Growth hacking is a method that uses a lot of research and testing to determine the most effective ways to grow a business. It’s a radical approach to business growth that encompasses marketing, development, design, engineering, data, and analytics.
Rather than using traditional methods, a growth hacker discovers a rapid, cost-effective, and inventive way to achieve to scale.
Leverage Similar Businesses
Consider applying your skills to similar businesses. This way you’ll be creating new value and gaining the attention of new customers.
This growth hacking strategy involves exporting your business skills and not necessarily your products or services. It’s taking your core competencies and creating new value for customers.
Consider a few aspects before assessing any new market, such as how profitable your competitors are. The legal challenges in your space, as well as the effectiveness of current communication channels. Find new methods to solve these challenges, and you’ll be well on your way to increasing your sales.
Cloudways cites how Nike used this strategy to extend its influence in the track and field sportswear industry to successfully selling mountaineering apparel.
Align Social Media with Your Growth Trajectory
Social media is a crucial component of the marketing mix. You may use social media networks to advertise, get market feedback, and connect with industry influencers.
Content creation and audience growth take time. To do this, you must endeavour to match your social media efforts with your entire business growth strategy.
Creating a Facebook group for your business provides an online interactive space where your customers can connect with your brand. This is an effective growth hacking strategy that will go a long way in strengthing the bond between your business and the everyday lives of your customers. Ensure to provide additional value on your Facebook group using storytelling, human-centred news about your business, fun games and giveaways.
Keep Track of Your Strongest Competitors
Competition can take many forms, but it is always there. After you’ve identified your competitors, you’ll need to show why your business has a competitive advantage.
As an entrepreneur, make sure you’re not just focused on your business, but also on the shifting elements with your competitors. This will enable your company to swiftly adjust and leverage its best attributes.
Many businesses fail because they try to keep up with the competition without having a strategy in place. As a result, they are unable to take informed action and achieve the intended outcomes. An effective growth hacking strategy for your business must identify all of the conversations that are taking place around the target brand. You must be present in the same digital environments – social media, forums, etc. where prospective customers can be found.
A comprehensive and regular examination of the competitors’ blog, taking keywords into consideration should be prioritised in your strategy to get the best results.