In today’s exceedingly competitive market, it’s essential for businesses to take the necessary steps to stand out from the crowd. SME’s are in dire need of surefire techniques that can accelerate business growth and help them stay afloat during tough business environments.
You might’ve heard of the phrase Growth Hacking but don’t really understand the concept of the term. This procedure is fairly recent, but it has helped numerous startups attain millions in revenue and expand their business. AirBnB and GoPro are some well-known examples of businesses that grew millions in revenue once they deployed a stellar growth hacking strategy.
Let’s take a look at some of the ways growth hacking can make your business lucrative.
Satisfy the Demand of Your Target Audience
Selecting a group of people to whom your services can benefit the most will make it easy for you to create the best product. In order to do that, you need to create innovative products that address the need of your target audience in this competitive landscape. Furthermore, entrepreneurs must conduct thorough market research to recognize and understand their target audience and their preferences. In short, when you see a need, try to fill it by providing unique solutions.
Once you have identified your prospects, now you can focus your marketing efforts on creating buzz and awareness about your brand.
Build a Mailing List before Going Live
Digital marketing is a tried and tested way to gain qualified leads and conversions. When you’re crafting your email list, make sure that you are offering something valuable in exchange for their patronage. This is where lead magnets can play a major role in driving conversion rates and building awareness. If your products haven’t launched yet, make sure to notify your potential clients a week before the launch to capture their attention. Don’t give away too much in one single email; try to space out your messages to engage prospects and build up hype before the launch.
Invest In Creating a Powerful Social Media Presence
Using social media platforms to interact with your target audience is one of the best growth hacking strategies for entrepreneurs. Social media platforms are hotspots for discussing popular and recent topics, reviewing, and giving opinions. Many businesses take advantage of these applications by looking out for the kind of reviews people give about their products and services posted on them. However, if entrepreneurs want media users to interact, they need to make an engaging presence online.
To build a loyal following, you need to share relevant content that best fits the interests of your audience. Social media channels also come with built-in analytics that can help marketers track and monitor engagement metrics and measure performance. This helps in evaluating the effectiveness of your social media marketing strategy and understanding how your followers perceive your brand.
Test Every Detail
In this increasingly digital world, it’s become easier to test and track the demand for products or services in the market. Testing out a product through every phase, from its development to production, can help you to find the mishaps in the finished product. When you are working in accordance with a new plan for a new invention, you can use social media platforms to get feedback from group members and followers, enabling you to improve your desired product.
Another way is sending samples of your product to influencers or bloggers to test and review your products. In this way, there will be increased exposure to your product, and you can get a broader sample of reviews that prove its potentiality. It’s important for entrepreneurs to accept negative comments while handling reviews and feedbacks. They must keep in mind to keep calm and use that criticism to bring out a better version of their product or service.
Many businesses lose their reputation for poorly handling criticism for their brand. It is crucial for marketers to reply to feedback as soon as possible to build a relationship of trust between your prospects. Prospects expect replies to their feedback, which reassures them that your brand is trustworthy.
Here are some Growth Hacking Tips
Focus On Generating Leads over Generating Followers
Of course, you need followers in order to gain conversions, but if your followers don’t care about your products or services, then they won’t benefit your business. People who regularly engage with your content are more likely to convert to paying customers, which is why businesses should focus more on targeting such prospects.
Prioritize Top-Of-Funnel before Moving Forward
Before you invest time in remarketing ads or email marketing optimization, make sure that your top-of-funnel strategies are updated. This means employing the right SEO practices to help your brand content get noticed and generate qualified leads. For example, if you’re a carpet cleaning business, customers should be able to find your business by searching the keywords that are related to your services. You can also leverage Facebook Ads to segment your audience and direct specific content their way.
Don’t Target Everybody
When you decide to launch a product, your expectation is for it to appeal to an audience and generate sales. But if you’re unable to decide upon who is going to benefit from your product, then it just goes into the market to die. You can’t use a growth hack through a specific group of people when you don’t know who to convince to buy your product. Focus on who would benefit the most from your product or service, then focus on addressing the target audience’s requirement explicitly. Using those starting points, create a customer profile as close to a real person as possible and then update that profile as you learn more about your audience.
Conclusion
If you’re having a tough time attaining customers, then growth hacking is a fool-proof strategy that can turn your business around. When you start prioritizing your target audience’s needs and display how your product adds value to their life, the leads and sales will come pouring in. Doing this the right way will surely make you a leader in your niche and help you stay at the front of customers’ minds.
