The world of digital moves fast. Therefore, the same things which worked before may not work the same way anymore. There is no standard guide on how to take a new enterprise off the ground. Growth hacking helps to achieve that with the help of rapid experimentation. It helps to determine the fastest ways to grow a business. The process is a combination of marketing, business development, UX, and data analytics. The difference between growth hacking and traditional marketing is the emphasis on rapid growth and data and testing over assumptions and opinions. There are some growth hacking tips we would like to share with you to help you ensure that initial traction, crucial at the first stages of every startup.
Build your email list before the launch.
Email is still a strong channel for many organizations both in terms of lead creation and conversion. Moreover, the pre-launch stage is a great time to collect emails from your prospective customers. Pre-launch hype will help you with that. Create a sense of exclusivity: offer an opportunity to be among the first ones to use the product, free limited-time access, or an invitation for a launch party. This way, you will acquire potential clients before you even start.
Work out your top of the funnel first.
Before you develop detailed strategies on converting your leads into sales, ensure that you have enough people at the beginning of your funnel first. Until enough people are aware of your company and what your offer, don’t focus too much effort on sales and retention. In the beginning, you can do many things manually, while you focus on brand recognition. Therefore, with the large numbers, you will gather enough data to be able to see which part of the funnel is the weakest one and to improve it accordingly.
Research less saturated platforms.
Social media is still a good platform to interact with your audience. However, it’s getting more and more difficult to compete for consumer attention there. Think if there are platforms less explored by competition. Maybe your audience is active on forums, i.e. Quora? This kind of platform, outside of the major social media, can be a way for your organization to engage your target audience cheaper and easier. Not sure, which platform is right for you? Chat with us to find out!
A/B testing is everything.
We get it – A/B testing eventually gets tedious. The extra time you spend on it is often not obvious to others within your team. However, A/B testing is the most effective way to learn what works in the case of your particular business. Try to A/B test as much of your digital activities as possible – landing pages, email headings, images used in advertising, etc. This way, over time you will collect enough data on what works and what doesn’t for your startup. Think of all the useful insights to base your future strategy on!
Use full potential of the referral programs.
These programs have a double benefit for your company. First, you get high quality leads. Friends and family are much more trustworthy in the eyes of consumer than an organisation. Second, this customers are not just more likely to be retained, they also buy more. Just think about their LTV – on average, it’s 16% higher than LTV of other consumers! So focus on customers who are so satisfied with your offering – they would be willing to bring their friends along.
Hope that with the help of these growth hacking tactics you will be able to achieve all your company’s goals and grow exponentially! Wishing you happy growth hacking!