Launching a startup is something to be extremely proud of and a step that few take. But launching a startup is just the first step to the ultimate marathon. One factor of crossing the finish line is scaling your company faster than your competition while keeping your vision and goals intact. It’s critical for founders to market their products effectively. Too many founders think that if they build a strong product customers will just show up. You come with that mindset, you might as well bring you a shovel to bury your company as well.
In order to reach out to a massive audience you must adopt multiple growth hacking techniques. Although some techniques have only been around for a few years, they prove to play a vital role in the growth of successful startups. Many entrepreneurs have made them an integral part of scaling their company because they saw strong results.
Entrepreneurs search for various growth hacks and want to grow quickly by gathering millions of customers that increase their revenue. Growth hacking ideas for businesses is a proven element of success. But not every business is able to execute these marketing techniques in the best manner.
So what is growth hacking actually?
Growth hacking is an experiment-driven strategy to determine the most effective ways of scaling a company. The process involves a mix of marketing, development, design, data, and analytics. The reason why it’s called growth hacking is that a hacker finds the quickest, most cost-efficient and innovative way to produce strong growth instead of following mainstream processes and methods.
So now that you understand what growth hacking is and it’s importance you may be wondering, “how to I growth hack my industry?” There are people that do this for a living but you do not need to hire some crazy macgyver to implement growth hacking strategies today. Here are some strong strategies to get you started. Remember, every industry and company is different. So take the tips that make sense for your company and twist them so that drive massive growth!
1.) Pre-launch Email List
When it comes to an effective startup growth strategy, email marketing remains the king of the jungle to find both leads and conversions.
Put your focus on building an email list. It will allow you to reach your audience and deliver your message effectively. Additionally, email marketing greatly helps businesses to build pre-launch hype for any product or event.
It will also allow you to acquire potential customers even before your launch. But don’t just create a list of email addresses and then do nothing. You should take a few weeks to build up the hype and try to make your audience eager for your launch.
For setting up email lists, you should opt for email services like MailChimp or Smore as it allows you to push emails effectively. If you use Squarespace (which unless you are needing to build out a tech platform, I highly recommend for you to use to get started…I may just have to do a blog on resources that you can use to get started and are cheap) they have recently released their own version of email marketing software that easily integrate with your website. Since communication plays is a major element in creating conversions, make sure that you reach out to your potential customers on a consistent basis.
2.) Referral Marketing
Referrals from friends, family or industry influencers relatively convert a lead much faster than other means. Such customers have better retention rates that result in a 16% higher in your CLTV (hopefully you read my previous blog about KPIs, but if you did not CLTV stands for Customer Lifetime Value). Data also shows that sales experts with referral programs also earn four to six times higher.
For example, Uber began as a ride-sharing platform. They used referral marketing to increase their brand awareness and customer growth. Customers got $5 credit for each time a new customer used their referral code. The idea was so successful that it has been replicated by every ride-sharing app ever since. This same strategy is by startups in other industries such as Acorns, which is in fintech. Speaking of… if you are not already on it I suggest you download that app ASAP, as it is an easy way to build a savings for your startup without you even noticing… you can use my my referral link to get $5 to start your investment lol http://acorns.com/invite/2PZSHR :)… you can thank me later lol.
3.) Partnerships and Collaborations
Business partnerships and collaborations are one of the strongest growth hacking techniques as they organically build strong awareness. Many companies of all sizes have realized the fact that marketing and product partnership are an effective growth strategy.
It will not only create great social media noise but will also send organic and targeted traffic to your website. It could be an opportunity for news coverage and will impact the visibility of your products and services significantly. The key for this to work is that it must be a mutually beneficial partnership. So if you go to P&G or Kroger you better bring value in a big way or know their social focus. Most companies partner with other companies that are similar in size and stage.
Partnerships even work for startups that are in very different industries. For example, Starbucks was the original coffee shop with music, at least major brand that is. They partnered with Spotify to bring music into its franchises in a new way. Starbucks employees receive a premium Spotify subscription that allows them to curate music to playlists featured on Spotify. Users can also earn My Starbucks Reward points through the music app. Genius right??
4.) Host and Attend Community Events
The fact is that 30% of new businesses won’t make it past 24 months. These are heavy statistics that should make entrepreneurs think. But by attending the strong startup events, you can gain the tools, insight and connections you need to make sure your business doesn’t fail.
Or depending on your industry, host fun community events such as Trivia at a local brewery or host an educational information webinar (just ensure there is strong value).
5.) Launch on Product Hunt
A launch on Product Hunt is a strong starting point. Week after week, there are dozens of startups launching. Such platforms allow you to deliver your message to fresh audiences.
