10 Growth Hacking Strategies That Get Your Business on Top of the Industry
This growth hacking strategies that get your business on top of the industry emphasis why entrepreneurs, marketers and startup founders must think differently if their businesses are to succeed.
The types of marketing strategies used to get customer attention may have changed through the years; however, the goal of marketing has not. What has changed is how we go about doing marketing.
Marketing is still about finding the best way to get customers interested in buying or testing your minimum viable product or beta product.
As startup marketers, your minimum viable product (MVP) is the most basic prototype or idea sample of your product design.
What is Growth Hacking, a Marketing Strategy?
Growth Hacking is the process of experimenting tactics across multiple marketing channels rapidly and simultaneously to identify the most effective and successful ways to grow a businesses and increase sales.
Growth hackers must take on the roles of marketers as well as engineers who grow businesses, product managers who brand products and advertisers who engage customers and perform research to identify potential marketing areas.
The growth hacking mindset also brings together various marketing and product development roles to ensure that the entire team is working together.
The list of well-known startups or businesses that utilized growth hacking to rapidly grow their user base is endless; and you too can benefit from this smart cutting marketing strategies.
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Below are some best growth hacking strategies that get your business on top of your industry.
10 Growth Hacking Strategies that Get Your Business on Top of the Industry
#1. Thinking Outside the Box and order Great Talents
Creativity creates opportunity in marketing!
Today’s marketers are encouraged to “think outside the box” and find new ways to engage consumers. The ability to do this is the hallmark of a great strategist and will result in successful advertising campaigns.
The successful marketer today is much like the polished professional of Madison Avenue in the 1960s in one way.
What is different today is that marketers are no longer grouped into a single role. They now must possess a distinctive blend of coding and marketing skills as well as creativity.
#2. Achieve Your Product Fit with Growth Hacking
Why is growth hacking important to my business?
One of the first things that you can do is to identify your product’s market – by researching about your customers behaviors and needs within the demographics or psychographics.
What can you add and how can you create an offer that helps that specific niche or market segment?
Whether your business is pre or post product/market fit (PMF), growth hackers will prove useful.
According to Sean Ellis, achieving product/market fit requires at least 40 percent of users saying they would be “very disappointed” without your product.
If you are not considering the roles involved in growth hacking, it is likely that your marketing is falling behind the curve.
Your competitors are certainly considering the various aspects of growth hacking, so it is important that you do so as well.
Here are some questions you might want to ask yourself when considering whether your business will benefit from a growth hacking kind of marketing:
- Do I know the various marketing channels through which my business should be operating?
- Do I have someone on my team who can successfully handle the technical aspects of my website?
- Am I using every strategy available, including social media, on a regular basis?
- Who is branding my products and services?
- What is my plan for growth over the next six months, one year and five years?
Now let’s take these critical questions one at a time.
#3. Know your Marketing Channels
It is not uncommon for business owners to be unaware of the marketing channels through which they should be pushing their products.
In fact, it is probably more common that business owners focus on one or two marketing channels through which they have had success in the past and ignore others.
According to a recent UMass study, “the value of a marketing channel, one of a firm’s market-based assets, is determined not only by the amount of value created during the distribution process, but also by the ultimate value appropriated by the firm.”
What this means in simple terms is that marketing channels have value far beyond the “bottom line” figure of profit that they generate for their users.
Things like branding and goodwill development happen in marketing channels, so focusing only on the actions that bring in the most revenue can be a serious mistake.
In the long run, developing multiple marketing channels will give you a way to reach more customers and keep them happy with your products.
Additionally, having multiple marketing channels is a safety net. It allows you to improve weak areas when one channel does not bring in the profit you anticipated.
#4. Build your Tech Support
Technical support is crucial for today’s marketing strategies.
Finding someone good and keeping that person, whatever the cost is that important. And treating your tech manager as one of the most valuable members of your team should be a must.
Not only are today’s customers better at using technology than they were a few years ago, there has also been a significant customer shift in what constitutes “good” technical services.
If your website or mobile application doesn’t work well, you will definitely lose customers. It’s that simple!
