Growth hacking strategies are crucial in an age where startups are opening by the minute. The marketplace culture has altered significantly. Business owners and employees are looking for ways to boost business growth miraculously. That means they are looking for ways to provide immediate results.
We live in a digital age now, and finding ways that can instantly add to business growth is available. It only matters when the right channels are explored. Growth hacking strategies have a good reputation in the business world. The best thing about growth hacking strategies is that they are not restrictive in terms of time.
One can use them in any business phase. Moreover, even if they are well known to be utilized by startups, they can even be implemented by large businesses. That is because most businesses go through a phase of financial distress. Hence, seeking help from growth hacking strategies is a must.
Let’s see what growth hacking strategies mean before we delve deeper into the topic!
Table of contents
- What Are Growth Hacking Strategies?
- The Importance of Growth Hacking Strategies
- How Is Using Growth Hacking Strategies Different From Traditional Methods?
- Types of Growth Hacking Strategies
- Trends In Growth Hacking Strategies
- Companies That Have Used Growth Hacking Strategies
- Are Growth Hacking Strategies Sustainable?
What Are Growth Hacking Strategies?
Much like their name suggests, growth hacking strategies refer to business hacks that lead to growth. Simply put, these strategies are used when businesses are going through a time of financial crisis. The idea behind growth hacking strategies is to look for ways that do not cause a dent in the business owner’s pocket while also not using a lot of the company’s resources.
The term is an extension of the phrase “life hacks.” It is just like using a business growth hack that helps you do business in an efficient way. Though these strategies are mostly tailored for new businesses, well established businesses also implement them from time to time. That is because there is nothing linear about business practices. Hence, using strategies to enhance growth is important.
Let’s also understand the importance of growth hacking strategies in the marketplace.
The Importance of Growth Hacking Strategies
Growth hacking strategies are super important in the business world because they result in instant growth within a short period of time. For example, when resources are scarce and the financial budget cannot be touched, growth hacking strategies can be conveniently used. The idea is to achieve superb growth in business within a limited amount of time. It can actually be deemed a lifesaver in the business world.
It might come as a surprise, but growth hacking strategies assist in better visibility. Plus, they help startups get recognized quickly as well. Let’s face it, present day circumstances entail that successful businesses are the ones that have an established online presence. Therefore, growth hacking strategies help rebuild or enhance online strategies that can boost businesses on all fronts.
Growth hacking is different from other marketing strategies, so let’s understand the difference.
How Is Using Growth Hacking Strategies Different From Traditional Methods?
Growth hacking in itself is a new age concept. Marketers were frustrated, thinking of ways that would not affect the company’s budget and the limited pool of resources available. Formerly, marketers only used traditional marketing methods, which meant going through a lengthy process to achieve one goal. That process includes extensive research, campaigning, and then using costly resources to gain more customers. The disappointing element of traditional marketing is that it can exhaust all resources, and even then, a marketing campaign might not resonate.
However, it is a given that there will be some sort of growth when growth marketing hacks are implemented. The strategies are created in such a way that they bring results in a speedy and effective manner. It is apparent that they are implemented if and when a company is already going through a stressful period. Hacks help employees perform well under a time limit. Moreover, they instil a sense of focus because growth hacking strategies are easy to implement and the process gets over quickly.
Types of Growth Hacking Strategies
Have a look at the types of growth hacking strategies available.
Content Repurposing
The brand ambassador of growth hacking strategies is content repurposing. It is literally the best recipe for achieving a goal when there are fewer resources and not much money to spend. The primary takeaway of repurposing content is that marketers do not have to start from scratch. They can create new strategies based on existing content. Another benefit is that content that has not resonated with customers does not entirely go to waste.
The crux of content repurposing is when a full-fledged campaign does not connect with customers. That does not mean it goes down the drain. Companies usually keep the campaign to be re-used at some other point. It is a growth hack because the content can be tweaked according to present day customer preferences. And the alterations can result in the campaign becoming a success. Therefore, content repurposing has a lot of potential for business growth.