Product Hunt continues to remain a market leader to expose your business to a global audience. It’s your “golden ticket” to get attention to numerous innovators and journalists. Do not pass up easy and effortless opportunities!
6.) Follow Your Customers
I say this with caution. Competition can come in different shapes and sizes but it always exists. If you say you have no competition you are either lying to yourself or you are working to solve a nonexistent problem. Once you have identified your competitors, it is vital to display why your company has a competitive advantage. This will position your business to quickly adapt and leverage its strengths.
Many startups fail due to following the competition without an action plan. A strong plan should focus on discovering all the conversations that are happening around the target brand. For this, you need to be at the same digital places (social media, forums, etc.) where the target (and its target audience) hangs out.Facebook actually allows you to view your competitors advertisements. Please use this free tool towards your advantage.
The plan should also include a thorough and regular analysis of the competitor blog so that you can create content for maximum impact. Similarly, you should also track their backlinks so that you have a fair idea of how they are marketing their products and services.
Why do I add this to the list with caution…for two reasons…. please do not become a rinse and repeat of your competitors. Know how they are executing their company but do not become a clone of your competitor. If you do that you will always be one step behind them. Also no company is you. I want your ultimate focus to be on your company. Focus on your strengths and advantages. I decided to include this because it is important to know your competitors. There is the saying… keep your friends close but keep your enemies closer.
7.) Aggressive Content Marketing
Effective growth marketing strategies need to focus on customer feedback and market your product with ease. Create a content marketing strategy for your startup that allows your audience to understand the value of your product or service, preferably in creative ways.
When planning content marketing campaigns, always focus on creating shareable content. For example, video content has become the goto for marketing campaigns. You can easily convey a lot of information in a concise package.
There is no blueprint to create a viral marketing campaign but regardless of the size of your team or resources, you have the potential of creating highly shareable content by adding emotion, value and path for potential customers to find your landing page.
8.) Be Trendy
Between customer service, budget tracking, marketing, sales, and product development, it can be difficult to stay on top of all the latest industry advancements and innovations. Staying on top of trends is critical to your success.
Identifying trends at an early stage will allow you to come up with profitable campaign ideas — or alter your business plans to jump on a new trend just as it takes off. You can achieve accelerated results by staying abreast of the latest trends.
9.) Use HARO Or Be A Guest On A Podcast
One of the best growth hacking tips is consider HARO as a place where you can display your expertise. It is not a brand-building tool, instead, a place to read various requests by journalists that may or may not be relevant to your domain.
It will take up a lot of time but can be well worth it if executed correctly. If you can find 30 seconds three times a day to read their newsletters you will reap your rewards. Also, keep in mind that reporters are very specific about what they want. Hence, do not waste their time pitching an idea they did not ask for.
Podcasts are a great way to leverage an audience in your target market. Find a podcast with a strong following and in your similar industry. Are you a fashion startup? Find a podcast that is discussions trends, fashion and beauty. Are you in travel? Find an podcast that is all about adventure and explore the world. You can find a podcast on anything.
10.) Social Media Community
Social media is an essential part of the marketing mix for almost every startup. You can leverage social media communities to promote yourself, receive market feedback and interact with industry influencers.
One of the best social media growth hacking strategies is to create a Facebook group around your brand where your audience would engage with your brand. You need to ensure you’re creating value for them through that group. The chances are fair that those who are not aware of your brand may get to know about it once they get inspired by the content in your group. Social Media does take time and is not an overnight success tool but if you are consistent and intentional you will build a brand that is hard to compete with. Golden rule, customers want to feel like they are a part of something. Make them feel like they are a part of your company.
Okay… sorry for the long blog posts lately just so much info that I want all of you to take and run with! Good luck to all of our KY Pitch teams as our deadline for the business submissions were on Monday night. You guys are already looking like startup rock stars!
Launching a startup is something to be extremely proud of and a step that few take. But launching a startup is just the first step to the ultimate marathon. One factor of crossing the finish line is scaling your company faster than your competition while keeping your vision and goals intact. It’s critical for founders to market their products effectively. Too many founders think that if they build a strong product customers will just show up. You come with that mindset, you might as well bring you a shovel to bury your company as well.
In order to reach out to a massive audience you must adopt mulitple growth hacking techniques. Although some techniques have only been around for a few years, they prove to play a vital role in the growth of successful startups. Many entrepreneurs have made them an integral part of scaling their company because they saw strong results.
Entrepreneurs search for various growth hacks and want to grow quickly by gathering millions of customers that increase their revenue. Growth hacking ideas for businesses is a proven element of success. But not every business is able to execute these marketing techniques in the best manner.
