5 Growth Hacking Strategies for New Small Businesses.
Growth hacking is the new marketing.
If leveraged as a growth hacking strategy, exclusivity and belonging can drive a new small business’ growth.
Exclusivity works by allowing usage of your business’ product or service to a “select” group of people.
The first Gmail users could only open a new account if they were invited by an existing user.
Leverage existing technology This is perhaps the most common growth hacking strategy employed by new small businesses.
Initially, PayPal offered $10 for new signups.
The company offers 500MB free for any new sign up that’s made through referral to both the new user and the person that referred them.
These companies focused on a specific niche rather than try to offer a product or service that caters for the general population.
They include the following: Partner with an influencer by offering a stake or incentive in your business Make it possible for influencers to interact with their followers through your product or service Have an influencer endorse your product or service Interview influencers and provide the content for free The growth hacking strategy you choose to grow your new small business largely depends on what type of business it is, your target customer and how easy it is to test and track results.
Growth hacking is the new marketing. It’s responsible for the success of many of the multi-billion dollar tech companies which were once small virtually unknown startups. The primary goal of growth hacking is to build a self sustaining marketing machine that reaches millions of target customers by itself and, continues to grow.
Unlike traditional marketing where huge budgets and certain predefined marketing strategies are at your disposal, growth hacking is all about using the limited resources available and innovatively coming up with results that contribute to the end goal. The growth hacker’s main job is to grow something out of nothing within a small time frame. To achieve this, he or she focuses on strategies that are testable, repeatable and scalable.
Most businesses that have grown as a result of growth hacking have a fairly similar growth pattern that involves, attaining product-market fit, A/B testing to find which growth hacking strategy will bring the fastest growth, going viral, optimization and retention of your existing customers. Finding which growth hacking strategy is most suitable for your small business is a crucial step that will determine whether it will grow exponentially or, fizzle out and die. The following are five of the top growth hacking strategies used by some of the world’s biggest companies.
Exclusivity
One of the basic human needs is “belonging”. Everyone wants to feel part of an exclusive social group. If leveraged as a growth hacking strategy, exclusivity and belonging can drive a new small business’ growth. Exclusivity works by allowing usage of your business’ product or service to a “select” group of people. If someone is chosen to be among the select few, they in turn can invite their friends and family, whom they consider worthy of joining the group.
A classic example of this growth hacking strategy in use is Google’s Gmail service. Gmail is a relatively new free email service provider compared to other companies such as Yahoo and AOL. However, exclusivity as a growth hacking strategy enabled the company to become the biggest free email service provider in the world. Currently, Gmail has over 900 million active email accounts. The first Gmail users could only open a new account if they were invited by an existing user. This alone made this service…
COMMENTS