How To Transform Your Business Through a Growth Hacking Mindset?
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Growth hacking is no longer a buzzword in the startup world. It can be reckoned more like a trend that has gradually ascended in terms of its prominence and yet there are people who are unable to really pen down its definition. Every startup is looking for growth hackers. Those who are new to the community are perhaps scratching their heads and wondering what growth hacking is all about!
There are several definitions that are going around on what exactly growth hacking is but to put it in simple terms - growth hacking is a marketing technique developed by technology startups that uses creativity, analytical thinking and frugal engineering to make a product exponentially well-known and ultimately increase the sales. Its focus is completely on growth and this becomes vital if you want your business to grow and survive in the market. Each strategy, approach, and initiative is used in the hopes of growing. Growth is the be all and end all of a growth hacker.
Growth is crucial at every stage of your business and Growth hacking is a fast-paced experimentation process that is intended to result in swift growth. Growth hackers rapidly test and refine their product and marketing to drive up conversion rates and create user engagement. This process has contributed to the success of a number of startups. However, it isn't only startups that can benefit from it as even established enterprises can take advantage of growth hacking when it comes to launching new products by refining, testing, and rethinking the traditional approach in favour of new creative approaches in order to stand out in a fiercely competitive marketplace.
Growth hacking strategies are frequently applied by the companies when they are building a new business or introducing a new product into a new space. It becomes easy for them to generate a buzz around the brand while stimulating sales by acquiring as many customers as quickly as they can. With a growth hacking vision, marketers begin to notice massive misfires in their marketing. Culture and technology have changed to such a remarkable degree that yesterday's successful technique is today's outmoded one. Driving growth doesn't begin with your strategy or a test. It begins with your team and ensuring that they are organized in the right way and have the right mindset to take on growth hacking. Consequently, Growth Hackers will aid your business to grow faster and it, in turn, leads to increasing your revenue with some great strategies.
Here are a few ways of transforming your business with growth hacking:
Understand the audience and engage new clients
If you want to rapidly grow your business, you need to understand exactly what your target audience needs. Your business becomes infinitely easier to market if you know precisely who you are targeting. Your marketing will be far more successful if the target pool is relatively limited and the individuals within it relatively similar. People are vastly different but when you focus on a niche, you find a core group of ideal clients who are the perfect fit for your business. For instance, in 2014, IndiaMart launched their new brand campaign in which Bollywood actor Irfan Khan featured to drive the core message, “Kaam Yahi Banta Hai”.
Generate a Guest Posting
Guest posting may be the greatest growth hack when it comes to using content to create that space because it actually works outside it. Develop a program that encourages customers to share your products, services, or brand with their friends and family. Depending on the amount you hope to scale, make the incentives high for customers who can bring in multiple new leads to your business.
Build a Network on Social Media
One of the best ways of attracting new leads to your business is through social media. However, effective social media marketing goes beyond simply attracting people to your business. It effectively builds relationships with them that will make them loyal to your product/service. For Example, Flipkart always has an upper hand when it comes to promoting their yearly sales. They have leveraged the Facebook LIVE platform innovatively to create a buzz right before the sale goes LIVE.
Try Forum Marketing
Forum marketing, a high ROI strategy, is a great way to make your business stand out. Making a good impression in front of this audience can help spread your marketing message far and wide. When shoppers feel like they’re missing out on a deal or that they’re being given a limited-time offer, they will be more inclined to make an immediate purchase. By offering a great deal or new product for a limited time, you create a sense of urgency with your shoppers.
Work on Pre-launch leads
Collecting leads before the launch can help you create a buzz around the product that encourages customers to buy as soon as the item is available. You can collect leads through an opt-in on your website or even host an event focused on the product launch that creates a buzz and gets people talking.
Therefore, it can be said that growth hacking isn't just about tactics and techniques. One can, however, take the principles and mindset of growth hacking and use these very principles to achieve remarkable success in the industry.
However, the first step towards harnessing the power of growth hacking is definitely to change your mindset. A simple mental shift can produce an enormous business advantage.