Smart entrepreneurs know that the key to success in any business is to generate decent profits and reinvest the same back into the business. This is where growth hacking comes in!
What is growth hacking?
Growth hacking is a business technique that’s applied by an entrepreneur who tries to make the most of engineering and marketing in a bid to promote their business in the industry. Under this practice, every strategy, every initiative, and every tactic aims at just one thing- growing the business.
With just one goal in mind, the results of growth hacking are usually impression. But how do you become a growth hacker yourself? Well, you can get started by applying the following tips:
- Get to Blogging
Anyone can start a blog, but it takes a certain level of skill and aptitude to create a one that can contribute to business growth. That said, if you are up for it, you will be surprised by kind of traffic it can drive towards your company website and improve your overall presence on the Internet.
Remember- when it comes to blogging, content is king. So, whenever you finish a blog post, take a closer look at it and ask yourself “what can I do to make the content more appealing and compelling”. You should also look into how you can do guest blogging right, as it’s one of the easiest ways to make new contacts and attract new customers.
- Launch a Loyalty Program
It goes without saying that you must try to expand your customer base on a continuous basis. However, it’s also important to ensure that your loyal customers don’t go anywhere else as they buy 90% more often and spend 60% more.
There are various ways to reward your customers- fun and simple games with prizes for the winners, rewards points (that can be redeemed for discounts, cash, or gifts) for each purchase, etc. In fact, the creative the program is, the better.
- Create a Powerful Brand
You have no idea what you are missing out if you are running a business without a brand.
Branding is one of the most essential aspects of a successful business today. Besides, when you can easily avail top-notch Branding services with online platforms like Tailor Brands that offers affordable services like logo development, business cards, etc. there is no reason why you should pass such an opportunity.
- Offer a Demo
Even if you are selling a truly novel and remarkable product or service, the people may not know what it’s about and how it can be used through images and videos. However, if you can offer a demo in which they can get a first-hand experience of the product/service, you have a far better chance at converting the leads into customers.
- Launch a Referral Program
There is a huge potential in a referral program which makes it indispensable for your growth hacking endeavors.
A new referral customer has a 16% higher lifetime value than a non-referral customer. They also tend to do more business with your company as well as more frequently than your non-referral customers.
If you are able to structure the model right, you can grow your business without even having to work for it. Your own customers will bring in new customers in exchange for perks like discounts, goodies, etc.
- Learn the Strategies of Psychological Pricing
Marketing experts know a number of tricks that help them get amazing results. One popular and quite effective technique is “comparative pricing”.
In this, a company prices a certain group of products in a way that the product they mainly want to sell appears to be the best “value for money” product. For instance, if there are three versions of a popcorn bucket available: small at $3, medium at $6.5, and large at $7 then most of the customers will buy “large” rather than “medium” thinking that it gets them the most value for the money.
- Make Your Company Easily Accessible
What marketing channels are you currently using? Are you using email marketing, social media marketing, blogs, websites, webinars? If you have missed any of these then it’s important to bring them under your campaign as soon as possible. This is because the more are the avenues you are promoting your brand on, the faster it will grow.
Growth hacking is an ongoing process in which you learn some new things, and then you master a few. At any rate, you can’t do much about it unless you devote your full attention and time to it. Only then you can reap the benefits and take your brand to the next level.