Make Personalized Connections
Something that is super easy and comes with a lot of benefits is trying to connect with your target audience on a personal level. All you have to do is make them feel acknowledged and thought of. There is no need to make ground-breaking modifications to your strategy. Just a bit of research can help you create a deep bond with your target audience.
Tapping into customer expectations is a good way to start. That will help in getting clarity in terms of what they are eager to receive from your business. Acquiring this information can go a long way because it can help make your business appealing to all communities.
It only takes a bit of studying, and in no time, you will be able to figure out what needs to be fixed where. Moreover, personalization has a long-lasting impact. Customers do not shy away from supporting businesses that are going through a rough patch. That is when customers are dealt with in a promising and personal way.
Make Shareable Content
One of the best ways to achieve insane engagement is by creating content that is interesting and can be instantly shared. Firstly, it is always a great idea to market content across all social media platforms. Instagram, Facebook, Twitter, and Snapchat are the most popular platforms that make sharing content a breeze. There are some ways that can be used to make content instantly appealing to audiences.
For example, staying updated on pop culture and digital trends can pave the way for interesting content. The meme culture is on the rise, and many businesses do not mind making a dig at a pop culture reference or controversy.
What only matters is that it should spike engagement on all fronts. People can have various reactions to memes. Good or bad, they always result in getting shared. Hence, this is a present day strategy that means more traffic and interaction.
Shifting The Focus On Customers
A simple yet effective growth hacking strategy is to always shift the focus of the campaign to customers. An excellently made campaign can still lose out on some fronts if it does not pay attention to what the target audience or customer base wants. Many businesses face difficulty understanding that they need to let go of what their business needs. And they need to pay attention to what they are offering that may sit well with the customers.
Things pan out naturally when the focus is altered. Aims and objectives become clearer. Also, getting the desired results is an easier process. For example, a company should restructure their campaign once they find out what their current customer base is expecting.
That will also enhance the brand’s image. Plus, their brand tone also readjusts. What could be more encouraging for a customer? They will start to support the brand all over again, and that will benefit both parties.
Collaborating With Other Brands
We have all heard that more effort brings more results. Collaboration is the new pathway to popularity. It sets the tone for a business’s mindset. Steps need to be taken in order to get more preference. But a progressive mindset is also needed.
Brands that work together to uplift each other are a new way of creating a growth hacking strategy. Collaborating with a well known brand already confirms viewership and more traffic.
This is because reputable brands already have a strong consumer base. Their customers swear by their products and services. Moreover, they are eager to find out about the company the brand is collaborating with.
An excellent way to do so is by launching a campaign that offers special deals or discounts from both companies. Customers will not shy away from supporting the venture and will even advocate for it across all social media platforms.
Introduce Free Versions Of Products Or Services
Who does not love a free version of the service or product they are interested in? It helps the user understand what they are signing up for. Moreover, it can help bring in more business in terms of viewership and traffic. In present day circumstances, every click and view adds up to revenue. So, introducing free versions of new products has multiple benefits. It can easily help the company create its own niche.
Most companies are extremely protective of their services. They tend to stick to the concept of only offering them when a customer pays for them. But progressive companies like to give a sneak peek. It is also a tactic that brings success. It starts with leaving a positive impression on the customer. They use the service or product regardless of whether they form an opinion.
Since everyone loves free services, customers are prone to using them. And when the trial period has ended, they are finally used to the product or service. That is what convinces them to finally make the purchase. It is a longer process, but one that confirms more customers.
Here are some popular trends in growth hacking strategies.
Trends In Growth Hacking Strategies
Engagement Should Be The Focus
While engagement might sound like a standard procedure for growth hacking, there are still some companies that fail to recognize what the right ways are. Engagement can only become a reality if the correct platforms and trends are utilized. For example, companies can instantly witness a rise in their engagement rates if they choose to use Instagram to post their content. Instagram has updated a lot of features that enable companies to post interactive content.
