Understanding How Growth Hacking a Business Actually Works in Practice

About 64% of all small businesses start with $10,000 or less. Small business owners famously try to bootstrap their way to success.

The challenge is that they’re always faced with limited resources. About 10 years ago, marketers discovered growth hacking.

It’s a way that combines data, marketing, and strategies to grow a customer base and revenue. By implementing growth hacking techniques, companies can grow faster than ever.

How can you take advantage of growth hacking and create innovative marketing strategies for your business? Keep reading to learn how.

  1. Deliver a Product Your Audience Wants

Growing any type of business starts with your audience. It’s not enough to know how much they make or where they live. You have to learn what’s missing from their lives or what emotional need isn’t being met.

Now you have to have a product that delivers something that your audience wants. It doesn’t have to be transformational, but you do need to show how you’ll improve the lives of your customers.

  1. Learn Funnel Stages

Your customers don’t become paying customers on the first touch. They take time and nurturing to become a customer.

The process that a person goes through to become a customer is called the buyer’s journey or funnel. You should have a clear picture of the various stages and touchpoints a customer goes through before and after they make a purchase.

  1. Pick Your Most Important Metrics

There is a science to growth hacking. It relies heavily on data and analytics. That’s a good thing because you’re making informed decisions about your business.

On the downside, there’s a metric for every aspect of your business. Put your attention into the most important metrics.

For instance, you might want to put your marketing efforts into awareness and acquisition as a startup. More established businesses can concentrate on retention and referral strategies. 

  1. Test Low-Cost Initiatives

How will you attract people to your business? You should try low-cost marketing initiatives to see what works and what doesn’t.

You could boost your Instagram marketing or experiment with video marketing. SEO and blogging are other ways to attract an audience on a limited budget.

  1. Improve One Metric at a Time

At this point, you probably have dozens of data points and metrics in front of you. You’ll be tempted to try to growth hack your way to improve all of them at once.

That’s the biggest mistake you can make in growth hacking. Smart marketing and growth hacking are all about intense focus.

Choose to improve a single metric at a time. Once you improve one metric, work to improve the next. This method keeps your efforts focused, instead of spread too thin.

Growth Hacking Tips for Your Business

Growth hacking takes the art and science of marketing tactics and transforms them into accelerated growth for your business.

These growth hacking tips give you ways to improve your marketing efforts, even on a limited budget. Follow them, and your business will grow faster than you ever imagined.

Are you ready for more exciting business insights? Check out the Business section of this site today!

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