It is crucial for entrepreneurs and business personnel to consistently come up with unique, innovative ideas for promoting products and services. They should also succeed in placing their businesses on the growth curve. As the trends and technologies keep advancing, the audience’s demand also rises. Hence, the organisation should be aware of all the changes and implement them in the growth strategy.
Before promoting a product, firms should understand its audience and its prerequisites. It helps them implement distinct promotional strategies and reach the audience precisely.
The definition of “Growth” varies from business to business; few focus on generating revenue, some on attracting leads, and more. There should be one person who plans all these activities and measures them. Let’s get to know more about various steps that need to be taken to improve growth hacking for startups.
What is Growth Hacking?
Growth hacking is a process of trial and error across marketing, product development, sales, and other channels in order to determine the most productive modes to develop a business.
While traditional marketers focus on slow and steady growth, growth hackers focus on achieving exponential growth by testing and implementing new marketing strategies. To succeed at growth hacking, you must be willing to experiment and take risks. Understanding your customers well and what they are looking for plays a crucial role in growth hacking.
Why is Growth Hacking Important for Startups?
Most startups come up with unique ideas for their business, and it is vital for them to demonstrate fresh marketing ideas and reach the audience accurately. Budget plays a massive role for entrepreneurs; they must set their priorities and distribute them appropriately. Hence, a growth hacker must showcase creative marketing approaches, implement various testing methodologies, and have clever cost-effective strategies.
There is a difference between how traditional marketing and how a growth hacker markets a product. In conventional marketing, the marketer can start its promotion only when the final product is completed. In growth hacking, the entire marketing and development unit collectively develops strategies and inventive solutions to reach the intended audiences. Traditional marketing usually consumes a high budget compared to growth hacking. Growth hacking is vital for startups as the results must be achieved faster.
Here are eight growth hacking strategies that startups can use to grow their businesses:
- Identify Your Target Market
The first step in any growth hacking strategy is identifying your target market. Who are your ideal customers? What do they need and want? Once you perceive your target market, you can start analysing distinct modes to reach them.
- Create Interactive Content
Compelling content is one of the best ways to approach your target market. It can be either in the form of a blog post, an infographic, an e-book, or even a video. Whatever form it takes, your content should be exciting and valuable to your target audience. In other words, interactive content is key for driving growth for your company in 2023. Videos and webinars are also great ways to get people to stop and take the time to interact with your content over your competitor’s.
- Artificial Intelligence (AI) Personalization
As artificial intelligence (AI) becomes more and more advanced, businesses are beginning to find new ways to leverage this technology to improve their operations. One way AI can help your business is by optimizing your marketing efforts. AI can analyse customer data to identify patterns and trends, helping you to better target your marketing campaigns. AI can also be used to improve customer service. AI-powered chatbots can handle customer queries 24/7, providing a fast and convenient way for customers to get the answers they need. By leveraging AI, businesses can gain a competitive edge and drive growth.
- Community Marketing
Community marketing is a type of marketing that is focused on creating a connection between a brand and a community. This connection can be created through various means, such as events, social media, or Data-driven marketing. While community marketing can be an effective way to build brand awareness and create customer loyalty, it is important to ensure that the community being targeted is relevant to the brand. Additionally, community marketing should not be used as a substitute for traditional marketing efforts. Rather, it should be used as a complement to other marketing activities. When done correctly, community marketing can be an invaluable tool for businesses of all sizes.
- Engage with thought leaders in your field
Reach out to thought leaders and experts in your field and ask for their input on your growth hacking strategy. You can learn a lot from their experience, and they may even be willing to help you promote your business.
- Attend Startup Events and Conferences
Startup events and conferences are a great way to meet potential customers and partners. They’re also an excellent opportunity to learn about new growth hacking strategies. Join startup development programs and sector-focused conferences to get the most out of these events.
- Get feedback from your current or previous clients
Your current and past clients are valuable sources of feedback. Ask them what they preferred and didn’t prefer about your product or service. This feedback can help you improve your offering and make it more appealing to new customers.
- Track your Progress
Last but not least, use data to test and measure your growth hacking strategies. Try different tactics and see which ones are most effective. Then, adjust your agenda accordingly. Keep track of your progress and results. It will help you fine-tune your growth hacking strategy and ensure long-term success.
Growth hacking is a relatively new concept, but it’s quickly gaining popularity among startups. It is all about being creative and thinking outside the box. If you’re willing to experiment, you can find authentic and innovative ways to elevate your business. Use these eight growth hacking strategies to get started and to give your startup the best chance of success. These growth hacking strategies can help you reach new customers, grow your business, and achieve your goals.
The Wadhwani Foundation can help you with growth hacking; the foundation also has a network of experts who can advise and support startups and small and medium enterprises in various sectors. Wadhwani Entrepreneur accelerator programs such as WE NEN, WE Liftoff, and We Champs are focused and provide mentorship, resources, exposure, and funding to help entrepreneurs grow their businesses. If you’re looking to grow your startup, the Wadhwani Foundation can be a very valuable resource.
(For those in later years of the graduate program/ PG students/ working professionals/ pre-incubatees having a validated idea to launch a venture)