Companies can choose from reels, videos, and stories to level up their growth. It is more like a one stop solution to perform hacks that can make a company perform better. Most clients check a business’s Instagram to see what their feed is like. They only go through with commenting and sharing posts if they are visually pleasing and have room for discussion. The best way is to remake posts with a reference that is popular.
Making Gen Z the focus of such posts is also a stellar tactic to get more comments and shares. Every view and comment, regardless of whether they are positive or negative, brings traffic. So, engagement should be done keeping that in mind.
Retaining customers
Existing customers should always be treated in a special way. The ideology of constantly acquiring new customers while not paying attention to the existing ones is an outdated concept. Companies must accept the reality of working equally hard for existing customers.
That is because existing customers are the ones that vouch for a business when things go haywire. Business owners can rely on them for support during financial instability. All that needs to be done is show customers that they are appreciated and cared for. Efforts should be made to gain their trust because they are the ones that contribute to the success of a company.
A simple token of appreciation can have long term benefits. For example, targeting existing customers via email marketing is a fool-proof way to retain them. Emails can contain special discounts and offers that existing customers can avail of whenever they want. Such gestures go a long way and make it easier to retain customers for a lifetime.
Organize Operations
A successful growth hacking strategy involves paying attention to streamlining operations. No process can become seamless without organizing tasks. Scattered information and processes only result in delayed growth.
Business owners must inform their teams about the importance of organizing operations so that every process becomes transparent. A timely change in the way operations are carried out is inevitable for every company. Rigid ways of thinking never lead to success.
Managers should encourage employees to share their ideas, which will help improve the company’s image. An organized team will get work done efficiently and in less time. Also, it will make the business owner realize that fewer resources are being used to reap more benefits. As a result, the money and resources can be used when things get out of hand. But, for the time being, they can add to the success of the company.
It’s important to look at some real-life examples, so here they are.
Companies That Have Used Growth Hacking Strategies
Airbnb
We all reach out to Airbnb when we are looking for reasonable accommodations. The reason why Airbnb is the first preference is because they have been able to establish their position in the marketplace. Ever wondered how that actually happened? Yes, they also partnered with Craigslist and implemented a growth hacking strategy. Airbnb did not get customers miraculously. In fact, they had to build their user base and use multiple strategies to get the recognition they desired.
Their tactic was to link their platform with Craigslist. That is because clients usually check out listings on Craigslist to find the best possible option. Airbnb copied the listings of the rooms available so that Craigslist’s users could also tap into what Airbnb was offering. That too with one single click. This growth hacking strategy resulted in many new clients for Airbnb. Plus, its popularity is apparent now.
One would never imagine a business giant using growth hacking strategies. But the reality is that all corporations need to implement growth hacking strategies somewhere down the line. No business’s journey is one dimensional. Facebook’s use of growth hacks is a reminder for everyone that businesses should always be open to change. Even though Facebook has a user base of two billion people, there is no such thing as too many users.
The social network keeps adding new features so that people can check out their updates. This boosts their visibility and leads to Facebook remaining at the top of the tower. It is a simple growth strategy, but one that goes a long way. Facebook keeps suggesting that its users add their contacts. All accounts are synced, so it is easy to connect. Those contacts are sent emails so that they can sign up for what Facebook has to offer. The majority is interested and goes forward with their decision.
Are Growth Hacking Strategies Sustainable?
Like the term suggests, growth hacking strategies can be implemented when there is less content and resources available. Implementing a strategy can reap multiple benefits in the moment. Also, their impact can go a long way. Many carefully curated campaigns fail to resonate. But some made through growth hacking strategies instantly connect with audiences. That shows that growth hacking strategies are definitely sustainable and will keep on paving the way forward!
Featured Image: SalesForce
