The rise in digitization and seamless connectivity has seen a boom in business development. A news article by the Telegraph shows that in 2016 there were 80 new businesses alone in the United Kingdom! Given this sharp increase and fascination towards entrepreneurship, another report states that only 25% of a new business lasts for 15 years or more, and 20% of the new business fail within a year! Thus, it is essential to understand business or product growth hacking strategies.
There are various strategies that a company or a business might consider to scale and sustain their product. Growth Hacking strategy is a buzzword that allows a business to scale quickly ― a technique that is accepted by experimentation. The process involves all the crucial components – marketing, design and development, engineering, and, yes, data analytics.
Growth Hacking Strategies
Some elaborate strategies are mentioned, which might help your customer find a quick and cost-effective solution to find new leads and build a solid user base.
Strategies to Develop at Pre-Launch
Considering every aspect, an organization must strategize clearly – what their goal is. Even before you start, your marketing strategy should be solid, and you should let the mass know about the new product.
Why not let people know that a new product is coming? Increase the Hype? Well, building hype is excellent! For instance, a popular video game Cyberpunk 2077, made so many promotional events before the game’s launching event that it became one of the most-awaited games.
Likewise, as an entrepreneur, you can strategize to let the mass know about your product. Pre-Launch Email List is a good starting point. It allows one to reach a targeted audience and deliver the correct message.
Pre-Launch Offers and Discounts like an additional one-month free subscription! The strategy allows you to build funds for your product – even before the launch, also you know precisely how many people are waiting in line.
Strategies at Product Launch
A company needs its advertisements. Portals like Product Hunt curate the new products in technology and let the user know.
Leveraging Referral Marketing – once your product is launched, and you have some customers, let them bring you more! Sounds great! Yes, this strategy is applied for products like CRED, American Express, and Google-Pay. There are always some self-cost requirements, but it is an effective solution!
Brand Partnerships and Launch Events
A Launch Event is where you get to market your product and understand new players in the same field. Another excellent advantage is that you get to build new connections that might give you potential good leads for your product – a remarkable growth hacking strategy!
Partnership and Collaboration with well-established business are perhaps one of the best strategies. It gives a solid buzz and news coverage!
Social Media and Digital Marketing
Social media plays an important role. A tweet at the correct time can do wonders! A single tweet by Elon Musk let the dogecoin see a 2800% rise in its valuation!
Well, that was lucky! But, advertisement and building hype in the social media platforms like Facebook, Twitter can bring wonders to your products. It is a very cheap and cost-effective way to let the mass know!
The HARO Strategy
Consider Helping A Reporter Out (HARO) as a forum for displaying your skills as one of the best growth hacking tips. It is not a tool for developing your brand; instead, it is a place to read different questions from journalists that may or may not be necessary to your domain.
Yes, it will take a lot of time, but it will be well worth it if done correctly. Consider it a worthwhile venture if you can spare 30 seconds three times a day to read their newsletters.
Understand various points and strategies that you have applied – and learn which activity is bringing you customers, and which is not – and Why? In short –
- How do I ensure that a transaction is credited to a user who reads material on our blog and then signs up?
- Which paid traffic sources are the most effective in terms of ROI?
- Which landing pages are converting the best for us?
- Do smartphone apps convert?
- Is there a group of users that convert well? How can we define that so that we can find more of them?
- How do I use Analytics to detect errors?
Company Profile and Reputation
Platforms like GlassDoor analyze a company’s work status based on user reviews of past and present employees. Likewise, research for a suitable venue which your competitor uses – advertise and grow your company’s image.
Build some helping guides or tutorials that will let your user know how to use your product seamlessly. Also, it brings you new customers – since by knowing what it can do, and how it can be done – I might consider using it too!
These are some of the cost-effective strategies that can help you reach out to the masses – bring you valuable customers. One must strategize and choose among these channels – a combination of this and a bit of that!
What was your surviving strategy? What did work for your business? Share your learning with us, and we’ll be happy to share it with the masses!!
Product Management | Entrepreneurship | Growth & Marketing