What is Growth Hacking?
As defined by OptinMonster, Growth Hacking are strategies that focused solely on growth. Originally coined by Sean Ellis, the CEO & Founder of Qualaroo. The term is usually used on early-stage start-ups that needs a 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.
Why is it effective?
Growth Hacking is effective for many businesses and SME’s because it revolves around the methodology of finding innovative solutions that are new, cost-effective, and scalable. As a whole, it allows start-ups to quickly pivot certain areas of their business and marketing strategies in order to get immediate results. These small changes are usually innovative and unique, but at the end of the day they are able to drive effective growth to a certain business.
Here are just a few Growth Hacking Strategies for Start-ups to try on their businesses.
- Create an Email Waiting List
Nothing ever comes close to the power of traditional email marketing. Building an email list will allow your business to pre-launch your product and eventually gain an idea of how customers respond to it before the official launch. This would help your business greatly through knowing which components of your product or services, which you will need to adjust or edit in order to better serve the market.
Once you have an email waiting list created, you can then expand it further with an email drip marketing, in order to automate and scale the operational process inside your startup.
- Pre-launch Your Product on Third Party Platforms
There are many users and start-ups that submits new products every day in order to share and discuss the latest mobile apps, websites, tech creations and hardware projects. The users themselves get to vote on their favourite, and therefore enables a business to gain valuable feedback and at the same time exposure at a lower cost.
- Find Bloggers to Review Your Product or Services
Source for bloggers who are within your business market, the ones who uses the same products or services to run their own business. This method is a great way to network with them and to find partnership opportunities or even collaborations in the near future.
To start off, try asking a blogger for an honest review of your business product in exchange for using them for free.
- Attend Start-up Events and Conferences
Start-up Events and Conferences are a great source to gain industry knowledge into new as well as upcoming trends, and other businesses who are getting ready to launch. Both platforms are also an extremely effective way to network and find people who work in similar industries as you.
They can not only be a great source for inspiration, collaborating on different ideas and even finding capital. It is ideally recommended to have plenty of business cards as well as company prospectus to hand out, as there will be talent scouts, venture capitalists or even people who are just hungry for the opportunity to create something unique attending the same event.
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