In today’s online world traditional marketing methods cannot always achieve the rapid growth required for startup businesses to become profitable and successful. Here are some growth hacking strategies you need to know.
Growth Hacking – The Origin
The origin of growth hacking is attributed to Sean Ellis, an entrepreneur and startup adviser, who in 2010 coined the term “growth hacker” as someone who focused specifically on accelerating business growth by identifying ways in which a company can accelerate the product development and marketing cycles to get new products out to customers in the shortest possible time.
Growth Hacking Steps and Tips
Successful growth hacking is an iterative process that consists of the following steps:
Develop your product(s) to directly address the needs of your target market. Growth hackers refer to this as “product-market fit”—having a superior product in a high-demand marketplace is the foundation for growth.
Set specific goals. Your main goal may be, for example, to reach $1 million in sales in the first year. However, to do so the main goal should be broken down into a series of shorter, smaller goals so that you can monitor your progress and be prepared to make changes on the fly as required.
A clothing vendor might want to become the next new trend, but reasonable short term targets should be the day-to-day objective.
An online content site might have a long term goal of reaching a million page views per month but weekly and/or monthly targets will demonstrate a steady rise to the desired levels.
Implement methods of tracking results. Growth hacking is a data-driven methodology that relies on accurate product metrics. Aside from the traditional results from product sales, you can use social media “buzz” to gauge the level of interest in a new product.
For example, by posting information about your product releases on Facebook you can monitor and measure shares, likes, and feedback from “friends”.
Twitter analytics can tell you how many times the Tweet about your product was re-Tweeted or the embedded link to your product information has been clicked. Customer feedback via reviews or emails regarding product usability and/or reliability (even if negative) can provide valuable information.
There are a variety of sophisticated analytical tools available to monitor the popularity of content via page view statistics.
Test drive your product in the marketplace and measure the results. One of the great things about the digital revolution is the ease of testing the demand for new products or services.
Introducing a product or an idea for a product on social media in a “what do you think?” survey can get you immediate customer opinion including suggestions for improvements that can be incorporated into the finished product before it goes to market.
Selling a few sample items on eBay or Craigslist can also allow a business to quickly gauge customer interest in a new product without the time and effort required for a traditional approach such as setting up focus groups, etc.
Similarly, crowdfunding sites such as Kickstarter have also become platforms for introducing products to potential customers. Accompanied by photos, video, and ad copy, a product can be launched on Kickstarter and discounted or even given away for free to encourage customer reviews, ratings, and general feedback.
Using the customer feedback you can refine the product, the pricing strategy, and re-examine the target market as needed. The feedbacks will help you to achieve a deeper understanding of the needs of the customer base and greater growth possibilities.
Whether your product is a new line of clothing, a content website, or a coffee shop, growth hacking strategies can improve your sales and increase your bottom line.
The growth hacking strategies will help you to improve your marketing plan. So you can grow your business and your income pretty fast.
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