If you’re a business owner and not familiar with the term growth hacks; you should be. Growth hacks are not just a buzz words thrown around by marketeers, they have good reason to be trying to get you interested in growth hacks, as businesses that don’t grow soon die.
Growth hacks are there to help you expand your business and your reach, so let us help you understand and applyyour business so that you can watch your revenue skyrocket.
Why Is Growth Hacking Different?
Traditional marketing and marketeers have a wide-ranging set of skills that can be applied to multiple areas of your business. They can help you develop strategies for a variety of campaigns that will give your business certain outcomes. You will discuss the outcomes that you want with your marketers, and you will work on them together.
This is where growth hacking is different, there is only one single overarching objective of a growth hacker, and that is to grow your business. There are also slight differences between growth strategies and growth tactics; think of a strategy as a horizon that you are always working towards, it is a process that takes a long time and you will keep your goal in mind. Growth tactics are short term goals that can be reached far more quickly than the goals set out in your growth strategy.
Growth Hacking Tactics
Use ad extensions and targeted clicks! If this isn’t something you have considered before it is an excellent short term way of increasing revenue into your business. The extensions allow you to add important information to your advert on Google and other search engines, so that users get a feel for what it is you do without having to click through into your website. By having the extension on the ad, you will vastly increase click through rates as customers know in advance what they are now looking at. You can add multiple extensions, such as location, phone numbers, and reviews just to name a few.
Social Media Campaigns
To drastically increase revenue quickly and increase engagement in your product or business, run social media contests and prize campaigns. Twitter and Instagram offer you an amazing platform to do this. For example, you can ask your followers to tag X amount of friends and share the post in order to be entered into the competition. It sounds very basic, but this increases your businesses visibility with very little effort. You are also gaining more followers as their friends will also follow you if they hold similar interests!
Referral marketing is one of the oldest tricks in the book but it will forever yield results, and if done correctly, it will help your revenue skyrocket. This tactic is amazing for new businesses that are just getting off the ground. Time and time again it has been shown that people purchase from people that they like, and will take referrals from their friends and those they trust. Use your current customers to get more customers, offer them a substantial discount on your product or service if they successfully refer candidates to your products and service. The more people they refer, the more money they get back or discounted.
Affiliate marketing is more of a long term growth hack strategy than a tactic. It can be an amazing tool for you to deploy if you want to see sustained results over a longer period of time. There are a few similarities to referral marketing here, but the focus isn’t on rewarding customers for bringing in new customers.
Affiliate marketers are tasked with driving people to your website to purchase your product or service; they are paid to do this, unlike referral marketers who do it because they enjoy your product and service. Affiliate marketeers can be difficult to find and it may take a long time to build good rapport and working relationships with them, but once you have a solid network in place you’ll find that your revenue will consistently increase.
Design Your Website To Flow
You don’t want your customers being put off purchasing from you because your website doesn’t flow or work correctly. There have been countless companies that have messed up their customer journey at the last moment because their website buying or checkout doesn’t flow very well. Look at your competitor’s website and evaluate what works well and what doesn’t. Make sure your website is not guilty of the same short comings; make everything clear and easy to understand and work. Just minor changes that make the customer journey easier will increase your revenue stream and organizational growth! Customer convenience and experience can never be understated or underestimated.
Utilize Bloggers and Influencers
Gone are the days of professional critics reviewing items for users. Approach a popular influencer and blogger that deal with products and services that match yours. People listen to bloggers and influencers as they see them as normal people that they can trust, or they envy their lifestyle and look up to them. Who better to review your product than someone that has thousands of adoring fans giving attention to their suggestions and opinions? This might cost money, but it is absolutely worth it, especially if you collaborate with the right influencer. Remember that you aren’t necessarily paying for them to give you a good review you are paying them to expose your product and service to their audience.
Growth hacking isn’t about strict and rigid marketing methodologies; it is about being dynamic, flexible, adaptive, and proactive. The entire point of growth hacking is to increase the size of your business and grow its operations and revenue. As a business you want to ensure that you are using modern day strategies and tactics to do this. Utilize referral marketing, word of mouth will always be one of the most cost effective ways to sell your products and services, and giving discounts to existing customers is a sure fire way to increase your growth. Affiliate marketing is one of the growth hacks preferred way to grow, this can take time but the results are absolutely worth it, but be warned it will take a while to build up a good, reliable affiliate marketing network. Utilize and develop your growth hacking strategy and you will see your revenue and growth explode in no time.