23 Aug 7 Growth Hacks for Startups/SMEs
These hacks won’t help you slice cherry tomatoes or reheat crispy pizza in the microwave but if its business growth you’re looking for these will certainly do the trick. Using these strategies you can boost the growth of your business into the stratosphere, and you may be doing innovative hacks every day that other may have overlooked. Here are 7 growth hacks for your small business or startup.
Take advantage of Social Media
According to Statista, one in three of your consumers are using social media. It’s important to grow your business into every emerging social platform as early as possible. No one could have predicted how huge Snapchat was going to be back in its infancy and now it’s a scramble to get on as soon as possible. It’s going to be a hard slog in the beginning but will certainly pay dividends in the future and your company will look much more attractive to investors with a few thousand social media followers behind it.
Define Your Goals
Developing a business plan is often the first step when creating a new business venture but many founders don’t take thing process all the way to the end. It is understandable as this can be quite an argues process when you looking forward to exciting things to come. But defining the goals of your business can shape your actions and keep you accountable into the future. Remember to also keep your goals realistic, it’s easy to say you want a multi-million dollar business by the end of the year but this can’t help shape your decisions past the superficial level. Goals like: daily visitors to your website, social media followers or increasing sales income. These will be the most helpful in decision making and help you focus your effort where it’s most needed.
We’re not talking about the co-founder kind of partnership (see: Types of Un-helpful Co-Founders) but the b2b type of partnership. E.g. Companies working together for mutual gain. Take FitBit and My Fitness Pal as an example. One tracks your activity via a fitness tracker and the other tracks your caloric, vitamin and nutrient intake. Together they give a complete analysis of your health and create a better user experience. This also boosts awareness of both brands in the process. By looking at what products or services work best with your product you can find what kinds of companies could be best suited to partner with and have a scroll social media to find whom to approach.
No matter how small your business is, there’s no reason to make it obvious online. I’m not saying you should lie about how big your business really is but by not drawing attention to your size you will seem more experienced and sought-after. Make your company look like its been operating for years. This can be achieved a variety of ways: a professionally built website, extensive bio and team pages, consistent design assets across all platforms, extensive folio of past work or customer reviews. Many consumers use reviews to make a purchase decision online and so if you can have a few key reviews featured on your site you can demonstrate how well you have and can perform.
Incentive based marketing is one of the reasons Uber has grown to the huge success it is today. This is when you offer a discount or other incentive for sharing or referring customers. Discount and referral codes are nothing new but Uber gamified the tactic to the point that some social media influencers could ride for free for the rest if they’re lives because of how effective the strategy was. When used effectively this viral marketing tactic can create a snowball effect in sales and user growth very cheaply.
Online Presence and Content Marketing
Nowadays, all it takes to get a bit of online clout or recognition is to interact with the community. Comment on a relevant blog post or LinkedIn article and see if anyone responds. This can easily come across as spam so be sure you’re actually adding to the conversation and not just plugging your business. With a good landing page behind you, this can easily bring in a load of potential customers. In conjunction, an insightful and interesting blog of your own will build credibility and build up your social media content and following (see: 1. Take advantage of Social Media)