Every business owner wants their business to flourish and grow. However, running a business doesn’t come without its challenges, especially online business. Growth hacking strategies has recently gained its popularity since it can be truly helpful.
The term “growth hacking” originated in 2010 and quickly gained momentum in the marketing world since then. Growth hacking refers to leveraging your current resources to achieve exponential growth. Such growth may be in terms of your visibility, traffic, conversions, or even revenue.
Here are some of the most powerful growth hacking strategies you can leverage.
DEFINE YOUR GOALS
Before you start looking for different growth hacking strategies, you need to define your goals. If you don’t have a specific goal in mind, you’ll likely be shooting in the dark. Be it to boost traffic, leads, or conversions, you need to define your goals.
It’s only based on your goals that you can analyze the effectiveness of your growth hacking strategies. For example, you can set a goal of achieving an X% increase in monthly website visitors over Y months. Or an X% increase in social media followers over Y months.
However, you should also keep in mind that you need to keep your goals as realistic as possible. Unrealistic goals won’t help you grow effectively.
OPTIMIZE YOUR AD CAMPAIGNS
No list of growth hacking strategies is complete without the mention of paid ad campaigns. Paid promotions are one of the oldest tricks in the book and they still work. However, to make it an effective growth hacking strategy, you need to optimize your ad campaigns to get the most out of them.
Here are some of the best growth hacking strategies to get the best results from your ad campaigns:
Leverage ad extensions to improve the click rates for your ads.
Ad extensions like contact, location, etc. provide additional information to viewers and increase their chances of clicking on the ad.
Use multivariate testing to test multiple ads with different combinations of key variables to determine which ones work best.
Always include your primary keyword in your ad so that viewers can see if it’s relevant to them and so that it is displayed for relevant search queries.
Retargeting works as a great growth hacking strategy. It is used to target people who have visited your website but haven’t made a purchase. You use advertising to sway them even when they are away from your website.
Using tools like Google Display Network and Facebook Ads, you can achieve this. It yields a better ROI because the people you are targeting have already shown interest in your brand. Retargeting helps convert those consumers.
Many brands use retargeting so that consumers are well aware of their presence. To get better results, you need to do things differently. You could use better ads with new ideas to make them more interesting. Perhaps a video or a customer testimonial can do the trick. You should also make sure that your advertisement has a call-to-action.
A referral program is one of the best growth hacking strategies. You can simply ask your existing customers to refer you. However, you may need to offer them some sort of incentive to do so.
A great time to ask for a referral would be when you have successfully made a sale. This is the right time to offer an incentive to your customers. The chance of them referring it to others is much greater at this time.
Many online businesses give out virtual cash, extra subscriptions, or discounts for referring others. This motivates current users to refer others and get them to buy from you. This way, you will be able to retain old customers and even get new ones.
USE INFLUENCER MARKETING
Growth hacking strategies need not be restricted to doing all of the work yourself. You can also collaborate with influencers to achieve your goals. Influencer marketing is certainly one of the best growth hacking strategies out there. A Twitter study found that 40% of users have made a purchase as a result of a tweet from an influencer. In case you don’t know who influencers are — they are people who have a dedicated fan-following on social media. They may be bloggers, journalists, celebrities, or popular social media personalities. Drop us a message and we can find you a suitable influencer who you can engage to boost your business.
You can set up an influencer marketing campaign and get in touch with influencers to promote your brand. You could send them your products and ask them to review them. Since they’re greatly trusted by their followers, an endorsement from them can boost your credibility too.
You could even feature the influencer’s review as a testimonial on your website and social media accounts. What’s even better is that they can help you drive real conversions by driving people to your website. Just throw in an affiliate link or a discount code and you can give them some more reasons to buy.
Some growth hacking strategies may be difficult to implement. But if you can execute them to perfection, you will be reaping their rewards in no time. All you need to do is catch the attention of people on the internet. If you can manage to do that, the market is all yours.
Avixity is a one stop centre for your business to get creative content created, run digital advertising and utilising the technology to grow your business. Talk to us today for free consultation.