Growth hacking is essential to optimize efficiency. Imagine that you are in a competition with your neighbors to see who can grow the best garden. To gain a competitive advantage, you want your garden to grow at the fastest rate possible. You purchase the richest fertilizer and seek tactics that will allow your garden to grow at maximum efficiency. This is growth hacking in short.
Tip # 1: Create a primary growth objective
In order to accelerate growth, you must create a growth objective. What milestone do you want your company to achieve? Your growth objective should be reasonable and within your company’s limits. You don’t want to exhaust company resources and deteriorate employee morale with unreasonable expectations.
Your primary growth objective should be geared towards perfecting already existing operations. For example, are your customer acquisition costs too high? Are they stealing from your profits and ability to reinvest? If so, then reducing this expense can allow you to utilize additional income towards other growth strategies such as social media campaigns and advertising. Search your company’s current operations for areas that aren’t being utilized to maximum efficiency, then brainstorm solutions that will improve these sectors of your business.
Your primary growth objective is going to be the premise of your company’s strategy for success. Therefore, you should be able to measure the changes you implement. Once you have completed your first growth hacking goal, then you will be able to expand your scope to larger objectives.
Tip # 2: Create small sustainable goals that complement your overall objective:
Increased customer acquisition and accelerated growth can be daunting tasks. However, creating small SMART goals that give your company direction can alleviate stress and allow you to complete these tasks with ease. These goals should be short-term and lead you towards your overall growth objective. Here are a few examples of SMART goals:
- Decrease customer acquisition costs by 10%.
- Increase blog viewership by 15,000.
- Increase creative content by 15%.
The beauty of these short-term goals is that they are manageable and will allow you to experience growth quickly. In order to reach maximum efficiency, you must optimize different sectors of your business, this can range from creative content to customer acquisition rates.
Tip #3: Innovation
Are you utilizing your company’s creative capacity? Innovation is a fundamental tool for allowing companies to experience growth and attract a wider audience. Evaluate your current social media, promotional strategies, and branding tools. Does your current marketing content seem outdated or unappealing?
Analyze your current metrics regarding the effectiveness of your creative content. How many followers do you gain per month on social media platforms? How often do customers visit your company’s website? How many impressions do your current advertisements receive?
Another effective strategy is to have a focus group evaluate the different strategies you are planning on implementing and critique your current creative content.
Once you have received feedback and data regarding your creative content, create a strategy to improve your marketing. This can involve redesigning your content or offering innovative promotions.
Tip # 4: Acquisition Strategy
These 5 main components are essential during your growth hacking journey:
Measuring customer acquisition allows you to discover areas of improvement in your online strategy. How many leads do you gain through SEO and SEM? Are you connecting emotionally with consumers through your branding? Once you have found weaknesses in your acquisition strategy, implement new tactics that will drive traffic. For example, there could possibly be an untapped market your company hasn’t reached yet. Or your current content could be missing that emotional aspect that develops relationships with customers.
First impressions are vital for consumer acquisition. As soon as a customer clicks on your content, entice them to immediately connect with your business. Display the benefits of using your product or service, convince the prospect to become a customer. Make the competitive advantages you are offering clear. Also, immediately connecting with the customer is going to be important for successful acquisition. For example, connecting your business with a positive cause (cancer research, anti-bullying etc.) is a successful tactic in appealing to potential customers.
Note: State the problem your company is attempting to solve through your product or service.
Now that you have gained the interest of the prospect, it is time to create a real connection. Allow customers to sign up for your company’s newsletter and blog content. Keeping the customer updated on the company’s current activity, products, services, and promotional events are vital for customer retention. You must nurture the newfound relationship you have created. If not, they will most likely forget that they ever visited your website.
Customers have the potential to convince their friends and families to visit your website through word of mouth. Giving customers incentives to share your company’s content and promotional events is key to increasing acquisition. For example, if your company has a premium service, offering perks to customers who successfully refer others is an efficient strategy for increased acquisition. Also, if your company is hosting a contest, allow your customers to share the event through social media. This is a great strategy for increased exposure.
Now that the customer is familiar and interested in your product/service, you can begin generating revenue. Allow timed trial where users have the opportunity to try your premium services. This is going to be your selling factor in converting free users into premium users.
Tip #5: Evaluation
As you progress through your growth hacking journey, it is vital that you periodically measure the effectiveness of your strategy. Be careful not to allow your growth hacking strategy to emphasize output instead of the outcome. For example, although you may be attracting new customers to your trial service, how are they going to generate revenue? Evaluate your strategy to ensure that you prioritize the outcome over output, outputs are short-term, while outcomes are long-term.
Utilize social media platforms to measure volume in terms of likes, fans, amount of discussion, and weekly total reach. How engaged are your customers? Do they have a reason to discuss your product or service? Finding solutions to keep your company relevant and customers excited is vital for increased engagement. Enticing discussion and hosting promotional events are ways to further engage your audience. Growth hacking is designed to bring increase, track your campaign to ensure you are receiving your desired results.