Want to boost your company’s profits exponentially in 2023? If you do and own a startup, then you will have to work on your marketing strategy. It is essential for every startup to promote its products during the initial stage. Once you have reached out to a large number of people and generated brand awareness, you need to focus on growth hacking strategies for your business.
What is Growth Hacking?
Growth hacking is an experiment-driven marketing technique. It is utilized to find some of the most productive ways of growing a business. As a part of the process, you will need to mix data, design, marketing, analytics, development, and engineering. The major reason why the process is called growth hacking is that a growth hacker uses all these techniques to find out the most effective yet rapid way of achieving growth as compared to traditional processes.
The methods which are used by a growth hacker to achieve his goal comprise A/B testing, reverse engineering, SEO, viral marketing, email marketing, and content marketing. The major formula which is used by every growth hacker is-
Product + Growth = Impact
To help you make the best use of growth hacking strategies for your business, we have gathered some top growth hacks that every startup should use. Some of them are discussed below-
Follow The Biggest Competitors You Have
There is competition in all walks of life, irrespective of their size. But as the owner of a startup, you will face a lot of competition. Therefore, you will need to acknowledge the competitive landscape. You will need to find out one advantage which your firm would show as to why it has an edge over others in the market to grow faster. You will need to focus not just on your business ventures but also factors which are changing your competitive landscape. This will put your startup in a situation where it can adapt to its strengths within a short period of time.
Many startups fail since the follow their competitors without proper planning. So, the effort they put in to help their company grow doesn’t yield the desired results. Therefore, when you are making a plan, focus on finding out all conversations which have taken place around the brand you are targeting, which is your own. In order to do this, you will have to visit forums, social networking sites, etc. where your target audience spends their time. The plan that you make should be thorough. Do an analysis of the blogs of your competitors and find out the keywords they have used in the blogs.
This will enable you to create content which creates maximum impact. You also need to track down all the backlinks which have been created by your competitors. It will provide you with a clear idea about how they are marketing their products and services. You can utilize tools like Spyfu or SEMRush for this purpose.
Build A Social Media Community Related To Your Product
Social media platforms are highly popular across the world at present. This is a place where you can find people of all age groups. Therefore, social media forms a vital part of the marketing strategy of any company which is a startup. You can easily make use of social media to promote your organization, get marketing feedback and interact with major influencers in the industry.
However, one thing that you should know is that you need to devote time and energy to social media. You will also need to spend some money on it. You will need to develop engaging content by spending time to build an audience of your own. For any startup, it is essential to align their social media activities to direct themselves in the right direction.
Out of all the social media platforms which are available, the one which you should not avoid as a part of your growth hacking strategy is Facebook. On Facebook, you can make a group related to your brand so that your target audience can engage with you and others if you create something valuable for them in the group which you have created for your brand.
The author works with a leading VAT consultancy services company. He writes on management and finance related topics in well-known websites and publications. His major areas of areas of interest are finance, growth hacking and taxation. The ideas expressed in this article are his own and based on personal observations.