Business Growth Hacking Strategies – 2020 is a year full of challenges for business development. The pandemic has many companies feeling like they need to make up for lost time this year. Now more than ever, marketers must be creative to accelerate growth in the face of a changing global business landscape.
According to a survey conducted by CoSchedule, 74% of marketers said they set marketing goals, but only 3% admitted to meeting them. To achieve your goals in 2021, you need to change the way you think about marketing. More specifically, your business will need to adopt a flexible and creative approach to strategic development, a process often referred to as development hacking.
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Research shows that only 15% of marketers measure their success by the number of leads they receive. Unfortunately, this means that most marketers have no idea what works or why. Growth hackers, on the other hand, know exactly what works and use marketing tactics to ensure that they produce only consistent returns.
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Growth hacking is a term coined to make the connection between growing your business and using smart tactics (hacking) to reverse engineer the process. Use these “tricks” to make your marketing efforts faster and more effective. Why; Because you’ve taken a set of marketing best practices for your industry and tailored their unified approach to your brand’s unique needs.
Growth hacking is non-binding. Instead, it is solution-focused and results-oriented. The benefit of implementing successful growth trenches is that they can help you acquire more customers, increase revenue, or reach similar benchmarks faster.
Growth hacking is an essential tool for small businesses in the B2B space that need to make the most of all their human and financial resources. What marketer wouldn’t benefit from a proven, cost-effective, streamlined process?
Growth hacking is at its best when marketers spot and exploit nuances that other marketers miss. Their focus on finding out-of-the-box solutions increases both efficiency and the likelihood of success.
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It’s important to note that growth hacking only works if your company is willing to experiment. It is important to understand that growth hacking comes with no guarantees. It takes a brave, risk-taking approach to open up potential shortcuts. But the flip side of risk is the potential for substantial growth – so you need to decide if this is the right strategy for your company.
Your company can use these five key pillars of growth hacking as a guide for developing its own growth hacking strategy.
This process will help you identify areas for improvement, successful campaigns you could double down on, and campaigns you may have missed.
Another key to growth hacking is the use of so-called hack metrics. Although it is not the focus of this article, it is important to understand what it is. The “pirate” development hacking method takes its name from the acronym for the five metrics involved: AARRR.
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As you can see, these are all metrics directly related to the most important marketing outcome: improving your business results. That’s right: more profit equals more growth.
As you read the following offensive development strategies, consider applying what you learned from the pillars of the previous section through the lens of these metrics.
Remember, growth hacking takes dedication and a lot of trial and error to get right. By incorporating the following seven hacker growth strategies, your company will be on the right track this year.
Content reuse means reusing old or existing content for new purposes. A piece of existing content can meet a variety of new needs.
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For example, marketers might stick to podcasts, blogs, and social videos. Real growth hackers film and record podcast interviews, then transcribe the audio to create all three in one.
Turning old blog posts into revamped email newsletters, ebooks or guest posts is the best way to reinvent content. The idea is to do more with less to save time, resources and money.
Optimizing your online presence simply means synchronizing how your company sees its mission with how your customers see it. If these two things are aligned and easily measurable based on your online presence, your company is ready for growth. One way is to make sure your message and branding are consistent across all online platforms.
Sometimes, online business growth hacking is all about making the most of your existing infrastructure. A good example is optimizing your website to make it mobile friendly or upgrading its SEO. Optimization is the name of the game when it comes to hacking development.
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Having a fast and easy-to-navigate website makes it easier to convert visitors into customers. If you only do one thing on this list, try that first and track your growth metrics.
Referral marketing is one of the tenets of the hack index above that can greatly enhance your other marketing efforts. In general, consumers are four times more likely to buy from a recommendation.
One way to improve this aspect of your business is to implement a referral program. Quick start: Set up a simple landing page with information about the program and receive an email to learn more. Then invite existing newsletter subscribers and customers to share with their network.
If you want to grow in 2021, don’t think of referral marketing as low-hanging fruit. Instead, think of it as the rocket fuel that can propel your company into new territories.
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Your customer engagement is one of the metrics used in the AARRR framework for a reason. Most people get frustrated when they don’t know how to do something, like learn to use a new product or app.
Gamifying the onboarding process is a surefire way to keep users engaged with your app or website long enough to learn how to use it. Gamification increases retention (another indicator of piracy) and is a great incentive for users to recommend your product to their friends and family.
Building a community is critical to your success as a growth hacker. Gone are the days of writing letters to provide feedback to companies. In today’s world, people expect real-time feedback from the companies they work with and buy from.
The better you can place your ideal customer in their natural “online” habitat, the easier it will be to connect with them and solve their product problems. This is a great way to develop leads that focus on topics related to buying your product.
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Online communities also connect prospects and leads with your current customers – a great way to reverse engineer and “hack” your referral process. It turns your existing customers into brand evangelists who can champion your message.
To hack your social media channels, find platforms your competitors aren’t using. Being in the “blue ocean” social space will allow your company to stand out and dominate the market.
Another solid social development hack tactic is to launch a challenge to encourage your audience to use your product or service and pass it on to interested friends in their network. Since these types of challenges mostly exist on social media platforms, they can increase your popularity online by gaining new followers, more likes and more shares on your posts.
Interactive content such as quizzes, webinars and videos have become very popular in marketing campaigns. Getting someone to stop and take the time to engage with your content instead of your competitor is considered a big win for growth hackers.
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Marketers love interactive content because they know it drives customer engagement and brand loyalty. Both of these can help grow your company. Quizzes have very high retention rates, a key piracy indicator that can transform your business in 2021.
Growing up is a process, and like any process, it takes time. Experienced marketers can accelerate this timeline through trial and error using smart marketing best practices and growth hacks.
Growth hacking is not just experiments or shortcuts. Its real mission is to find out what your audience craves so you can give them more of what they want. That’s why it’s the perfect solution to jumpstart your marketing efforts this year and help your company bounce back in 2021.
Learn how to help your experienced team plan, prioritize, and develop a solid social media marketing strategy with the smartest tools available.
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Your privacy is important. We will not use your email for any purpose other than to send you occasional news and product updates. To learn more, visit our Privacy Policy. Growth hacking has become quite the buzzword in recent years. But, like many buzzwords, it is often misunderstood. Growth hacking is not some crazy, ridiculous way to magically transform your business from garage shop to Microsoft in a few months.
A technique commonly summarized under the term growth hacking is simply a combination of traditional and non-traditional marketing strategies to successfully grow a business quickly, but still try to keep it sustainable in the long run.
Growth hacking is all about efficiency. Here is a helpful guide on how to achieve this