Growth Hacking for Startups: An Absolute Beginner Guide and Top Strategies
Growth hacking for startups concerns outside-the-box marketing strategies utilized to attain the maximum number of users with the minimum spend. It’s substituting billboards and TV ads for eccentric thinking and user psychology. Growth hackers believe in non-traditional solutions to gaining new users.
The keyword is growth, and over and over again, the growth hackers are searching for as much growth grip as they can get their hands on, even if the resolutions are only provisional.
Startups are the chief followers of growth hacking. They are forced to pioneer marketing techniques because tight budgets stop conventional practices. Growth hacking for startups deals in a broad array of areas, including SEO, content marketing, social media, and email marketing.
Take the First Step Toward Growth!
We have the secret weapon to navigate your startup. So, fuel your startup’s meteoric rise with our Beginner’s Guide to Growth Hacks! Don’t just dream of success – hack your way to it!
What is Growth Hacking?
Growth hacking is a technique used to facilitate strategies aimed at attaining significant and hastened business expansion by identifying its vital points. These strategies consist of conducting experiments. The teams build up the hypotheses, confirm their validity, execute the tests, and find out the options that make the business grow smarter and more rapidly.
This is why growth hacking is defined as experiment-oriented marketing by Sean Ellis, the professional who coined the word and utilized this tactic to speed up the startups that became giants. The vital points of a company, which direct growth hacking, are identified by the KPIs that assess its success, such as traffic, leads, and sales.
If the vital point is traffic, for instance, then growth hacking for startups turns this KPI into experiments that can resourcefully draw more visitors to the website.
Why Make Use of Growth Hacking?
The old marketing formulas are facing a lot of changes. In history, you would make contact with conventional media outlets (radio and TV), evaluate the advertising costs, review the outlet’s similarity with your viewers, discuss the prices, and air your ad.
But who could assure that your ad would reach the number of people you required?
Or that you would get the probable return on your investment?
This is how the companies bought the promotion, without any guarantee, which could be very costly, particularly for brands with tight budgets. The queries also started to come from the public.
Traditional advertising has to work hard to convince people who no longer recognize what brands say as the utter truth. Instead, they take their criticisms to the Internet, which can place the entire venture at risk. So, spending on conventional advertising has become unviable for many companies, both because of the cost and the public’s rebuff. So the brands looked for new ways to obtain results through marketing.
And this is why growth hacking has gained so much buzz. Growth hacking for startups presents itself as a secure resolution for the companies as it relies on testing and data analysis before applying the strategies. Such strategies are only adopted if the experiments verify their efficiency, i.e. if they offer faster resolutions than conventional marketing.
The mission of growth hacking is to create businesses that are scalable, repeatable, and sustainable. Suppose you invest in strategies that have no sure return, that is not turned into procedures that require many manual actions, and insist on much time and resources. In that case, growth hacking is not used by your company. This explanation of growth hacking clarifies why startups broadly adopt this strategy.
Growth hacking for startups includes the method of growing their business quickly and with few sources, proving to latent investors their capability to generate market impact. Thus, growth hacking helps startups be scalable, have repeatable procedures, and become sustainable.
Top 10 Strategies of Growth Hacking
This is the much-awaited part of this blog post. There are top growth hacking strategies to widen your horizons and drastically increase profits. Have a look at each of the growth hacking strategies for startups.
1. Build an Email List
Keep your email marketing tactics on point if you wish for your company to expand. Try your best to erect one, as it is a huge way to link with your prospects and express your message. Email lists are very valuable when you initiate your product. You can send your puzzler and proclaim the product launch, arousing recipients’ interest. Email marketing aids businesses in making pre-launch buzz for any product. It will also let you obtain leads, which is a sure-shot way of increasing conversions.
2. Make the Most of Referral Marketing
Referrals from friends, family, or industry leaders help you get more leads than other methods. The cost included in acquiring customers through referral is less, and it’s then useful in minimizing the costs. Moreover, customers you get your hands on through referrals have a higher retention rate, increasing in lifetime value. There are referral programs that offer users an inducement each time someone utilizes their referral code.
3. Partner with New Brands
Business partnerships and collaborations produce a lot of buzz. Therefore, they are among the best growth hacking for startups. This will boost your brand awareness and fetch new opportunities to get you into the spotlight. Try partnering with a brand name that complements you so that it is a win-win situation for both.
4. Conduct Events and Take Part in Them
It might not sound very positive, but most new businesses don’t run for long. But you can verify that this statement is incorrect. Start attending events in and around your industry. It will assist you in learning how to save your startup and what tools you require to ensure that. You can link with other people in your industry to seek motivation. Conducting events will also provide exposure to your company and lead to conversions without being an asset.
5. Make Use of Adjacent Markets
Adjoining markets refer to markets that are close to what your business offers. You have to employ your skills and create value for customers in the new marketplace. It would be better to experiment with the waters first before going ahead. So, before making your move, search the marketplace well and find out how lucrative it would be.
6. Create a Community For Your Business
Social media is utilized to promote yourself, solicit market feedback, and engage with business contacts. Doesn’t it look like one of the easiest growth hacking for startups? To cut down on your efforts and market yourself more, you can use social media marketing tools and make the most of these platforms. So, you’ll need to create your social media activities as part of your whole growth plan.
7. Stay Aware of the Competition
Be aware of your competitors and make your best effort to reveal why your business has a competitive advantage. Stay aware of the changes in your rivalry, but do not go after them blindly. Have a plan in place and try to be there where your competitors are, for instance, on social media platforms and communities. Take a glance at what these competitors are doing, adapt the approach you follow accordingly, and seek the assistance of Growth Hacking for Startups.
8. Create a Content Marketing Strategy that Works
Build up a content marketing strategy for your company. It helps your listeners understand your product’s value without costing you anything. Just ensure that you use content marketing tactics that are easy yet effective. Apart from the blogs, video tutorials, and courses, it also works well. Adding the call to action tactically in your content is one of the best ways to drive organic traffic to your website.
9. Write Guest Posts
Guest blogging is an incredible promotion and growth hack. Many bloggers make use of it to augment organic website traffic and reach new audiences. They make it simple to generate high-quality organic leads through content. Adding a link to your site in guest blogs helps recover your SERP ranks.
10. Collaborate with Influencers
For new businesses that cannot come up with the money to compete with the big brands in terms of marketing as well as spending, it is remarkable growth hacking for startups to control the influencers’ power and reach. Businesses can make use of influencers and utilize their followers as a probable consumer base.
Conclusion
Growth has always been a challenge for a lot of businesses. The real matter is that your marketplace and target audience are not accustomed to creative marketing campaigns on a normal basis. In such a competitive atmosphere, you can only raise your business by adopting these aforesaid growth hacking strategies.
While there is no destruction in trying out new things (in fact, this is the number one guidance from all experts), businesses must focus on deploying the mentioned tried-and-tested growth strategies.
There is no solitary hack that solves all sting points. Henceforth, do not be uncertain about putting into practice the new growth hacking for startups.
