If you manage or own a startup business, then it is vital to work on your marketing strategy. Tons of new startups emerged every year, but only a small number of them become large enterprises.
Startups in general only have one goal in mind and that is growth. To be able to stay on track, startup growth must be fast and aggressive in any business landscape. It is essential for every startup to promote its products or services during the initial stage. Once startups have reached out to a large audience and generated brand awareness, next would be the need to focus on growth hacking strategies for their business.
Growth Hacking are strategies that focus solely on growth. Originally coined by Sean Ellis, the CEO & Founder of Qualaroo. The term is usually used on early-stage start-ups that need business growth, spending as little as possible to acquire as many users or customers within a short duration of time. In other words, Growth Hacking is all about your analysing or taking a look at your start-up/business in detail, and eventually identifying which component needs to change in order to help your sales or reach to grow.
There are many growth hacking benefits for your business. In the following, we will discuss the key important ones and why these benefits could be profitable for your business in the long run.
The whole point behind growth hacking is to find accessible, efficient, and low-cost channels that nobody else has thought of or even seen up to that point. The core mentality enables us to be more creative with cost-effective strategies to improve return-on-investment (ROI).
These low-cost techniques may often be found all around you, once you start to understand your target audience’s needs and how your business can meet those wants and nurture them further. An example from a marketing growth perspective, you could design a new landing page and a sales funnel that converts users into customers through promotion, and eventually drives traffic to your site.
2. Generating Quality Leads
A critical growth hacking benefit is that it can produce a high number of qualified leads. Growth hacking is more of a mindset than anything else. What this means is that there is no one-size-fits-all approach to the issue. Nonetheless, the upside of this is growth hacking can, at the end of the day, adapt itself into any type of business or start-up, regardless of the size or the industry.
Once your business gains some new leads through growth hacking, the data that you gather from that will be invaluable to you. You can analyze it, and find out specifically which parts of the sales funnel attracted these new customers.
With the newfound data from your analysis, you can alter your existing strategies to make sure that the audience responds better in future. This way, you will definitely attract new customers once again.
The only way to stand out in the market is to focus on telling your brand story, and showing your consumers how different you are from your competitors. Growth hacking is the process of increasing, maintaining and engaging with your company’s customer database. However, in order for it to be effective, it needs to tell your brand’s narrative in a distinctive way.
The most effective approach to do so is to discover and solve your consumers’ pain points, in a way that your competitors have not worked out yet. It focuses on finding the right conversations and jumping straight into them to promote your story, while the audience is still interested in your business or list of services.
4. Develop Better Products
Growth hacking’s most evident benefit is the creation of better products that your consumers and users truly desire to utilize.
A quality product that your customers use on a daily basis increases certain positive possibilities. For example, they will recommend your products to others. Nothing beats viral marketing growth, so word-of-mouth should be considered by all organizations as a channel and method.
5. Suits Any Goals
By definition, growth hacking works well with any goal, as growth is the main purpose, it does not matter what you are technically measuring. That said, it is crucial to be sure that you are trying to achieve growth where it matters and to create an impact for your business.
Always define your goals. A goal should be measurable and actionable, something you can measure and determine whether your business grew or not. A goal that you can’t determine its outcome or if you ever reached it will not work. Always base your business plans on targets that would impact the overall business, once you have reached the goal.
With years of experience under our belt, Hashtaqs will be able to determine which growth hacking strategies would be the best for your business and help you implement them for your business growth.
Hashtaqs uplifts business through brand transformation and marketing advisory and implementation online and offline, internationalisation through business matching and community development.
Our consultancy work is supportable with the funding scheme of up to 80% for local SG businesses. Contact us for a consultation at +65 8868 1418 or email us at [email protected]. For more info, visit www.hashtaqs.com.
Additional Reading Resources
How to be a successful entrepreneur — 9 lessons from the world’s top entrepreneurs