When you’ve hired a good web developer, have them use Google Search Console and Google Insights to learn what improvements Google suggests for your website.
#5. Learn From Your Competitors
Don’t think of your competitor as an obstacle, think of them as an educational tool. Because to beat them, you have to learn from them.
Even if you have no marketing skills, competitor analysis is a natural habit and a must. You must not take your competition as a threat; rather take is a teacher.
To be where your competitors are, you need to know what they do, and how they do it.
When mapping out your marketing strategy, reverse engineer your competitor’s strategy to establish what works and what doesn’t.
Did their website traffic spike after they released a new Twitter ad campaign? Did their bounce rate increase after they revamped their user interface or reviewed their landing page?
According to Ahrefs, the answers to these questions can inform your own strategy.
But to answer the questions, you’re going to need some tools.
- MOAT identifies ads by your competitors.
- Email Insights analyzes your competitors’ emails blasts.
- SimilarWeb shows you your competitors’ website traffic statistics.
- Google Advanced Search Operators sees where your competitors are getting their backlinks. Simply type “link:” and your competitor’s URL.
#6. Have a Solid SEO Plan
Ranking in search engines such as Google, Yahoo! and Bing for example can bring in a number of leads to your business.
Getting started isn’t rocket science, but it is highly recommend that you consult with an expert to map out your SEO Strategy.
Joining groups like your local chamber of commerce, and other related forums are another good resource where you can ask questions and network with industry lead individuals.
Successful marketers don’t just communicate with customers, they engage them. You need to realize that site visitors are not necessarily ready to buy for the first time they land on your website.
An engaged customer reacts to your product.
It’s essential to focus on customer engagement through content creation, compelling infographics and relationship building across your marketing channels.
#7. What about Social Media Marketing?
Social media is the elephant in the room for many internet companies.
It is not optional; every successful business today has a strong social media presence.
Thanks to top social media platforms like You-Tube, Twitter, LinkedIn, Pinterest, Instagram and Facebook that make it very possible for new products to go from zero to millions of users or consumers in a few years.
You cannot buy better branding than a good social media campaign, particularly if your potential customers are young and active on the Internet.
You can use different social media networks to target different audiences. But you cannot be present and active in all social networks–it could drive a person mad!
Choose 1-3 social networks that make the most sense for the audience you’re looking to appeal to, and give the attention they need.
[porto_blockquote skin=”primary”]”Social media works best when it’s used to start conversations, and what better way to start a conversation than to tell a story?”
If you do not know what to do with social media, hire an expert. Your company will needs someone to manage your social media accounts on a consistent and regular basis.
A bad social media strategy can be the kiss of death to a business!
Companies have been taken down by the wrong person writing social media posts and interacting with customers online.
It’s better off avoiding social media altogether than using it incorrectly, because things can go viral out there.
#8. Build your Brand Identity
If you are not branding your products, it will be your interest to know that your competitors are.
It is so simple; image branding is not by accident.
Also, we no longer live in a world where it is enough to run your own marketing successful; you must also secure your brand against attack by anyone who chooses to publish negative information about you.
How can I do this?
- The simplest way is to monitor your brand PR and business mentions at all times.
- Take proactive steps to ensure that you are placing positive images in the minds of your customers.
- Be sure to focus on both current and future potential customers in your buyer persona.
In addition to creating positive marketing around your brand name, you will also need to monitor the internet to make sure that there isn’t anything negatively said about your company.
One of the tools you can use to monitor your brand online is Google Alerts.
Google Alerts is a free tool offered by Google that will alert you anytime Google finds your target keywords, names, or phrases used on the internet by someone.
To sign up for this service, you will need to create a Google account to get started.
Growth Hacking Strategies that Get Your Business on Top
After you sign in, it’s as easy as entering your brand name into a text box then clicking a blue “Create Alert” button.
After that Google will send you an email whenever it comes across your brand name mentions on the whole internet of things.
#9. Develop a Startup Marketing Plan Template
Effective growth hacking marketing doesn’t happen by chance. It is the product of a six-month, one year, or five-year plan for growth.
