Take advantage of these growth hacking tips to help your business gain more traction this year.
Once your business is up and running, you’re going to need to focus on growing it if you want to survive. However, coming up with ideas to boost your business idea can be harder than it seems.
Sometimes, the only thing that you can do is learn from those who have come before you.
Growth hacking is a concept that uses innovative techniques to increase traffic, conversion rates and revenue. Growth hacks are very similar to life hacks and can result in big positive changes for your business.
Growth hackers are passionate about finding new and exciting ways to market a business at a low cost. This can include anything from designing new products and activating potential customers to using APIs to grow their own platforms.
Growth hacking can also be seen as a form of experimentation but it is still a highly data-driven process that requires measurement and optimisation efforts to be effective.
If you are looking for more ways to grow your business and think outside the box in 2019, here are a few growth hacking examples to inspire you.
Growth Hack: Leverage an Established Customer Base
Airbnb is one of the most popular accommodation platforms around today but it was once just a start-up too. Airbnb’s innovative approach to growth is what turned it into the platform we see today. Craigslist was an integral part of the brand’s ticket to success. Using an established platform’s customer base, Airbnb was able to become a leading house listings brand, all without directly accessing their code. By reverse engineering an API that allowed users to cross-post their listings on Craigslist, Airbnb was able to drive enough new traffic to their site and become an established brand before Craigslist shut them out.
Growth Hack: Fear of Missing Out
TicketMasters is an online events ticket reseller that used FOMO to evoke urgency in the minds of their target audience. The more people felt like they might be missing out, the more tickets they were able to sell. Using urgency messaging during the ticket purchase process, the brand was able to shorten their sales funnel and increase conversions.
Growth Hack: Content Marketing
When used correctly, content marketing can be an incredibly powerful growth hack that produces real and ongoing results. Mint, a personal financial management brand, used content marketing to make them stand out. Along with positioning themselves as an authority on finance-related matters, the brand also made an often dull topic more interesting by only focusing on the most relatable aspects of finance.
The content formats that you use can also make a big difference to your growth efforts. Dollar Shave Club is a popular example of how video marketing can grow your brand overnight. Their viral video has millions of views and resulted in millions of dollars in turnover for the fun and relatable brand.
Growth Hack: Creating a Need
De Beers is a brand that has been around for decades. However, in the beginning, diamonds were considered an obsolete fashion trend, which means they weren’t in high demand. This is when the brand decided to create demand themselves. By creating campaigns that directly linked the size of a diamond on a ring to how much a man loved his bride, De Beers was able to boost sales in little to no time at all. In fact, it has been said that the brand has set the standard for marriage in several parts of the world.
Growth Hack: Leverage Your Existing Customer Base
Sometimes the key to growth is using what you already have. Dropbox used a referral system to grow its platform and turn it into the go-to storage solution it is today. Users were given the opportunity to receive additional storage in exchange for referring to someone who also signed up for the service. As an added bonus, the new user also received this additional space, which encouraged further growth. Using social sharing features was another way to receive additional storage. This growth hack alone gave Dropbox a 60% increase in new sign-ups.
Growth Hack: Added Value
Hubspot is a giant in the digital marketing world and creating free tools is one of the hacks that gave them their edge. By giving their users something of value, it gave them more reason to keep coming back to the site and sign up for premium services. The fact that users had to fill in a form to access the free tools also allowed them to grow their email list, which opened the door to new growth and marketing opportunities.
Growth Hack: Unique Features
In order to drive more traffic to the LinkedIn site and encourage more sign-ups, the brand made it possible for LinkedIn profiles to be discoverable by search engines. By giving users the option to create their own profiles and expand their professional networks without much effort on their part, LinkedIn was able to grow from 2 million to 200 million users in a very short space of time.
Every brand’s growth hacking strategy will be different and will depend on the stage of your business too. For example, it might be difficult to create a referral programme if your brand is still new and you’re not sure if customers like your product yet. It’s important to make sure that your product is exceptional and that you understand your target audience before you start brainstorming your growth strategy.