Digital is a battleground on which marketers are fighting to achieve competitive advantage. There can be uncompromising targets, constraining budgets, limited resources and a surplus of competitors against a backdrop of advancing tools and platforms. Hence, a conventional approach to marketing is no longer enough and the only way to survive is to adapt.
One such marketing approach that has generated a lot of excitement as a dynamic approach to boost awareness, lead generation and conversion is the growth hacking approach (also referred to as ‘agile marketing’ and ‘growth marketing’). Before we go on to tell you about the benefits of this new phenomenon, let us first understand its meaning since it is more than often misunderstood.
What is Growth Hacking?
Growth hacking is an experiment-driven technique to determine the most effective ways of growing a business. The process involves a mix of marketing, development, design, engineering, data, and analytics. The reason why it is called growth hacking is that a hacker finds a quick, cost-effective but innovative method to attain growth instead of following conventional processes.
Sean Ellis, the Founder and CEO of Qualaroo and the ordained Godfather of Growth Hacking coined it in 2010. Since then, it has evolved into a term for all the strategies that are used to focus on intense growth.
In fact, growth hacking and digital marketing go hand in hand.
Growth hacking uses traditional digital marketing that consists of search engine optimization, pay-per-click ads, social media marketing, content marketing, and more. When you turn to growth hacking for your digital marketing strategy, you are taking more traditional digital marketing strategies and using them in unique ways to captivate and grow your audience. You are constantly testing new ideas to see what works for your business, always with a growth mind-set.
Growth Hacking Strategies
Businesses search for various growth hacks and want to grow quickly by gathering millions of customers that increase their revenue. Growth hacking ideas for businesses is a proven element of success. However, not every business is able to execute these marketing growth hacks in the best way.
To assist you to outgrow your potential, expand your horizon, and increase profits sharply, here are a few growth hacking strategies:
1. Create a Pre-Launch Email List
When it comes to an effective growth strategy, email marketing remains king to find both leads and conversions. Put your focus on building an email list, as it will allow you to reach your audience and deliver your message effectively. Additionally, email marketing greatly helps businesses to build pre-launch hype for any product or event.
It will also allow you to acquire potential customers even before your launch. However, do not just create a list of email addresses and sit idle. You should take a few weeks to build up the hype and try to make your audience eager for your launch.
2. Leverage Referral Marketing
Referrals from friends, family or industry influencers relatively convert a lead much faster than other means. The cost of referral customers is less and they have better retention rates. Additionally, sales experts with referral programs also earn four to six times higher.
For instance, in its initial days, Uber used referral marketing to increase their brand awareness and user reach. The idea was simple: Users get a certain credit amount for every time other users use their referral code.
3. Make New Brand Partnerships
Business partnerships and collaborations are one amongst the best growth hacking techniques as they create a lot of noise. Many brands have realized the fact that co-marketing and product partnership is an effective growth marketing strategy.
It will not only create a great social media buzz but will also send relevant organic traffic to your website. It provides effective news coverage and enhances the visibility of your products and services globally.
4. Host and Attend Community Events and Conferences
By attending events and conferences, you can acquire the tools and insights you need to make sure your business does not fail. Go ahead, learn from the best, make connections, learn about your industry, and get some inspiration. You do not have anything to lose. Exposing your business on relevant business events and conferences will allow you to taste success with minimum effort.
5. Leverage Adjacent Markets
The secret to adjacent markets is to export your skills and capabilities, not products and services. It is taking your core competencies and creating new value for new customers.
Before evaluating any new market, consider a few factors such as the competition or the opportunity in terms of volume and profits. Hence, look at your skills and existing channels and find new ways to use those skills and you are on your way to new sales growth opportunities.
6. Build a Community around Your Brand on social media
Social media is an essential part of the marketing mix for businesses. You can leverage social media communities to promote yourself, receive market feedback and interact with industry influencers. For this, you must strive to align social media activities with the overall direction of your growth.
You can create a Facebook group around your brand where your audience would engage with your brand. You need to ensure you are creating value for them through that group. The chances are fair that those who are not aware of your brand may get to know about it once the content in your group inspires them.
7. Follow Your Biggest Competitors
Competition can come in different shapes and sizes but it always exists. Once you have acknowledged your competitive landscape, it is important to display why your company has a competitive advantage in any respective market.
Make sure you not only zero in on your business venture but also remain aware of the changing factors in your competitive landscape. This will position your business to quickly adapt and leverage its strengths.
8. Create an Aggressive Content Marketing Strategy
An aggressive content marketing strategy will help you focus on customer feedback and market your product with ease. With a modest budget, create a content marketing strategy for your business that allows your audience to understand the value of your product. Regardless of what type of business you are, your content marketing strategies should always focus on attracting the right audience.
When planning content marketing campaigns, always focus on creating shareable content. Video content, for instance, has become the central pillar of many content marketing campaigns. Mainly because you can convey a lot of information in a concise package.
9. Do Guest Posting
Guest posting helps to build a connection as it makes it easier to get high-quality organic leads through the content by providing a link to your website, which ultimately, helps in boosting up your SERP rankings.
Guest blogging is a great marketing growth hack, which bloggers tend to use for the purpose of gaining organic website traffic and reaching out to different audiences by improving their search engine rankings.
10. Work with Influencers
When it comes to brand building, there is a reason why brands pay influencers to endorse their products. Collaborating with well-known influencers is a powerful way to reach out to a wider audience.
You can collaborate with influencers in order to promote their products and services by sharing the latest news. Influencer marketing if done right can help any business to raise awareness and achieve massive reach
11. Cash the Trends
Between customer service, budget tracking, marketing, sales, and product development, it can be difficult to stay on top of all the latest industry advancements and innovations. Staying on top of trends is key to the success of your business.
Identifying trends at an early stage will allow you to come up with profitable campaign ideas — or alter your business plans to jump on a new trend just as it takes off. You can achieve accelerated results by staying abreast of the latest trends.
12. Send Gifts to Your Customers and Show Them Off
Branded gift products, ranging from pens to office supplies that have your company’s logo and name embossed on them, provides great value to the user. It will raise your brand’s awareness and maintain customer loyalty. It also helps in spreading positive word of mouth. Moreover, it improves customers’ perceptions of your brand. A happy customer becomes a promoter of your brand and allows you to enjoy more referrals and leads.
Numerous companies across the globe have used growth hacking to expand their customer base and for each company, it is about figuring out why you grow, and looking for ways to make that happen on purpose. For instance, the social media giant Facebook which has over 2 billion users, has been using growth hacks to extend its reach fast. Particularly effective techniques include encouraging users to add their contacts and sending out emails to those contacts if they were mentioned or tagged on the platform. Also, mention notification emails piqued people’s interest, and made them go to Facebook and sign up to see what had had been said about them.
Since growth has always been a challenge for many businesses, at Turiya Communications LLP, we can help you with it. Contact us today or visit our website www.turiyacommunications.com to know more!