5 Ways To Use Growth-hacking For Small Businesses To Your Advantage
There is no growth without change. But change is always painful. Scared? Learn the way to grow your tiny business safely.
Everyone is aware of simply however troublesome it’s to grow a small business. In fact, beginning and keeping a business afloat is fastidiously exhausting. per the little Business Administration, solely common fraction of companies manage to survive their initial 2 years within the marketplace.
With such grim stats, you don’t wish to place your business’s survival in danger. you have got defied the percentages and blasted through failures to relish the results of running a thriving company. You’d be more happy business it equal instead of deceleration down and devastation everything you have got managed to make.
The following are 5 top of the highest growth hacking methods utilized by a number of the world’s biggest corporations.
One of the essential human desires is “belonging”. everybody needs to feel a part of associate degree exclusive group. If leveraged as a growth hacking strategy, exclusivity and happiness will drive a brand new tiny business’ growth.
A classic example of this growth hacking strategy in use is Google’s Gmail service. Gmail could be a comparatively new free email service supplier compared to different corporations like Yahoo and AOL. However, exclusivity as a growth hacking strategy enabled the corporate to become the most important free email service supplier within the world. Currently, Gmail has over 900 million active email accounts. The first Gmail users could only open a new account if they were invited by an existing user.
Leverage existing technology
This is perhaps the most common growth hacking strategy employed by new . Many startups are leveraging social media networks, online news sites, search engines and other existing technologies to fuel their growth.
PayPal’s growth is largely attributed to leveraging eBay’s existence. Initially, PayPal offered $10 for new signups. PayPal engineers created a program that bought items on eBay but only paid through PayPal.
Brand Your Business
Branding can have such a large impact on how you business grows (or even how it can fail). In 1998 Kellogs rebranded their popular Coco Pops cereal to Choco Krispies but renamed it back almost a year later when sales plummeted and surveys showed that 92% of the UK population preferred the old name.
In a world where big brands rule, there is space in the market for your voice to be heard. It involves determination, creativity and consistency.
• Think of a creative and memorable name. Customers remember names
• Have a tagline that conveys your core value proposition
• Good branding makes your company appear much larger than it actually is
• Good branding can allow you to be clever about your advertising
Focus Your Time On What’s Working
Time is a precious and finite resource, so it’s important as a small business owner to apply focus to the areas that drive us the most growth.
For example, if you invest $45,000 per year on a contractor to spend all their time updating your social accounts, but you actually drive almost no revenue from social – then there may be better uses of that time and budget. You might also consider it a branding exercise, or something that needs to be done.
Work On Yourself Too
It’s very easy to focus on nothing but your business, but remember we’re all human. Make time for yourself to unwind and relax. Nothing hinders the growth of a company more than the main person behind it getting burnt out.
As such, its important that you keep innovating and introducing new features to your product or service in response to user interaction with your business. This is what is referred to as retention and optimization.