarcity marketing should be used sparingly. By offering a great deal or new product for a limited time, you create a sense of urgency with your shoppers. However, if the item isn’t actually scarce, you run the risk of hurting your customers’ trust.
6. Build a Network on Social Media
Social media is a powerful tool for engaging with your customers and attracting new leads. It can also be a great resource for growth hacking. However, in order to effectively growth hack through social media, you will need the help of your fans and followers.
When your community of fans and followers shares your content on their personal timelines, they’re introducing your brand to their networks. This can establish a solid foundation of trust while creating awareness about your products or services. To encourage social shares, create a campaign that prompts friends and followers to repost your content.
7. Make Retention a Priority
Trying to convert a new lead is difficult. When you need to find, educate, and convince someone entirely unfamiliar with your brand, the conversion process can be long and expensive. However, convincing a past customer to buy again can be much more efficient.
When growing your business, focus on retention. Consider what you can do to push past customers to make another purchase, including creating supplemental items or offerings that allow them to build on their original buy.
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Putting It All Together
Effectively growth hacking your business comes from understanding exactly what your target audience is looking for and providing them with a product or service they can’t resist. When you put all your focus on attracting new leads and converting them into customers as quickly as possible, you can easily introduce a new product, enter a new space, or just take your business to the next level.
