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Tips - November 30, 2022

5 Growth Hacks Only the Top 1% of Nigerian Businesses Use in Festive Seasons

There are some growth hacks only a few people know and implement during the festive season. The yuletide period for most business owners is a season for increased earnings.

Many businesses have this in mind and know the holiday shopping season is when customers’ wallets are more open than usual. But only a few excel in this competitive environment.

Some of these growth hacks for the festive season have been enhanced over the years due to the influx and growth of technology and free management tools. 

Marketing is simply about finding the best way to get customers interested in buying or testing your minimum viable product or beta product. 

Without further ado, let’s look at some of the five growth hacks only the top 1% of Nigerian businesses use in the festive season. 

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1. Pick effective marketing channels 

It is normal for business owners to be uninformed about the marketing channels they should be using to promote their goods.

In reality, it is probably more frequent for business owners to concentrate on one or two marketing avenues where they have previously found success while ignoring others.

A recent UMass study found that the worth of a marketing channel, one of a company’s market-based assets, depends on both the quantity of value created during the distribution process and the value that the company ultimately appropriates.

Simply put, this suggests that the value of marketing channels extends far beyond the “bottom line” profit that they produce for their consumers.

Thing: Focusing solely on the activities that generate the greatest cash might be a big mistake because branding and goodwill creation occur via marketing channels.

Creating a variety of marketing channels will eventually enable you to reach more consumers and keep them satisfied with your offerings.

A safety net is provided by having various marketing outlets. When one channel does not generate the expected amount of revenue, it enables you to strengthen weak regions.

2. Learn from your competitors 

Instead of viewing your rival as a barrier, consider them a teaching resource. Because you must learn from them in order to defeat them.

Competitor analysis is a natural habit and a requirement, even if you lack marketing expertise. You must not view your rival as a threat, but as a teacher instead.

You must be aware of what your competitors do and how they operate if you want to be where they are.

When formulating your marketing plan, analyse the tactics of your rivals to determine what is effective and ineffective.

Did their website traffic increase following the launch of a fresh Twitter advertising campaign? Did their bounce rate rise after they updated their landing page or user interface?

The responses to these inquiries, according to Ahrefs, can help you develop your own strategy.

But you’ll need some tools in order to respond to the questions.

3. Have a solid SEO plan 

Ranking on search engines like Google, Yahoo!, and Bing, for instance, can help your business generate a lot of leads.

It’s not difficult to get started, however it is strongly advised that you speak with an expert to develop your SEO strategy.

Joining organisations like your local chamber of commerce and other relevant forums is another excellent way to ask questions and connect with influential people in your business.

Engaging customers is a key component of successful marketing. You must understand that internet visitors may not be prepared to make a purchase when they first arrive at your page.

It’s crucial to concentrate on client interaction across all of your marketing platforms through content production, attractive infographics, and relationship building.

4. Develop a startup marketing plan 

Marketing that uses growth hacks effectively doesn’t just happen. It is the result of a growth strategy with a six-month, one-year, or five-year time frame.

To ensure your success, make sure your marketing strategy is specific and has quantifiable objectives that can be compared to your actual performance.

Setting progress targets is a crucial component of any campaign. 

Each set of objectives have to be prioritized and SMART.

Specific, Measurable, Attainable, Realistic, and Timely objectives are SMART objectives.

Knowing your key performance indicators (KPIs) and including milestones in your road plan are crucial after setting goals.

5. Build your brand identity 

It will be in your best interest to know that your competitors are branding their products if you are not.

Image branding is not accidental; it is quite easy to do.

Additionally, in today’s environment, running a great marketing campaign on your own is no longer sufficient; you must protect your brand from being attacked by anyone who decides to broadcast unfavourable information about you.

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