Businesses that cannot thrive soon disappear in the market. Growth Hacking is using the tactics that can help companies to grow. Your product needs to reach a million users to sustain the market.
According to statistics, twenty percent of businesses never make it in one year, and about fifty per cent never make it in five years. To thrive, these businesses need to have a plan or strategy to gain consumers attention and reach a million base.
Growth Hacking is a term first used by Sean Allen: Founder and CEO of GrowthHackers.com. He started this when he found that traditional marketing skills can longer fund business anymore.
According to a
Growth Hacking Agency, there are several stages of growth hacking funnel:
#Acquisition: finding a cost-effective channel to take your product to the target audience.
#Activation: let people try your product
#Retention: make a lasting relationship
#Revenue: use existing customers to invite others and grow your customer base
#Referral: use a referral system to help your business sustain
In this article, we will discuss some techniques on growth hacking strategies that some of
growth marketing agency use and it might affect your business and help you thrive in the market.
Make your product appealing
Growth Hacking is a strategy to help grow your company, but all of these may go in vain if your product is not appealing to the users. The first step is to make a quality product so that people love it. Second is give a chance for feedback. Make an online platform for users to provide feedback. Work on it. Use feedback to identify where you are going wrong. This might help your business grow a lot better.
Make your product fun
An online food delivery app is keen to provide a good business deal to his customers. Zomato, Foodpanda etc. may give you a lot of deals to choose from. But the major question lies about the arrangements. It may not suit you. So you need to have an alternative for that customer. Give a lot of deals that customers can choose from. You can also give an addictive quiz inside the app for customers who ordered more than ten food online. This addictive quiz could retain your customers.
The Referral and Reward policy
You might know that Dropbox used this unique concept to reach millions of customers. People who would refer their friends to use Dropbox get additional space in their cloud platform. Using a referral ID could generate more space in the cloud.
Today in India, we have several startups following this idea. For example, Fynd, mPockett etc.
After successful completion of referral, you might love to gift users loyalty points. This can urge them to do more for you.
Content Marketing and Advertising
Use content to promote your product. Contact some bloggers or firms who are expert in content. Use it to help your merchandise at Social networking like facebook or twitter. You can also use Facebook ads to promote.
Find a cost-effective channel to promote your product and get your target audience. Get people to try your product. Engage with your customers and form a long-lasting relationship.
You can also promote via the product.
Advertise your brand on large scale
This might make you uncomfortable, but it is ubiquitous for a business to start if you are not fascinating to an investor. Significant factors attract big investors. I hope you got the proverb right. In other words, you need to tell people that your business is more substantial and trustworthy. Also, investors would like to know if your business could get them profit.
Make your website beautiful: Not like any other government websites do not make your website essential. Make it look attractive and exciting.
Use tactics: Buy phone numbers from other countries and show them on your website. This will make people believe you are a big company.
There are some other techniques, but it depends on your type of business.
Create a free model
You might have developed a business that largely depends upon product engagement. For example, for people to buy your product, it is necessary that they try your product. This is the only reason why Neverware cloud-ready has a free version for home use only.
Use email marketing
Email marketing approach may prove brilliant in this case. Marketing has various standards to follow. It is the best way to reach people as they rarely change their email. This can be a unique way to attract an audience and convert them to potential buyers.
Remember, do not try to sell products in emails. Instead, offer people to redeem codes and discount vouchers so that they get interested in the product and sign up.
Make the correct product
In most cases, when people want to search for a product, they Google it. Choose to deliver products that come up mostly on google search results. Google provides statistics for users to know what people search on their domain. Use it to see the market need and work on it.
This is the best way to reach users.
Acquire customers and maintain them. Yes, you read it right. Keeping them may allow more customers to come up and use your product.
There are some methods you need to go through:
Goal: Obtain a standard purpose to achieve within a limited time frame. Use it in every case possible. This might help you get higher targets and flaunt your business.
Collect required data: As told earlier use statistics to know the market demand. Use it to understand where is the correct place to launch your product so that it is economical and profitable for you as you go forward with your business.
Experiment: Let users use your product and give a review. Based on the reviews, update your product and make it user-friendly.
Analyse: Analyse the result of the experiment and discuss with partners. This would be the best way to navigate to the users. Use the outcome and work according to it.
For a business to be successful, the founder needs to be creative. Creativity is one of the reasons why markets differ. The most original product earns the best profit for a company. Innovative products that are unique and attractive and useful for society may get the world attraction just like Amazon and Flipkart.
“Creativity is intelligence having fun”- Albert Einstein.