Growth hacking is a catchy phrase that just means bootstrapping your way towards achievable growth objectives for your business. It differs from conventional growth-building strategies in that most of it is done without relying on large budget advertising campaigns, since most startups just don’t have the ready cash to do it that way.
What Is Growth Hacking?
It is an intelligent way to reach the same objectives and fine tune the business model, learning more about your ideal target demographic along the way. In this way, you end up creating more growth with fewer resources than big businesses.
This can help a small business be lean and mean when they most need it and creates a strong foundation for long-term growth too. It can conserve resources, yet gain massive exposure in a short amount of time for a startup.
How to Implement Growth Hacking
Every business has different business goals, but they all have some generic needs that each business uses to sell their products and services. A growth-hacking blueprint will lay out the concepts to generate advertising, word-of-mouth referrals, market analysis, and content and offer creation in a step-by-step manner with daily, monthly, and even yearly tasks to meet those goals.
Why Is Growth Hacking of Use?
By using growth hacking strategies, a business can learn to create many optimized sales funnels that just keep getting better and better over time. They don’t spend as much money at the start.
It also creates a streamlined system, with actionable steps that are easy to implement and follow. It consists of checks to make sure your business gets money flowing quickly in the short-term as it builds long-term success.
8 Steps To Start Growth Hacking To Help Your Business Today
The key isn’t just to grow your audience, it’s to grow your marketing leads and conversions rapidly to create a self-sustaining business model as quickly as possible with a small investment of capital. Here are a few steps that you can use to get started.
1. Identify Your Target Goals
First, you should have some objectives listed that you want to achieve and make them as precise as possible. It’s not enough to say you want to increase leads. You might want to say you want x amount of extra leads by the end of the month instead.
2. Identify Your Ideal Buying Demographic
Second, without a good idea of your ideal buying demographic, you cannot fine tune your offers to close the deal effectively, so it is a very important part of the market analysis. There are plenty of online companies that can help with demographic analysis, like Quantcast, if you want to check out your competitors’ demographics. However, for your own, you can modify your Google Analytics reporting feature to capture Demographics and Interests information for your own website visitors.
3. Create Campaigns to Target Specific Goals
Once you know who you want to target, you can start to design campaigns to target them. If you are targeting Millennials, you might want to generate content with a sarcastic twist and social media campaigns that cater to mobile viewers, for instance. Create social media, advertising, and email campaigns, where appropriate.
4. Implement SEO
You’ll have to rely on search engines and social media to generate your organic traffic, otherwise, you will need to set aside money for PPC (Pay-Per-Click) advertising, using keywords and hashtags. While you are doing competitor research, you can find out which keywords they target to have a starting point to start figuring out what sort of keywords might drive the right traffic to your door. Use local and hyperlocal long-tail keywords in your strategy, since they will generate more exposure for you on search engines.
5. Use Multiple Channels for Maximum Exposure
Depending on your demographic, you will want to use a few different channels to go where your ideal demographic tends to congregate. For instance, Millennials may not be on Facebook, but will be on Instagram. Email campaigns may work well with some demographics and not with others. YouTube videos or podcasts can be different forms of communication that also appeal to specific demographics.
6. Institute Tracking and Measuring Standards
If you’re trying to increase your social media exposure to increase word-of-mouth referrals, then you need to track likes, shares, and comments on your social media channels to see if they’re going up or down and which topics gain the most traction. Leverage analytical software, like Google Analytics, to measure the results of different actions taken to meet goals that are measurable, like tracking traffic counts and using shortened URLs to determine which advertising campaign and content is generating the most traffic.
7. Do Split-Testing
With split testing, you can play around with different headlines and copy to figure out what generates the best conversions. In split-testing, you send half your traffic to one version of a page and the other in a very similar though slightly different page to figure out which version works best.
8. Incentivize Your Audience
Next, offer discounts or specials for people willing to share your offers and bring in new customers or for repeat or big buyers. Consequently, this can help you increase your bottom line, generate an army of people promoting your products and services, and do much less work yourself.
Growth Hacking to Spur Sales Quickly
When you are a startup, you can use growth hacking to generate more exposure and more conversions very quickly. The benefit is that it doesn’t cost much more than your time to get started today.
What steps do you like best from this list? Are there some steps you would add? What do you plan on doing today to get started? Comment on the article below, liking and sharing it with your friends and followers to generate a wider discussion.
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