Entrepreneurs are constantly looking for ways to scale their businesses, and one of the strategies they use today is growth hacking. Growth hacking means using digital marketing tactics to grow and retain an active customer base, sell products and gain exposure.
Coined in 2010 by entrepreneur Sean Ellis, the term “growth hacker” has become popular among businesses looking for quick and cost-effective scaling strategies. It is a great alternative to the traditional methods that consume a lot of time and resources. Here are 5 great growth hacking strategies for startups.
1. Develop an Email Waitlist
An email waiting list acts as a soft launch for your business. According to Statista, global e-mail users are expected to reach 4.6 billion by 2025, up from 4 billion in 2020. Therefore, you can’t afford to ignore email marketing. An email waiting list allows you to engage potential customers before you launch your startup. You can ask the people who join your waitlist to test your product before it goes live.
2. Partner with Other Brands
Co-marketing and product partnerships are some of the most effective growth marketing strategies. Partnership marketing is a growing trend used by brands that want to succeed together. You can identify a brand that offers complementary products or services and contact the owners about a partnership. When two great brands work together, their marketing efforts drive more organic growth because they reach more customers.
3. Use Third-Party Platforms for a Pre-Launch
If you are about to launch a new product or service, you can use platforms such as Product Hunt that allow users to discover what’s new. The platform has more than 10 million users and is ideal for companies looking for potential customers.
Third-party platforms can provide data for determining demographics and marketing plans. When you are building your client personas to be used for your marketing strategies, this data can help to produce content that reaches your specific audiences. This data can be used in editorial strategies, when crafting ad campaigns and for email marketing funnels. 1800CarTitleLoan shared that, to improve their content specific to local title loans online, they used third-party apps during a product launch to reach more consumers and improve customer retention.
4. Leverage Social Media
You can also use social networks for growth hacking. While it might take time before you start seeing results, the investment is worth it. Create a Facebook page and an Instagram business profile that allows potential customers to interact with your brand. Share great content and provide value to your audience. They will be more interested in what you’re selling, and you can easily convert them into customers.
5. Work With Influencers
Influencers with a large following can help your startup reach more people. Influencer marketing is a great growth hacking tool because it allows you to target particular audiences. If done right, it can help a business build awareness about its products and services and generate more traction. Select influencers who are perfect for your brand and set deliverables if you want your marketing campaign to succeed.
Some of the most successful startups have implemented growth hacking strategies at one point or another. The strategies have brought them more customers and helped them scale. Try out different strategies until you find one that works for your business.