Tuesday , 24 October 2017

What is the best way for a small business to adopt growth hacking?

Businesses take ample time, strategies, skill, perseverance and patience to develop. Getting your name out there and garnering a loyal fan following is a strenuous task especially when you are just venturing out. However, if you are in urgent need to reach out to a larger audience in a limited time frame, you can apply some of these growth hacks.

What is the best way for a small business to adopt growth hacking

But remember, every business has different goals. Determining which growth hacks best fits your business can only be done through experimenting with all possible strategies.

1. Do Things That Don’t Scale:
This is one of the most valuable advices small businesses who are just venturing out can follow. Focus on obtaining the first batch of customers to use your product. It is hard when you don’t have a name, but with careful plan and execution you can do it and make sure that your product has a long life span. You can:

#Try out user testing with genuine people.
#Send cold emails or call up potential clients.
#Give away your product for free in exchange of a promotion to their list.
#Employ a skilled team.
#Give out stickers and get your customers talking about your product.

2. Get referrals:
First make sure that your business has gathered enough market fit and the existing customers are totally satisfied with your product. Only then, ask them for referrals in exchange of small incentive. Companies like Dropbox give away 500MB free to new singnups from referrals. It is for both the person who referred it and the new user. Employing this strategy can:

#Gather fast users or customers.
#Expand your business growth.
#Build trust and reputation with users.

3. Build Email Lists:
Email is best for one to one communication while doing business. By building an email list, you can:

#Have personal communication with clients.
#Launch the business from an active SignUp to beta list.
#Get updates of products and send timely reminders.
#Reach out to a large target audience in less time.
#Draw attention to product launches.

4. Establish Great Partnership:
Establishing a good partnership will go a long way in advancing both interactions and sales. It can:

#Improve brand awareness of both companies.
#Drastically pick up sales by marketing towards the customers of the other company.
#Expose combined products to a joined audience by complementing each other.

5. Do Guest Blogging:
A simple yet smart way to establish your presence online and market your skills is through guest blogging. Comment on posts and share only valuable insights by writing articles that will benefit the readers. Don’t sound promotional yet don’t forget to add a link back to your site. Guest blogging will:

#Add brand value and bring recognition to your business.
#Gather potential clients to website.
#Direct traffic from another blog to your own.
Increase sales.

6. Make Use Of Freemium:
In businesses that have plenty of incumbent users in their target audience, freemium plan works well. But you have to ascertain your budget doesn’t run out before you make money. By offering freemium plans, you can:

#Attain users faster.
#Gain long term customers and built trust.
#Get more product leverage.
#Gather beta users faster as they don’t need to pay.

7. Present Reviews And Feedbacks:
Consumers rely on online reviews and read feedbacks to determine whether or not to buy a product for use. Creating a platform for buyers to talk about your products will:

#Bring you market credibility.
#Attract potential customers who see how others are successfully making use of your product.

The growth hacking strategies you adopt for your small business depends upon the type of business you have. It is also to be noted that the strategies keep changing with time. You have to keep updating yourself and keep taking every possible innovative step to let your business survive.

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