To see you succeed, be sure you have concrete marketing plan that defied measurable goals to compare to your actual results.
Creating your progress goals is an important part of any campaign. Each goal set should be SMART and prioritized.
SMART goals are: Specific, Measurable, Attainable, Realistic, and Timely.
With goals in place, it’s important to know your key performance indicators (KPIs) and build milestones into your road-map.
Your KPIs are the key metrics that truly impact your goals. If you’ve set a goal to sign up 250 new users per month, one of your KPIs would be focused on sign-up conversion rates.
If your goal is to reach $50,000 in monthly recurring revenue by the end of this year, one of your KPIs would be focused on customer lifetime value.
Milestones are the steps along the way that will prove your progress toward those goals. What’s most important is that you make a plan of how you’re going to drive that goals.
Even with inbound leads costing an average of 61% less than outbound leads, marketing still costs you money. So, remember to set a budget for your growth marketing campaigns.
#10. Measure Results, Iterate often, and Celebrate Small Successes
The metrics you may use to measure your growth hacking success can vary based on your business goals or deliverables.
If you’re analyzing your websites performance for instance, below are a few measures to consider while evaluating your marketing plan or digital marketing strategy:
Some Metrics to Measure your Websites Performance
Organic rankings in search engines like Google and Bing are good measures for anyone who is looking to increase website traffic.
Moving from position 10 to position 1 or 2 on search engine result pages (SERPs) can make a large increase in the number of visitors seeing your listing and clicking through to your website.
According to findings from online ad network Chitika, being among the top result on Google gets about 33% of the traffic compared to 18% for the second position.
Number of visitors to your website and from where
When you see an increase in site traffic you’ll want to know where it came from. The same goes with sudden decreases in traffic.
If you notice any dips in your website traffic, find out if there is a particular source that is no longer performing and investigate your results.
This is an important metric to keep an eye on.
If you have a high bounce rate, make sure that you are driving the right traffic to your site, and/or that your pages address what your visitors are looking for.
And if you are not making sales out of your site visitors yet, then you need the big data to find out what is not working well.
This is an important element that many websites owners overlook.
Conversions are data on how many users have completed a desired action on your website, for example buying a product or signing up for a newsletter.
There are many types of conversion rates, which include landing page conversions, email conversions, social media conversion, etc.
Conversion is commonly used to describe what happens when a website visitor completes a goal – which is what we really want to achieve online.
To help improve conversion rates, it is a good idea to always test elements on your website, or email messages using analytics tools or A/B testing.
A/B testing is one of the most amazing growth hacking techniques at this stage.
A/B testing is when you create two versions of your email newsletter or social media post to see which one perform better.
Build your email list, using tools such as exit-intent popups and subscription bars or page to increase the number of subscribers.
If you are currently using Google Analytics, testing is free using the experiments link. And setup is rather easy.
Simply click on the “Create Experiment” button and follow a few simple steps to get things up and running.
Wrapping up: Growth Hacking Strategies that Get Your Business on Top the Industry
Harnessing the power of growth hacking can grow your company or startup businesses beyond your wildest dreams!
When your time is valuable and your resources are limited, growth hacking is a powerful tool if used correctly and there are many options out there which you can find and try.
There is no single, isolated role for the successful marketer in today’s economy. And this brings us to the term: growth hacking strategies that get your business on top of the industry.
Effective growth hacker strategies combine unconventional marketing strategies that aimed at acquiring more customers, and engaging these customers in a way to increasing revenues or sales.
Abbakin is a digital marketing company in Nigeria. We help startups businesses built a product that can solve problems, increase return on investment and brand awareness.
You’ll also want to build according to industry benchmarks, compare both your goals and your milestone progress and set aside time on a consistent basis.
You can regularly improve you email campaigns by testing different versions, creating relevant landing pages, and using analytics to see what is working best. Theses will set you up for success!
Whichever options you choose, growth hacking boils down to thinking different outside of the box at building a market for your products.
Kindly get in touch here if you’re having problems taking your business forward!
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